7 Benefits of Having a Customer Retention Plan

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Develop and maintain great relationships with existing customers

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7 Benefits of Having a Customer Retention Plan

  1. 1. 7 Benefits of Having a Customer Retention Plan Andrew Manuel
  2. 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. 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. 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. 5. 3. Build Sales Through Referrals • By maintaining constructive relationships with your existing customer base, many referral sales opportunities arise
  6. 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. 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. 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. 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. 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

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