Retention is a key factor in maximizing your bottom line because it costs far more to acquire new clients, donors, and employees than it does to retain them. If you’re not watching your retention metrics, you could be incurring significant financial losses.
In addition to stakeholder retention, you should be tracking revenue and productivity retention. If you retain a client or donor, are they generating the same or more revenue for your organization? Are you upgrading them on a regular basis to increase their lifetime value?
If you have a high employee turnover rate, your organization loses productivity — not to mention the expense of hiring and training new staff. Keeping employees happy, engaged, and productive requires ongoing attention and care.
Whether it’s clients, donors, or employees, you need to know how retention is impacting your bottom line. Attrition could be costing you more than you realize.
Contact Janney PR today to discuss retention solutions for your organization.