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Why do companies not address CUSTOMER retention? It's the same reason. The things you must do for retention are both "boring" and not revenue/reward generatin
by xyzzy21 5y ago
Why do companies not address CUSTOMER retention? It's the same reason.
The things you must do for retention are both "boring" and not revenue/reward generating, and you have to "bake in" those measures into your business core processes to have good retention of either customers or employees.
And most people starting and running companies largely achieved their current success by accident and despite their lack of skills. They see success as "repeating what already worked" and doubling down on that to attain growth. You have to "go meta" and revisit things they are "convinced" are already fixed.
You can't address customer retention by any of the things that generate leads or close sales - because retention is all about things you do AFTER the revenue is realized and thus it's accounted as a cost. Similarly employee retention requires actions that occur AFTER HR got the win of the hire.
Both retentions require lots of costs and actions that are "tedious" and "not rewarded" to the people who typically decide the things that must be done. HR, upper management, etc. And even direct managers are not "measured" on anything that helps retention.