Customer Loyalty & Retention Strategies

Customer Retention has not really been a focus of Marketing programmes in the past which usually tends to focus on new customer acquisition!!!!

But all that is set to change, as businesses realize the power of upselling and cross-selling to customers who already knew andtrust a brand!!A typical business loses 10% of it’s customers a year, but by cutting that by just 5%, they can see their profits increase by 25-125%!!!

Most companies can increase revenues by 50% by increasing Customer Loyalty & Retention just by 5%!!!

Delivering the “Best Customer Experience” plays a major role in improving Customer Loyalty & Retention….

Delivering Best Customer Experience…It may sound like stating the obvious but research shows that..

Delivering Best Customer Experience…It may sound like stating the obvious but research shows that..

Almost 70% of the

Customers leave

because of poor

customer service

Delivering Best Customer Experience…It may sound like stating the obvious but research shows that..

Almost 70% of the

Customers leave

because of poor

customer service

Almost 70% of the

Customers leave

because of poor

customer service

91% of unhappy

customers will never do business with the provider

again

Delivering Best Customer Experience…It may sound like stating the obvious but research shows that..

250

Each one of your customers has a circle of influence of around 250 people or potential customers

who hear bad things about you!!!

Who is a Customer…A Customer is the most important person in any business….

A Customer is not dependent on us. We are dependent upon him..

A Customer is not an outsider, not an interruption to our work. He is the sole purpose of it…

A Customer is not just money in the cash register. He is a human being with feelings and deserves to be treated with respect…

A Customer deserves the most courteous attention we can give him…

He pays our salary..

He is the lifeblood of every business…

Customer Satisfaction…Customer Satisfaction is Customer’s perception of the degree to which the customer’s expectations have been fulfilled…

Customer satisfaction is how well our Products, Service, Support and Engagement are able to meet the Customer Expectations…

Customer Satisfaction has a great co-relation with Customer lifetime value…

A Satisfied Customer…- adds to his current value, but more importantly it’s the lifetime value which the organization will gain- will go for repeat purchases often- will give you valuable references

Customer

dissatisfaction will

lead to churn!!

Loss of Customers…

Delivering Best Customer Experience is a great opportunity to…

Delivering Best Customer Experience is a great opportunity to…

Build Customer Loyalty!!!!!

Delivering Best Customer Experience is a great opportunity to…

Customer loyalty is a customer’s commitment or attachment to a brand, store, manufacturer, service provider, or other entity.

Feelings or Attitudes that incline a customer either to return to a company to purchase there again..

Customer Loyalty is measured by proportion of purchase…Undivided Loyalty – AAAAAAAAAA

Occasional Switcher – AABAACAABB

Switched Loyalty – AAAAAABBBBBB

Divided Loyalty – AAABBBAABB

Indifferent - ABCDADCBAC

Customers become loyal to a company and its products / services one

step at a time…

Customer Retention!!A strategy whose objective is to keep a company’s customers and to retain their revenue contribution. Primarily it aims to prevent customers from going to competitors.

Customer Retention is how well the customer STAYS and STAYS ENGAGED with the provider or with specific products / services…

Customer Loyalty &

Retention Strategies

32

Customer retention is a long-term game, not a drive-by event!!!

TRUST is the

prime most

important factor

to offer!!

Lack of trust is the single greatest reason you can’t keep customers!!

Trust is earned by

keeping

promises.

Trust is lost by

overpromising

& under delivering!!

Next Golden Rule for Customer Retention…Give to Get Mentality!!!!

Approach customer relationship by asking..

"What am I here to give?"

"How can I serve?“

Not as, “What can I sell you?”

Develop a strategic partner relationship with a view towards adding value!!!

Successful customer retention provides valuable content & education that shows how they understand customer needs!!

How can we accomplish this?

Serve First Sell Second…Today’s customers are smarter, better informed and more intolerant of ‘being sold’ than ever before…

Think beyond money Establish rapport & gain confidence from the customer that you should be able to help…

HEAR the customer and take his complaint seriously..

Demonstrate interest and a desire to find the best solution for the customer…

Keep the customer clear on what is happening / what will happen / and by whom…

Ensure proper follow-ups and closure.. Act in a way which makes the people move-up the Loyalty Ladder!!!

Let’s Begin our journey

towards increasing

Customer Loyalty &

Retention!!!