Successful companies make it a strategic priority to retain customers because they know retention has a significant impact on their bottom line. When considering a company’s assets and liabilities, customers should be viewed as the greatest ‘asset’, and diligent work and time should be dedicated to making sure losing customers doesn’t hold much weight on the liability side of the balance sheet. The Cost of Churn Loss of revenue When a company loses a customer, there is the obvious loss of their business, which includes any immediate loss to a company’s revenue, the loss of what could’ve been that customer’s recurring business, and the potential loss of a referral. Lost…

It’s time to stop talking about millennials – or if you are a millennial, it’s time for the attention to finally shift – because Generation Z is entering the marketplace with a unique set of expectations and characteristics. Generation Z is larger than the Baby Boomer or Millennial groups, making up 25% of the population, and even though they are between the ages of 4 and 24, they have incredible buying power because of the influence they have over their parents’ buying habits. This buying power will only increase as they age. Additionally, Gen Z doesn’t even have a memory of dial-up, life without a cellphone, or the inability to…