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Time to focus on customer retention

Profitability doesn't come from acquiring business, but from retaining happy customers and the benefits of the revenue stream they create.

By Marty Traynor | Updated on January 11, 2018
Begin the year by reporting and discussing the results of the most recent enrollment with the employer, then start looking ahead to next year. (Photo: Shutterstock)

If you’re like the typical benefits professional, you’ve just succeeded in adding nearly 40 percent of your year’s production. As you wrap up all that January 1 business, it’s already time to consider your plan to keep it. Profitability doesn’t come from acquiring business, but from retaining happy customers and the benefits of the revenue stream they create.

From a customer’s viewpoint, benefits that are purchased and not used don’t have much value, so it’s in their best interest to keep the benefits they purchase. One would think this is a simple win-win proposition, but stats tell us that all too many customers will purchase benefits that become effective this month, and then drop them, creating no value for anyone.

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