It costs 10x more to acquire a customer than to retain, and 100 times more to win back one already disillusioned with the company. This problem usually translates into finding out which customers are valuable, and how many of them are dissatisfied.
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Organizations struggle to maintain up-to-date and integrated knowledge base essential to understand customers. This challenge is partly due to the organization’s inability to maintain a complete and consistent customer profile (which records all customer activities) since there are multiple disparate systems maintaining disintegrated local copies of the same customer, and partly due to an incomplete understanding on how to best utilize such a repository (in case it is already present).
This whitepaper is an attempt to formulate a “Customer Value Implementation” model that can help travel companies gauge the net worth of a customer based on factors that are present today, as well as one which is flexible to adapt to changing market scenarios tomorrow.