Customer Retention...and strategies that work.
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Retaining customers is key to boosting profits. Research shows that companies can increase profits by almost 100% by retaining just 5% more customers. The document outlines four steps to build customer loyalty: 1) build employee loyalty by empowering and motivating employees, 2) develop remarkable products by identifying customer needs, 3) leverage customer relationships by providing additional products/services and creating partnerships, 4) identify customer needs through research, feedback, social media, and collaboration. It also discusses developing customer relationships by empowering customers, engaging in continuous dialogue, and exceeding expectations.
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Customer Retention...and strategies that work.
- 1. Customer Retention …and strategies that work.
- 2. “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)
- 3. Ultimate Goal – Build customer loyalty to prevent the customer from taking their business elsewhere.
- 4. Build Employee Loyalty1 2 3 4 Develop Remarkable Products Identify Your Customers’ Needs Leverage Customer Relationships Steps towards building Customer Loyalty
- 5. 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
- 6. Steps towards building Customer Loyalty 2 Develop Remarkable Products In order to do this, you must identify your customers’ needs.
- 7. Steps towards building Customer Loyalty 3 Identify Your Customers’ Needs Identifying “white spaces”- unmet and unarticulated needs in their industry that create innovative opportunities
- 8. Steps towards building Customer Loyalty 3 Identify Your Customers’ Needs Research
- 9. Steps towards building Customer Loyalty 3 Identify Your Customers’ Needs Research Feedback
- 10. Steps towards building Customer Loyalty 3 Identify Your Customers’ Needs Research Feedback Social Media
- 11. Steps towards building Customer Loyalty 3 Identify Your Customers’ Needs Research Feedback Social Media Collaboration
- 12. 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
- 13. Developing Customer Relationships (3 E’s) Empower Customers Engage Customers Exceed Customer Expectations
- 14. Developing Customer Relationships (3 E’s) Empower Customers Give customers the tools they need to succeed.
- 15. Developing Customer Relationships (3 E’s) Engage Customers Understand your customer needs through continuous dialogue.
- 16. Developing Customer Relationships (3 E’s) Exceed Customer Expectations Get things done easily, quickly, and right the first time.
- 17. Want to increase customer retention to drive bottom-line growth? MPAY can help with that. Contact us to learn more at sales@mpay.com