Most companies aspire to design goods and services that encourage repeat business. Yet businesses often invest in expensive features without adequately understanding how the features that attract new customers may differ from those that will retain existing ones.
Companies must make important decisions about which features to include in the goods and services they offer to customers. Understanding the return on investment (ROI) for a feature is essential to increasing profitability. Adding features increases costs, but it may increase revenues as well, either by attracting new customers or retaining existing customers. Notably, as we describe in this article, the features that retain customers may be different from the features that initially attract customers.
Read Original : Which Features Increase Customer Retention?