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7 Benefits of Having a Customer Retention Plan
1. 7 Benefits of Having a Customer
Retention Plan
Andrew Manuel
2. Need for a Customer Retention Plan
• To develop and maintain
great relationships with
existing customers
• Sales representatives are
usually occupied selling and
current customer base can be
left neglected
• There are seven main
benefits to having an effective
retention plan in place
3. 1. Keep Your Current Customer Base
• Don’t lose an existing customer because they:
– Feel neglected
– Forget your company even exists
• Keep in contact with existing
customers who have done
business with you in the past year
• Size of the company is irrelevant
because:
– You can never predict the future
– A small customer today can grow and
become a large and more valued
customer tomorrow
• Can prove to be very beneficial in
a slumping economy
4. 2. Maintain Customer Information
• Ensures that current records of all customers are
accurate
– Updated email addresses
– Phone numbers
– Other personal information that will be shared over time
• Personal information
worthwhile to record:
– Hobbies
– Spouses' interests or likes
– Amount of children and their
hobbies
– Other information that you
believe will help build your
relationship.
5. 3. Build Sales Through Referrals
• By maintaining constructive relationships with
your existing customer base, many referral sales
opportunities arise
6. 4. Become a Consultant/Adviser
• By keeping in contact and providing an excellent service
you’ll be viewed as more than a service provider
• A trusted service provider is
known by their customers
as an advisor or consultant
• You have reached the
pinnacle of a customer
relationship once this step
takes place
7. 5. Improve Communication
• All lines of communication
opened
• Easier to discuss sensitive
issues:
– Customer (e.g., invoicing problems,
project scope creep)
– Service Provider (e.g., product
delivery, poor quality)
– Prevent possible loss of sale
• Promotes honesty, candor, and
overall good working conditions
8. 6. Become a Leader in the Industry
• Set yourself and your
customer apart from all
competition
• Regular discussions on
industry practices or the
ability to share ideas can
lead to industry firsts or
new ideas that prove to
be beneficial to both
parties
9. 7. Create a Positive Work Environment
• Improved communications will
allow for a more positive work
environment for all office
personnel and staff
• Customers that call will not
automatically feel the need to
take the defensive approach
• All will enjoy a positive, less
stressful environment which
creates a happy, loyal, and
healthy work environment
10. Summary
• A retention plan can improve
your business tremendously as
well as build healthy and happy
relationships with your current
and future customer base
• Happy customers will lead to
referral sales, the sharing of
best business practices, help
create loyal employees, and
create an overall enjoyable and
productive office environment