Melbourne – The cost of customer acquisition is several times more expensive than keeping an existing one, yet companies still fail to do the basics particularly at the point of attrition, according to a leading customer retention software expert, Kuber Pant.
- Client Media
- Published: 28 July 2006
iRetain™, a leading software provider, has today launched a solution that retains customers at the point of attrition, counteracting the traditional customer relationship management (CRM) solutions on the market and giving companies greater profiling, reporting and knowledge to retain customers.
“The single most important area of customer retention is the understanding of a customer, their expectations, satisfaction, demographic, value to the company and psychographic tendencies,” confirmed iRetain’s Managing Director Kuber Pant. “iRetain™ enables companies to use this understanding of customer critical data at key touch points to reduce churn”.
Whilst many companies proclaim that they have functionality that features customer retention solutions, they are typically not adequate enough to make a difference at the point of attrition.
iRetain™’s flagship product will give customers the ability to retain customers, improve loyalty, reduce churn rates and maximise customer lifetime value. By harnessing the value of existing customer data, the solution is able to give companies a return on investment within a short time frame without high-level investment. In addition, iRetain™ enables companies to retain customers at the point of attrition by mapping product offerings against customer profitability and lifetime values.
“Companies are seeing customer relationship management tools as inadequate customer retention mechanisms, even though their investment in this area has been high,” said Mr Pant.
Mellissah Smith, a leading marketing expert confirms, “CRM has had an explosive uptake in the market, but its full capabilities across the customer lifespan has not lived up to many marketers’ expectations.”
“Analysts have confirmed many corporates’ sentiments on CRM and its ability to meet company objectives and achieve ROI, and as marketers, we need to make sure that every point of contact with the customer is allowing a better understanding of buying habits and satisfaction rates.
“iRetain™ is a software solution that enables companies to use identified attrition triggers and take preventative action in real time to give them a competitive advantage. Most software packages do not offer this capability.”
iRetain™ has been developed according to Australian regulations, with particular emphasis on the future impact of Do Not Call registers and privacy laws.
Elektron Consulting launched iRetain™ to the market after extensive research and development into the customer retention arena. Established in 2000, Elektron’s customer base boasts some of Australia’s Top 100 companies, and a number of Asian and Middle Eastern financial institutions. Headquartered in Melbourne, iRetain™ will be sold throughout Australia, New Zealand, Asia and other key international markets.