Customer Retention...and strategies that work.
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Transcript of Customer Retention...and strategies that work.
Customer Retention
…and strategies that work.
“Companies can
boost profits by
almost 100% by
retaining just 5%
more of their
customers.”
Harvard Business Review Zero Defections: Quality Comes to Services
by Frederick Reichheld and W. Earl Sasser, Jr.
(tweet this fact)
Ultimate Goal –
Build customer loyalty to prevent the customer from
taking their business elsewhere.
Build Employee Loyalty 1
2
3
4
Develop Remarkable Products
Identify Your Customers’ Needs
Leverage Customer Relationships
Steps towards building Customer Loyalty
Build Employee Loyalty When given all of the necessary tools to succeed, employees who are motivated and empowered with goals aligned with that of the organization will go above and beyond to build customer loyalty.
Steps towards building Customer Loyalty
1
Steps towards building Customer Loyalty
2 Develop Remarkable Products In order to do this, you must identify your customers’ needs.
Steps towards building Customer Loyalty
3 Identify Your Customers’ Needs Identifying “white spaces”- unmet and unarticulated needs in their industry that create innovative opportunities
Steps towards building Customer Loyalty
3 Identify Your Customers’ Needs
Research
Steps towards building Customer Loyalty
3 Identify Your Customers’ Needs
Research
Feedback
Steps towards building Customer Loyalty
3 Identify Your Customers’ Needs
Research
Feedback
Social Media
Steps towards building Customer Loyalty
3 Identify Your Customers’ Needs
Research
Feedback
Social Media
Collaboration
Steps towards building Customer Loyalty
4 Leverage Customer Relationships •Create processes to provide customers with more products and services •Create new business opportunities within existing customers •Develop goals and plans to create customer partnerships
Developing Customer Relationships (3 E’s)
Empower Customers
Engage Customers
Exceed Customer Expectations
Developing Customer Relationships (3 E’s)
Empower Customers Give customers the tools they need to succeed.
Developing Customer Relationships (3 E’s)
Engage Customers Understand your customer needs through continuous dialogue.
Developing Customer Relationships (3 E’s)
Exceed Customer Expectations Get things done easily, quickly, and right the first time.
Want to increase customer retention to drive
bottom-line growth?
MPAY can help with that.
Contact us to learn more at