Customer Churn Series [1/3]
A research update on customer churn by sector
As the iconic American football coach, Vince Lombardi, wisely noted, “It takes months to find a customer… seconds to lose one.” Ever since the famous Bain report in the 1990s which claimed that it can cost five times more to attract a new customer than it does to retain an existing one, the business world has woken up to the fact that customer churn can be an existential threat to their good fortunes.
In order to provide an up-to-date picture of the different levels of customer churn experienced by a selection of key sectors, we have combined original research with official data. The resulting figures show three years’ worth of churn trends in:
- Two categories of general insurance
- Power utilities
- Mobile phone and broadband
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