In today’s unprecedented economic downturn, it’s more difficult than ever to find and close new customers. The onus is now on maintaining existing customers as productive users of your product. By closely monitoring API metrics, Customer Success Management (CSM) teams can get an early warning on those that are at risk of churning, and rectify things before it’s too late.
Customer Acquisition Versus Customer Retention: At Least 5X Difference in Cost
According to different surveys, the average cost of acquiring a new customer is between 5X and 25X the cost of retaining an existing one. That was in the pre-COVID era. In today’s world, it’s probably more.