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How to Tell If You're About to Lose a Customer & What to Do Next

 
  Sherry Rahbar, Partner, CFO Edge, LLC  
   
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  Article Summary  
Given research that shows it can cost five times more to acquire a new customer than to retain one, Los Angeles and Southern California executives can benefit from knowing how to tell if they're about to lose a customer and what to do next.

A primary way of minimizing customer losses is to proactively identify indicators that a customer may be getting ready to leave.

Reviewed in this article are ways to identify early warning signs by training customer-facing employees on eight questions, noticing customer actions, and taking next steps.

Also discussed are suggestions on creating a customer retention master plan, as well as additional pre-emptive actions for when there are signs that a customer may be preparing to leave.

While 100 percent customer retention is very difficult to attain, it is possible to be proactive to reduce customer losses and keep them at a minimum.

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