Today, companies are increasingly concerned about customer defection. There are three main steps a company can take to reduce the defection rate. Characterize those three steps.
Answer: The three steps that a company can take to reduce defection are:
1. The company must define and measure its retention rate.
2. The company must distinguish the causes of customer attrition and identify those that can be managed better.
3. The company must compare the lost profit equal to the customer lifetime value from a lost customer to the costs to reduce the defection rate.
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Marketing
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