Business feedback loop

This cycle process chart was redesigned from the Wikimedia Commons file: Business Feedback Loop PNG version.png.
"A business ideally is continually seeking feedback from customers: are the products helpful? are their needs being met? Constructive criticism helps marketers adjust offerings to meet customer needs."
[commons.wikimedia.org/ wiki/ File:Business_ Feedback_ Loop_ PNG_ version.png]
The cycle process diagram example "Business feedback loop" was created using the ConceptDraw PRO diagramming and vector drawing software extended with the Sales Flowcharts solution from the Marketing area of ConceptDraw Solution Park.

"The leaky bucket theory The leaky bucket theory is the model that seeks to describe the process of customer gain and loss, otherwise known as customer churn . Customer retention is one of the key concepts in relationship marketing. Most companies concentrate on recruiting new customers to replace customers who move on, rather than seeking to retain customers." [Blythe J. Key Concepts in Marketing. 2009. knowledge.sagepub.com/ view/ key-concepts-in-marketing/ n5.xml]
"Customer attrition, also known as customer churn, customer turnover, or customer defection, is the loss of clients or customers.
Banks, telephone service companies, Internet service providers, pay TV companies, insurance firms, and alarm monitoring services, often use customer attrition analysis and customer attrition rates as one of their key business metrics (along with cash flow, EBITDA, etc.) because the "...cost of retaining an existing customer is far less than acquiring a new one." Companies from these sectors often have customer service branches which attempt to win back defecting clients, because recovered long-term customers can be worth much more to a company than newly recruited clients." [Customer attrition. Wikipedia]
The example "Leaky bucket diagram" was created using the ConceptDraw PRO diagramming and vector drawing software extended with the Marketing Diagrams solution from the Marketing area of ConceptDraw Solution Park.