Retaining Current Customers
Jan 12, 2016
Retaining Current Customers
The Power of Loyalty
“They will give you their loyalty, but first you must discover and
communicate that you know and understand and will serve
their needs.” - Lee Iacocca
Customer Retention
Customer acquisition costs up to five times more than customer
retention!
Customer Retention
Marketing needs to be supported by a company culture of caring about and respecting customers Be on time Be within customer’s budget Exceed their expectations
Customer Retention
Service must support marketing messages What do you do best? What services provide the most
competitive edge in the market? What are the most profitable
services? Are the current services/levels of
service the right ones for today’s markets?
TAB Survey: Why Companies Lose Customers
1% Bankruptcy or Death 3% Move 5% Technology 9% Price 14% Angry 68% Vague Feeling of
Indifference
Create a Pipeline Program
Segment customers Educate and build trust with a 12-
36 month program Ask for nothing
Keep in touch—be there for them when they need you
Automate the process E-mail Direct Mail Telemarketing
Survey Customers
Develop plan to obtain customer feedback
Learn what your customers think
Measure results Modify strategies based on
customer feedback Capture improvement ideas
Survey Customers
Survey results provide validation of what you are doing
Survey results help you confidently make changes Direction for reducing costs Point out opportunities
The Strategic Survey Experience
START
Focus Groups
Show if you are meeting customer needs
Gather your customers together to discuss new ideas and obtain feedback on your current and potential products or services
Reward participants and share the credit for good ideas
Nurture Marketing
Tactically driven approach based on prospect/customer behavior Clients generating most of your
near-term revenue receive communication personalized by account and contact type
Allows you to learn about your customer’s decision-making process
Nurture Marketing
Every employee can make a marketing impact
Every employee should have a business card
Employees help with passion and enthusiasm when giving the “30-second elevator commercial”
Look and act the part Wear company logo items
Don’t Forget the Telephone
Call clients regularly to see what they think of you Improves retention Provides insights for new
opportunities Allows chance for your team to
delight a client
Continual Cycle
Customer research helps you understand not only how to retain clients, but also how to appeal to prospects
Continual Cycle
Keep your customers with service and personalized
communication they will also become a salesperson for you
What Methods Do You Plan to Use for Retention of Your Current Customers