7 Benefits of Having a Customer Retention Plan

7 Benefits of Having a Customer Retention Plan Andrew Manuel

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

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

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.

3. Build Sales Through Referrals
By maintaining constructive relationships with your existing customer base, many referral sales opportunities arise

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

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

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

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

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

7 Benefits of Having a Customer Retention Plan

by Andrew Manuel on Nov 28, 2010

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