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Customer Retention Strategies

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Whether for-profit or nonprofit, customer retention strategies are the same. Here are seven strategies to retain your customers that you should consider.

Published in: Business
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Customer Retention Strategies

  1. 1. 1
  2. 2. 5
  3. 3. 6
  4. 4. 7
  5. 5. On average, U.S.corporations loseof their customersevery 5 years. ~ Reicheld 8
  6. 6. An average company has a defection rate of 10%-30% per year. 9
  7. 7. Raising your customer retention rate by 5% can increase the lifetime value of average customer by 25% -100%. 10
  8. 8. 11
  9. 9. Customer On average, U.S. loyalty is a customer’s commitment or attachment to a brand, store, manufacturer, corporations lose service provider, or other entity. of their customers every 5 years. ~ Reicheld 12
  10. 10. Customer loyalty is measured by proportion ofpurchasea. Undivided loyalty: AAAAAAAAAA 13
  11. 11. Customer loyalty is measured by proportion ofpurchasea. Undivided loyalty: AAAAAAAAAAb. Occasional switcher: AABAACAABB 14
  12. 12. Customer loyalty is measured by proportion ofpurchasea. Undivided loyalty: AAAAAAAAAAb. Occasional switcher: AABAACAABBc. Switched loyalty: AAAAABBBBB 15
  13. 13. Customer loyalty is measured by proportion ofpurchasea. Undivided loyalty: AAAAAAAAAAb. Occasional switcher: AABAACAABBc. Switched loyalty: AAAAABBBBBd. Divided loyalty: AAABBBAABB 16
  14. 14. Customer loyalty is measured by proportion ofpurchasea. Undivided loyalty: AAAAAAAAAAb. Occasional switcher: AABAACAABBc. Switched loyalty: AAAAABBBBBd. Divided loyalty: AAABBBAABBe. Indifferent: ABCDADCBAC 17
  15. 15. On average, U.S.Customer loyalty includes: corporations losea. A behavior regarding the product of their customers every 5 years. ~ Reicheld 18
  16. 16. On average, U.S.Customer loyalty includes: corporations losea. A behavior regarding the productb. An attitude towards the brand/company. of their customers every 5 years. ~ Reicheld 19
  17. 17. Challenge with behavior as a loyalty criteria is acustomer may repeat purchases because:a. Convenience, price, availability, or inertia due to habit. 20
  18. 18. Challenge with behavior as a loyalty criteria is acustomer may repeat purchases because:a. Convenience, price, availability, or inertia due to habit.b. Purchases made w/out motive for choice 21
  19. 19. Attitude towards a brand is favorable thatreflects preference & commitmentexpressed over time.Includes emotional attachment& positive evaluation 22
  20. 20. Behavior factorsaverage, U.S. On include:a. Choicecorporations loseb. History with company of their customers every 5 years. ~ Reicheld 23
  21. 21. On average, U.S.Attitudinal factors include: corporations losea. Satisfactionb. Emotional Bondingc. Trustd. Risk reduction of their customers every 5 years. ~ Reicheld 24
  22. 22. On average, U.S.Customer satisfaction: A post-purchaseevaluation that results from a lose corporations comparisonbetween pre-purchase expectation andactual performance of their customers every 5 years. ~ Reicheld 25
  23. 23. Xerox found thataverage, rate of a 4 out of On a satisfaction U.S. corporations lose5 were more likely to switch to competitor thanthose that rated 5. 26
  24. 24. Emotional Bonding:a. Brand affect, brand equityb. Company attachment 27
  25. 25. Emotional Bonding:a. Brand affect, brand equityb. Company attachmentc. Feelings of closeness, affection trust & respectd. Technology limits emotional bonds. 28
  26. 26. Willingness of customer to relyon organization 29
  27. 27. Reduces uncertainty and risk 30
  28. 28. Honest, fair and unreasonable. 31
  29. 29. CustomerRetentionStrategies 32
  30. 30. 1. Create A CultureOf Buzz! 33
  31. 31. If the marketplace isnt talking about you,theres a reason. The reason is that youreboring. And youre probably boring onpurpose. You have boring pricing because itssafer...You have boring products becausethats what the market wants.~ Seth Godin 34
  32. 32. 2. Consistency builds trust! 35
  33. 33. Customer retention is a long-term game, not adrive-by event. 36
  34. 34. Repetition, consistency & authenticity build trust and are the foundational tools of customer retention. 37
  35. 35. 3. Trust mostimportant factor tooffer! 38
  36. 36. Lack of trust is the singlegreatest reason you can’tkeep customers. 39
  37. 37. Trust is earned by keepingpromises. Trust is lost by overpromising & under delivering. 40
  38. 38. When you’ve earned trust, youcan make mistakes, own up tothem and correct themwithout loss! 41
  39. 39. 4. Staff as customer! 42
  40. 40. Your employees treat yourcustomers the same way youtreat the employees! 43
  41. 41. Must retain your bestemployees so you can retainyour best customers. 44
  42. 42. 5. Create an opendashboard. 45
  43. 43. One-page, high-level view ofkey strategic, marketing andfinancial indicators. 46
  44. 44. Transparency with employeeskey to company success andvision as well as customerretention. 47
  45. 45. 6. Golden Rule OfCustomer Retention:Give To GetMentality. 48
  46. 46. Those who usually give…get! 49
  47. 47. Approach customer relationships by asking,"What am I here to give?" or"How can I serve?“ Not, “What can I sell you. 50
  48. 48. Develop a strategic partner relationship witha view toward adding value 51
  49. 49. 7. Turn your attentionto educating notselling. 52
  50. 50. Successful customer retentionprovides valuable content &education that shows howbrand understands customerneeds. 53
  51. 51. Content marketing strategy iscritical here…providing usefuland helpful content of value. 54
  52. 52. • Schmoll Moch • ArkansasSupportsP• Francisco Cisirio hotography.com• Bullion Vault • Nettsu• Wildxplorer • CPThuh• Morgan Cito • Andreas Kollegger• Thomas Hawk • Mag3737• FutUndBendl • Patrick Hoesly• Xose Castro • Danard Vincente• Bahman • Transcam
  53. 53. jhurt@velvetchainsaw.comvelvetchainsaw.com@JeffHurt

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