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Great Expectations Retention Workshop2

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Skills based workshop on Customer Retention. Why its important, how to measure it, and the tactics to drive a defensive and offensive strategy designed to optimize customer loyalty and revenue.

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Great Expectations: Retaining Existing Customers & Engaging New Ones Derek F Martin
Introduction: Derek F Martin ,[object Object],[object Object],[object Object],[object Object]
Ice Breaker ,[object Object],[object Object],[object Object]
Agenda ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
1. Why Retention? ,[object Object],[object Object],[object Object],[object Object],[object Object],Sources: 1. "Leading on the Edge of Chaos", Emmett C. Murphy and Mark A. Murphy
1. Why Retention? (continued) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Sources: 2 American Association for Quality, 2011
Impact of Retention rate on Customer Lifetime Value (CLV)* *Source: Sunil Gupta, “Managing Customers as Investments,” Wharton 2005 CLV Rate of Retention r 1+ i – r { } CLV = m m = margin or profit from a customer per period r = retention rate i = discount rate
2. How Bad Is It? ,[object Object],[object Object],[object Object],[object Object]
Who is Leaving? Top 10 Things You Want to Know about Attriting Customers ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
3. How Did It Get To This? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Diagnostic Metrics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Diagnostic Metrics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Competitive Positioning ,[object Object],[object Object]
Service Delivery ,[object Object],[object Object],Source, JD Powers 2010 Credit Card Satisfaction Survey
Pricing Sensitivity from Servicing Attributes Source: Harvey N Schycon, “Measuring the Payoff from Improved Customer Service,” Prism 2001. Study of 25 attributes impact on pricing, 2,000 businesses surveyed Pricing Sensitivity for Plastic Laminates 2.0% Product Attribute 0.6% Reasonable payment time 0.2% Notification when Shipment Delayed 0.4% Problem Solving Helpfulness 0.6% Value Attributes 0.8% Carrier Capability 2.4% Accuracy of shipment to order 0.2% Finishing capabilities 0.4% Consistent Quality 1.4% Product Line Scope 7% TOTAL PRICE IMPACT 0.6% Handling of Rush Orders 4.4% Service Attributes Price Increase
4. What Can We Do About It? ,[object Object],Step One: Triage: Save the best opportunities first CLV, $ # Customers LOW MED HIGH Don’t Save Save no Offer Save w Offer
[object Object],Identify & Eliminate Friction Points
5. Retention Tactics: A Continuum ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Passive Active Desperate Covered in this workshop
Reinforce ,[object Object],[object Object],[object Object],[object Object]
Rewards ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Rapid Rewards: $’s Spent NOT Miles Traveled 20 = 1 10 = 1 $100 = $1 15 Stars /1 free coffee 1 star per purchase vs per cup
6. The Best Defense - Is a Good Offense ,[object Object],[object Object],[object Object],[object Object],[object Object]
Customer Focused Organization ,[object Object],[object Object],[object Object],[object Object]
Set & Meet Customer Expectations ,[object Object],[object Object],[object Object]
Feed The Meter ,[object Object],[object Object],Customer Lifecycle (Time or # repurchases) Welcome Educate Engage Value Prop Reward Entice Encourage Usage Excite Recognize Purchase RePurchase Prospect Loyalty Product Complexity
Questions and Open Dialogue
Attrition Assessment Form Back
2010 JD Powers Credit Card Industry
Everyone makes mistakes, not everyone apologizes…

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Great Expectations Retention Workshop2

  • 1. Great Expectations: Retaining Existing Customers & Engaging New Ones Derek F Martin
  • 2.
  • 3.
  • 4.
  • 5.
  • 6.
  • 7. Impact of Retention rate on Customer Lifetime Value (CLV)* *Source: Sunil Gupta, “Managing Customers as Investments,” Wharton 2005 CLV Rate of Retention r 1+ i – r { } CLV = m m = margin or profit from a customer per period r = retention rate i = discount rate
  • 8.
  • 9.
  • 10.
  • 11.
  • 12.
  • 13.
  • 14.
  • 15. Pricing Sensitivity from Servicing Attributes Source: Harvey N Schycon, “Measuring the Payoff from Improved Customer Service,” Prism 2001. Study of 25 attributes impact on pricing, 2,000 businesses surveyed Pricing Sensitivity for Plastic Laminates 2.0% Product Attribute 0.6% Reasonable payment time 0.2% Notification when Shipment Delayed 0.4% Problem Solving Helpfulness 0.6% Value Attributes 0.8% Carrier Capability 2.4% Accuracy of shipment to order 0.2% Finishing capabilities 0.4% Consistent Quality 1.4% Product Line Scope 7% TOTAL PRICE IMPACT 0.6% Handling of Rush Orders 4.4% Service Attributes Price Increase
  • 16.
  • 17.
  • 18.
  • 19.
  • 20.
  • 21.
  • 22.
  • 23.
  • 24.
  • 25. Questions and Open Dialogue
  • 27. 2010 JD Powers Credit Card Industry
  • 28. Everyone makes mistakes, not everyone apologizes…

Editor's Notes

  1. When Apple l eapt past Microsoft in market cap, Steve Ballmer brushed it off saying , "I am still pleased that 94 times out of a 100 somebody picks a Windows PC." That's true, but if you step back and look at the bigger picture, Microsoft only has 70% of the share of the two most important computing devices -- smartphones and PCs. If you look at estimates for smartphone and PC sales for 2011, Microsoft will only have 50% share of those devices.