What are the 5 steps to reduce customers defection rate?

The five steps are:

(1) The company must define and measure its retention rate,

(2) The company must distinguish the causes of customer attrition and identify those that can be managed better,

(3) The company needs to estimate how much profit it loses when it loses customers,

(4) The company needs to figure out how much it would cost to reduce the defection rate

(5) Nothing beats listening to customers.