Read Aloud the Text Content

This audio was created by Woord's Text to Speech service by content creators from all around the world.

Text Content or SSML code:

Core Defectors. There comes a stage when the core customers tend to switch to different supplier due to some specific reasons. These reasons include availability of more efficient and competitive products and brands in market, any of the important service not entertained or any defect not rectified within a given time-frame, boredom due to same product usage repeatedly etc. It is difficult to retain customers if above reasons are pertained. But strategically coping up with the situation could result in retaining them. According to Frederick F. Reichheld in Harvard Business Review, a customer defection is one of the most illuminating measures in business. First, it is the clearest possible sign that customers see a deteriorating stream of value from the company. Second, a climbing defection rate is a sure predictor of a diminishing flow of cash from customers to the company—even if the company replaces the lost customers—because new customers cost money to acquire and because older customers tend to produce greater cash flow and profits than newer ones. By searching for the root causes of customer departures, companies with the desire and capacity to learn can identify business practices that need fixing and, sometimes, can win the customer back and reestablish the relationship on firmer ground.