Customer Retention (CR)<br />Its not a tool its an Art<br />
WHY Customer Retention?<br />Do I really need it?<br />Retention<br />Churn<br />
WHY Customer Retention (CR)?<br />Have you ever thought about it?<br />In order to find out you need to answer two questions.<br /><ul><li>What is Customer Retention?
What are the benefits of Customer Retention?</li></li></ul><li>WHAT is CR?<br />“deeply held commitment to using a preferred product or service consistently in the future, despite situational influences and marketing efforts having the potential to cause switching behavior”<br />In other words Customer Retention means <br />“to maintain existing customers”<br />This happens if there exists a positive relationship between the company and the customer.<br />
What are the benefits of CR?<br /><ul><li>Retained customers tend to buy other services from same company.
Retained customers are known to be less price/cost sensitive
The probability of selling to an existing customer is 60-70%
The probability of selling to a new prospect is 5-20%
Declined migration rates</li></ul>Remember it's more expensive to acquire a new customer than to retain an old one.<br />
Still want to know Why Retain???<br />Because <br />Customer Retention brings even more SUCCESS!<br />
Retention Tactics<br />Poor customer service accounts for 70% of customer loss<br />Who better to ask for feedback than customer himself?<br />Listen (and then talk)<br /><ul><li>You can learn a lot by eavesdropping on customers on blogs, Twitter and Facebook</li></ul>Bring Your customers together <br />
Tips for Succeeding at CR<br />Find out what customers want & whatcauses them to stay or leave?<br />Proactively collect and promote customer feedback.<br />Analyze customer feedback to gain valuable insights and ensure the right people hear it.<br />Take action and Measure the Results<br />Actively measure and monitor your customers’ loyalty and engagement<br />Keep Asking, Listening, Analyzing and Improving<br />
How to Retain Customers?<br />The best way to find out is to DISCUSS sample cases amongst yourselves?<br />