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Customer Retention Strategies

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Is customer retention included in your marketing plans and budgets? Many companies are involving customers in 2-way conversation to build relationship strength. Trust is the #1 way to retain …

Is customer retention included in your marketing plans and budgets? Many companies are involving customers in 2-way conversation to build relationship strength. Trust is the #1 way to retain customers ... by preventing hassles in policies and processes ... making it easier and nicer for customers to get and use solutions.

See http://ClearActionCX.com

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  • 1. www.ClearActionCX.com Customer Retention Strategies
  • 2. Why is it Hard to Retain Customers? Competitors’ Offers Others’ Brand Affinity © Copyright ClearAction LLC. All rights reserved.
  • 3. Get Off the Churn Bandwagon OrangeTM by France Telecom
  • 4. Why is it Hard to Retain Customers? Value Disappointment Offers Ours vs. Others Affinity Ours vs. Others Service Disappointment Product Disappointment © Copyright ClearAction LLC. All rights reserved.
  • 5. Awareness  Exploration / Expansion  Commitment  Dissolution Experience Spectrum Marketing Plan Includes Customer Retention? © Copyright ClearAction LLC. All rights reserved.
  • 6. Awareness  Exploration / Expansion  Commitment  Dissolution • 4 Ps • Branding • Community • Individualization • Interactivity Experience Spectrum Marketing Mix Message - Timing - Frequency - Content Realities vs. Aspirations Shared Interest: - in Information - in Activity - from Commonality Marketing Plan Includes Customer Retention? © Copyright ClearAction LLC. All rights reserved.
  • 7. Involvement in Social Media Microsoft © Copyright ClearAction LLC. All rights reserved.
  • 8. Twitter (2.0) © Copyright ClearAction LLC. All rights reserved.
  • 9. Involvement in Customer References Microsoft Blackbaud 3PAR © Copyright ClearAction LLC. All rights reserved.
  • 10. Executives Include Customer Retention? © Copyright ClearAction LLC. All rights reserved.
  • 11. Kimpton Hotels & Restaurants Culture for Customer Retention © Copyright ClearAction LLC. All rights reserved.
  • 12. Involvement in Wikis
  • 13. Involvement in Social Network Sites © Copyright ClearAction LLC. All rights reserved.
  • 14. Involvement in Communities Callidus Software Dell Intel © Copyright ClearAction LLC. All rights reserved.
  • 15. Database Build Volume Build Loyalty Build Loyalty Present Customers Competitors’ Customers New/Emerging Customers Maintain Usage Build Usage Gain Trial Marketing Tools Include Customer Retention? Value Segmentation Experience Personas Predictive Modeling Awareness  Exploration / Expansion  Commitment  Dissolution © Copyright ClearAction LLC. All rights reserved.
  • 16. Why is it Hard to Retain Customers? Value Disappointment Offers Ours vs. Others Affinity Ours vs. Others Service Disappointment Product Disappointment © Copyright ClearAction LLC. All rights reserved.
  • 17. Product & Service Quality Leadership Can Be Trusted Treats Employees Well Priorities Reflect Trust-Builders? #1 #2 #3 #4 Value for the money #5 Stays within the spirit & letter of the law #6 Strong financial future #7 Frequent communication about the state of its business #8 Innovates new products, services or ideas #9 Creates & maintains local jobs #10 Gives time, money or resources to public good #11 Strong commitment to protect the environment © Copyright ClearAction LLC. All rights reserved.
  • 18. 1% Reduction of Negative Word-of-Mouth 1% Increase of Positive Word-of-Mouth 0.41% Revenue Growth 0.14% Revenue Growth Higher ROI by Acting on Constructive Feedback 300% ROI on reducing negative buzz compared to increasing positive buzz -London School of Economics Advocacy Drives Growth study © Copyright ClearAction LLC. All rights reserved.
  • 19. Emphasis on Long-term Retention? Lock-In Non- Transferable Equity Technology Passion Resolution Prevention © Copyright ClearAction LLC. All rights reserved.
  • 20. Customer Retention by Delivering Brand Promise • Customer- centric • Trust • Marketing Plans • Budget • Personas • Processes • Policies • Proactive • Involvement • Equity (non- transferable) Culture Tools Prevention Passion © Copyright ClearAction LLC. All rights reserved.
  • 21. Customer Retention by Delivering Brand Promise • Customer- centric • Trust • Marketing Plans • Budget • Personas • Processes • Policies • Proactive • Involvement • Equity (non- transferable) Culture Tools Prevention Passion Under-Managed © Copyright ClearAction LLC. All rights reserved.
  • 22. Best Average Laggard Customer Retention 15% 1% 0% Customer Satisfaction 19% 8% 3% Profitability 8% 6% -8% Customer Retention is Smart Business -Aberdeen Group 2008 Customer Experience Management Study Year-over-year increases for best-in-class, average & laggard customer experience practitioners © Copyright ClearAction LLC. All rights reserved.
  • 23. Do you like these concepts? Let us help you master them to increase your company’s growth! Contact us today: OptimizeCX@ClearActionCX.com tel +1 408 687 9700
  • 24. ClearAction clients praise our insights on actionability & engagement “ClearAction taught us things that wouldn’t readily cross our minds and has increased our efficiency & accuracy in many areas. We highly recommend ClearAction as a business consultant.” “The cross-functional collaboration necessary to successfully manage the customer experience requires big picture, systems thinking. ClearAction brings very practical, well-thought out approaches to get the internal cooperation needed.” “ClearAction is very dependable and detail-oriented, and has an extremely high sense of integrity. There's no question ClearAction will do what's needed to ensure the work is done correctly and the client's best needs are taken into account.” © Copyright ClearAction LLC. All rights reserved. Page 24
  • 25. Consulting Roles We have provided ClearWisdom™ to dozens of companies Partial List© Copyright ClearAction LLC. All rights reserved. Page 25
  • 26. Customer Experience Optimization Talk Show Hear interviews with companies such as: Adobe, Aon, CenturyLink, Cisco, Citrix, Coca Cola Enterprises, Dell, EMC, GE, HP, ICW, Intuit, Kimpton, NCR, Philips, Safelite, Sungard, SunTrust, Symantec, TELUS, tw telecom, Virgin Mobile, Wells Fargo http://ClearActionCX.com/cx-podcasts e-books available at ClearActionCX.com/cx-books or Amazon Kindle: Metrics You Can Manage For Success Customer Experience Improvement Momentum Innovating Superior Customer Experience white paper available at ClearActionCX.com/cx-articles Employee Engagement in Superior Customer Experience: 4 Overlooked Key Competencies for Sustainable Results Resources about customer experience optimization See more at http://ClearActionCX.com/best-practices © Copyright ClearAction LLC. All rights reserved. Page 26
  • 27. © Copyright ClearAction LLC. All rights reserved. Page 27
  • 28. For More About Customer Experience: www.ClearActionCX.com/best-practices OptimizeCX@ClearActionCX.com tel +1 408 687 9700

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