We’ve all learned that it is more expensive to acquire new customers than it is to keep current ones, which is especially the case now. What CFOs may not realize is that, despite not being involved in day-to-day customer relationships, they have the power to substantially reduce customer churn.
CFOs can influence metrics beyond financials too, some examples are:
- Finance executives can help reduce customer churn by converting raw churn rates into KPIs that other teams can use as indicators.
- CFOs can also segment lost customers based on characteristics such as sales rep or acquisition date to reveal patterns and motivate colleagues to make changes.
- They may also have to make the difficult decision to “fire” customers who are simply not profitable.
Companies spend significant sums to acquire customers and cannot afford to lose hard-won customers, but some customers are more important to keep than others. CFOs can now have a greater impact on their company than their skills and position.
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