Customer Retention Strategies

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Whether for-profit or nonprofit, customer retention strategies are the same. Here are seven strategies to retain your customers that you should consider.

Whether for-profit or nonprofit, customer retention strategies are the same. Here are seven strategies to retain your customers that you should consider.

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  • 1. 1
  • 2. 5
  • 3. 6
  • 4. 7
  • 5. On average, U.S.corporations loseof their customersevery 5 years. ~ Reicheld 8
  • 6. An average company has a defection rate of 10%-30% per year. 9
  • 7. Raising your customer retention rate by 5% can increase the lifetime value of average customer by 25% -100%. 10
  • 8. 11
  • 9. Customer On average, U.S. loyalty is a customer’s commitment or attachment to a brand, store, manufacturer, corporations lose service provider, or other entity. of their customers every 5 years. ~ Reicheld 12
  • 10. Customer loyalty is measured by proportion ofpurchasea. Undivided loyalty: AAAAAAAAAA 13
  • 11. Customer loyalty is measured by proportion ofpurchasea. Undivided loyalty: AAAAAAAAAAb. Occasional switcher: AABAACAABB 14
  • 12. Customer loyalty is measured by proportion ofpurchasea. Undivided loyalty: AAAAAAAAAAb. Occasional switcher: AABAACAABBc. Switched loyalty: AAAAABBBBB 15
  • 13. Customer loyalty is measured by proportion ofpurchasea. Undivided loyalty: AAAAAAAAAAb. Occasional switcher: AABAACAABBc. Switched loyalty: AAAAABBBBBd. Divided loyalty: AAABBBAABB 16
  • 14. Customer loyalty is measured by proportion ofpurchasea. Undivided loyalty: AAAAAAAAAAb. Occasional switcher: AABAACAABBc. Switched loyalty: AAAAABBBBBd. Divided loyalty: AAABBBAABBe. Indifferent: ABCDADCBAC 17
  • 15. On average, U.S.Customer loyalty includes: corporations losea. A behavior regarding the product of their customers every 5 years. ~ Reicheld 18
  • 16. On average, U.S.Customer loyalty includes: corporations losea. A behavior regarding the productb. An attitude towards the brand/company. of their customers every 5 years. ~ Reicheld 19
  • 17. Challenge with behavior as a loyalty criteria is acustomer may repeat purchases because:a. Convenience, price, availability, or inertia due to habit. 20
  • 18. Challenge with behavior as a loyalty criteria is acustomer may repeat purchases because:a. Convenience, price, availability, or inertia due to habit.b. Purchases made w/out motive for choice 21
  • 19. Attitude towards a brand is favorable thatreflects preference & commitmentexpressed over time.Includes emotional attachment& positive evaluation 22
  • 20. Behavior factorsaverage, U.S. On include:a. Choicecorporations loseb. History with company of their customers every 5 years. ~ Reicheld 23
  • 21. On average, U.S.Attitudinal factors include: corporations losea. Satisfactionb. Emotional Bondingc. Trustd. Risk reduction of their customers every 5 years. ~ Reicheld 24
  • 22. On average, U.S.Customer satisfaction: A post-purchaseevaluation that results from a lose corporations comparisonbetween pre-purchase expectation andactual performance of their customers every 5 years. ~ Reicheld 25
  • 23. Xerox found thataverage, rate of a 4 out of On a satisfaction U.S. corporations lose5 were more likely to switch to competitor thanthose that rated 5. 26
  • 24. Emotional Bonding:a. Brand affect, brand equityb. Company attachment 27
  • 25. Emotional Bonding:a. Brand affect, brand equityb. Company attachmentc. Feelings of closeness, affection trust & respectd. Technology limits emotional bonds. 28
  • 26. Willingness of customer to relyon organization 29
  • 27. Reduces uncertainty and risk 30
  • 28. Honest, fair and unreasonable. 31
  • 29. CustomerRetentionStrategies 32
  • 30. 1. Create A CultureOf Buzz! 33
  • 31. If the marketplace isnt talking about you,theres a reason. The reason is that youreboring. And youre probably boring onpurpose. You have boring pricing because itssafer...You have boring products becausethats what the market wants.~ Seth Godin 34
  • 32. 2. Consistency builds trust! 35
  • 33. Customer retention is a long-term game, not adrive-by event. 36
  • 34. Repetition, consistency & authenticity build trust and are the foundational tools of customer retention. 37
  • 35. 3. Trust mostimportant factor tooffer! 38
  • 36. Lack of trust is the singlegreatest reason you can’tkeep customers. 39
  • 37. Trust is earned by keepingpromises. Trust is lost by overpromising & under delivering. 40
  • 38. When you’ve earned trust, youcan make mistakes, own up tothem and correct themwithout loss! 41
  • 39. 4. Staff as customer! 42
  • 40. Your employees treat yourcustomers the same way youtreat the employees! 43
  • 41. Must retain your bestemployees so you can retainyour best customers. 44
  • 42. 5. Create an opendashboard. 45
  • 43. One-page, high-level view ofkey strategic, marketing andfinancial indicators. 46
  • 44. Transparency with employeeskey to company success andvision as well as customerretention. 47
  • 45. 6. Golden Rule OfCustomer Retention:Give To GetMentality. 48
  • 46. Those who usually give…get! 49
  • 47. Approach customer relationships by asking,"What am I here to give?" or"How can I serve?“ Not, “What can I sell you. 50
  • 48. Develop a strategic partner relationship witha view toward adding value 51
  • 49. 7. Turn your attentionto educating notselling. 52
  • 50. Successful customer retentionprovides valuable content &education that shows howbrand understands customerneeds. 53
  • 51. Content marketing strategy iscritical here…providing usefuland helpful content of value. 54
  • 52. • Schmoll Moch • ArkansasSupportsP• Francisco Cisirio hotography.com• Bullion Vault • Nettsu• Wildxplorer • CPThuh• Morgan Cito • Andreas Kollegger• Thomas Hawk • Mag3737• FutUndBendl • Patrick Hoesly• Xose Castro • Danard Vincente• Bahman • Transcam
  • 53. jhurt@velvetchainsaw.comvelvetchainsaw.com@JeffHurt