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Customer Retention

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  • 1. Customer Retention (CR)
    Its not a tool its an Art
  • 2. WHY Customer Retention?
    Do I really need it?
    Retention
    Churn
  • 3. WHY Customer Retention (CR)?
    Have you ever thought about it?
    In order to find out you need to answer two questions.
    • What is Customer Retention?
    • 4. What are the benefits of Customer Retention?
  • WHAT is CR?
    “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”
    In other words Customer Retention means
    “to maintain existing customers”
    This happens if there exists a positive relationship between the company and the customer.
  • 5. What are the benefits of CR?
    • Retained customers tend to buy other services from same company.
    • 6. Retained customers are known to be less price/cost sensitive
    • 7. Positive Word of Mouth – Free Marketing 24/7.
    • 8. The probability of selling to an existing customer is 60-70%
    • 9. The probability of selling to a new prospect is 5-20%
    • 10. Declined migration rates
    Remember it's more expensive to acquire a new customer than to retain an old one.
  • 11. Still want to know Why Retain???
    Because
    Customer Retention brings even more SUCCESS!
  • 12. Retention Tactics
    Poor customer service accounts for 70% of customer loss
    Who better to ask for feedback than customer himself?
    Listen (and then talk)
    • You can learn a lot by eavesdropping on customers on blogs, Twitter and Facebook
    Bring Your customers together
  • 13. Tips for Succeeding at CR
    Find out what customers want & whatcauses them to stay or leave?
    Proactively collect and promote customer feedback.
    Analyze customer feedback to gain valuable insights and ensure the right people hear it.
    Take action and Measure the Results
    Actively measure and monitor your customers’ loyalty and engagement
    Keep Asking, Listening, Analyzing and Improving
  • 14. How to Retain Customers?
    The best way to find out is to DISCUSS sample cases amongst yourselves?