Great Expectations Retention Workshop2derekfmartin
Skills based workshop on Customer Retention. Why its important, how to measure it, and the tactics to drive a defensive and offensive strategy designed to optimize customer loyalty and revenue.
Gamifying Retail Loyalty Strategies with America’s #1 Book Retailer
Marc Parrish, VP of Customer Retention and Loyalty Marketing at Barnes & Noble, discusses how retailers can use gamification to improve customer loyalty and engagement. Most retailers have loyalty programs but few listen to customers, as programs are often inactive with high turnover. Gamification uses elements of games like challenges, virtual rewards and a sense of achievement to motivate customer behavior. Starbucks has successfully gamified their mobile app to drive increased payments and store visits. Retailers must pivot quickly to capture customers in the digital world through personalized gamified experiences.
Customer Retention Bright Talk Harry KleinHarry Klein
The document summarizes a presentation from a customer retention summit. The presentation discusses how customer retention requires customer engagement, which requires conversations with customers, which requires listening to customers. To truly listen to customers, companies need a supportive culture that prioritizes creativity over rigid structures and disciplines employees to do what is right for customers. When companies foster this type of culture, it leads to engaged employees and customers, as well as business success.
The document discusses strategies for creative customer retention and engagement. It emphasizes engaging with customers with authenticity and integrity by anticipating their needs, developing a sense of community, and maintaining trust. It also discusses developing high-level value propositions by identifying customer needs and vision, and cultivating relevant technology and service portfolios. Finally, it stresses that critical success factors include customer relationship development, identifying customer needs and vision, and developing high-level value propositions focused on mission satisfaction and differentiation.
Knowing your customer, Doing a regular follow-up, Interacting with them, Offering them the best most importantly simplifying work to get the best output....
Multichannel Retention Strategies: A Steady Diet of Low Hanging FruitVivastream
The document discusses identifying customer churn and measuring lifetime value. It provides a real-world example of an effective multi-channel retention campaign utilizing analytics and a cost-progressive channel strategy. Specifically, it describes how a wireless provider used business intelligence to target likely churn customers and employed a multi-channel strategy including text, direct mail, and calls to increase retention rates and ROI. The campaign resulted in a 5.6% reduction in churn and a 180% increase in ROI compared to a basic segmentation strategy.
The document discusses integrating digital media and customer relationship management (CRM) to improve customer retention. It provides an agenda on understanding integration of digital marketing, identifying and targeting customers, testing methods, and measuring return on investment. It then introduces the speakers, Thom Poole and Jonathan Richards, and their backgrounds in digital marketing, CRM, and business systems implementation.
The document discusses managing customer experience to increase loyalty, retention, and acquisition. It provides an overview of TeleFaction, a company that offers tools to measure customer satisfaction in real-time through closed-loop feedback. Examples are given of Danske Bank's use of TeleFaction's tools to measure customer experience and improve service based on customer feedback.
Great Expectations Retention Workshop2derekfmartin
Skills based workshop on Customer Retention. Why its important, how to measure it, and the tactics to drive a defensive and offensive strategy designed to optimize customer loyalty and revenue.
Gamifying Retail Loyalty Strategies with America’s #1 Book Retailer
Marc Parrish, VP of Customer Retention and Loyalty Marketing at Barnes & Noble, discusses how retailers can use gamification to improve customer loyalty and engagement. Most retailers have loyalty programs but few listen to customers, as programs are often inactive with high turnover. Gamification uses elements of games like challenges, virtual rewards and a sense of achievement to motivate customer behavior. Starbucks has successfully gamified their mobile app to drive increased payments and store visits. Retailers must pivot quickly to capture customers in the digital world through personalized gamified experiences.
Customer Retention Bright Talk Harry KleinHarry Klein
The document summarizes a presentation from a customer retention summit. The presentation discusses how customer retention requires customer engagement, which requires conversations with customers, which requires listening to customers. To truly listen to customers, companies need a supportive culture that prioritizes creativity over rigid structures and disciplines employees to do what is right for customers. When companies foster this type of culture, it leads to engaged employees and customers, as well as business success.
The document discusses strategies for creative customer retention and engagement. It emphasizes engaging with customers with authenticity and integrity by anticipating their needs, developing a sense of community, and maintaining trust. It also discusses developing high-level value propositions by identifying customer needs and vision, and cultivating relevant technology and service portfolios. Finally, it stresses that critical success factors include customer relationship development, identifying customer needs and vision, and developing high-level value propositions focused on mission satisfaction and differentiation.
Knowing your customer, Doing a regular follow-up, Interacting with them, Offering them the best most importantly simplifying work to get the best output....
Multichannel Retention Strategies: A Steady Diet of Low Hanging FruitVivastream
The document discusses identifying customer churn and measuring lifetime value. It provides a real-world example of an effective multi-channel retention campaign utilizing analytics and a cost-progressive channel strategy. Specifically, it describes how a wireless provider used business intelligence to target likely churn customers and employed a multi-channel strategy including text, direct mail, and calls to increase retention rates and ROI. The campaign resulted in a 5.6% reduction in churn and a 180% increase in ROI compared to a basic segmentation strategy.
The document discusses integrating digital media and customer relationship management (CRM) to improve customer retention. It provides an agenda on understanding integration of digital marketing, identifying and targeting customers, testing methods, and measuring return on investment. It then introduces the speakers, Thom Poole and Jonathan Richards, and their backgrounds in digital marketing, CRM, and business systems implementation.
The document discusses managing customer experience to increase loyalty, retention, and acquisition. It provides an overview of TeleFaction, a company that offers tools to measure customer satisfaction in real-time through closed-loop feedback. Examples are given of Danske Bank's use of TeleFaction's tools to measure customer experience and improve service based on customer feedback.
4 Techniques to Succeed in Retaining your CustomersM-Connect Media
Customer Retention Plan - To own a profitable business is in either in your hands or in your customer’s hands. Yes, this is true. You own a business to help the customers in some or the other way. Customers may have different options for the same thing and if they choose you then it means they bring business for you. And it is up to you how to retain them and bring them back to you again and again. See some strategies to do so.
For an updated version of this presentation: https://www.slideshare.net/clearaction/customer-retention-strategies-125750732
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 your company irresistible, for sustained organic growth.
See https://ClearAction.com
Strategies to increase customer retentionYash Bodane
Customer retention involves activities to reduce customer defections and is important throughout the customer lifecycle. It is crucial because it costs much less to retain existing customers than acquire new ones. Strategies for customer retention include knowing customer behavior, expectations, keeping customers engaged with tools, having a strong CRM system, delivering consistent brand experience, promoting loyalty programs, and prioritizing retention in marketing plans. Effective customer retention also uses both online and offline services to provide recommendations, alerts and bridge the customer experience.
Customer satisfaction and retention of private sector bankshimaniag
The document discusses customer satisfaction and retention in private sector banks in the Kumaon region of India. It notes that banks must focus on customer retention to gain a strategic advantage in today's competitive banking environment. The hypothesis is that customer satisfaction has a positive impact on customer retention. A survey was conducted of 520 bank customers in Haldwani and Nainital using a 5-point Likert scale questionnaire to understand the relationship between customer satisfaction and retention.
Customer relationship management (crm) practices in financial sector role and...Alexander Decker
This document summarizes a research journal article about customer relationship management (CRM) practices in Zimbabwe's financial sector between 2008-2009. The researchers explored how CRM practices can attract and retain valuable corporate clients to boost bank performance. They reviewed literature on CRM and conducted a descriptive study using SPSS. The results showed positive effects of CRM and customer retention on bank performance. Specifically, CRM practices like key account management can lock in valuable customers and increase switching costs to retain customers long-term.
This document discusses strategies for improving customer loyalty and retention. It notes that customer retention has not traditionally been a focus of marketing, but is important for upselling and cross-selling existing customers. Losing just 5% of customers can increase profits by 25-125%. Providing the best customer experience plays a major role in retention, as almost 70% of unhappy customers will never do business with a company again. Building customer loyalty through excellent customer service is a great opportunity, and customer retention requires a long-term, strategic focus on serving customers rather than just making sales.
How to measure your customer experienceDanielaGuido
TeleFaction offers companies tools to increase customer satisfaction, loyalty, and sales through real-time customized feedback. They listen to customers to understand their experiences. The presentation discusses why managing customer experiences is important, compares customer experience management to customer relationship management, and provides a case study of how Danske Bank uses feedback to improve customer satisfaction. It also provides tips on how to successfully manage customer experiences.
The document discusses tips for improving customer retention. It notes that customer retention has not typically been a focus of marketing, which tends to focus more on new customer acquisition. The tips provided include developing a warning system for customers displaying unhappy signals, applying the 7Ps of marketing to retention strategies, delivering the best possible customer experience, identifying and rewarding loyal customers, and running relevant promotions. Following these tips can help businesses improve profitability significantly by reducing customer turnover.
Using customer segmentation and insights to create loyalty - Efma Conference ...Roxana_Hidan
The document discusses using customer segmentation and insights to create loyalty. It outlines how OTP Bank Romania used segmentation to categorize customers into profitable "green" and "potential green" segments versus less profitable "orange" and "red" segments. The bank then conducted additional research to understand customers' motivational triggers and establish behavior patterns. This helped OTP Bank Romania design a simple, timely, and mutually beneficial customer loyalty program with key steps like computing average expenses, awarding points, and simulations to estimate program impacts. The document emphasizes that understanding unique customer segments and their needs is essential to maximizing retention of the most profitable accounts.
customer satisfaction through ICICI BANK Servicessumit payal
This document provides an overview of ICICI Bank, a major private sector bank in India. It discusses ICICI Bank's profile, including that it was founded in 1994 and has over $103 billion in net assets. It also summarizes some of ICICI Bank's key products and services like credit cards, loans, insurance, and deposits. Finally, it discusses the importance of customer satisfaction for ICICI Bank and tools they can use to measure, attract, retain, and increase loyalty among customers.
4 Techniques to Succeed in Retaining your CustomersM-Connect Media
Customer Retention Plan - To own a profitable business is in either in your hands or in your customer’s hands. Yes, this is true. You own a business to help the customers in some or the other way. Customers may have different options for the same thing and if they choose you then it means they bring business for you. And it is up to you how to retain them and bring them back to you again and again. See some strategies to do so.
For an updated version of this presentation: https://www.slideshare.net/clearaction/customer-retention-strategies-125750732
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 your company irresistible, for sustained organic growth.
See https://ClearAction.com
Strategies to increase customer retentionYash Bodane
Customer retention involves activities to reduce customer defections and is important throughout the customer lifecycle. It is crucial because it costs much less to retain existing customers than acquire new ones. Strategies for customer retention include knowing customer behavior, expectations, keeping customers engaged with tools, having a strong CRM system, delivering consistent brand experience, promoting loyalty programs, and prioritizing retention in marketing plans. Effective customer retention also uses both online and offline services to provide recommendations, alerts and bridge the customer experience.
Customer satisfaction and retention of private sector bankshimaniag
The document discusses customer satisfaction and retention in private sector banks in the Kumaon region of India. It notes that banks must focus on customer retention to gain a strategic advantage in today's competitive banking environment. The hypothesis is that customer satisfaction has a positive impact on customer retention. A survey was conducted of 520 bank customers in Haldwani and Nainital using a 5-point Likert scale questionnaire to understand the relationship between customer satisfaction and retention.
Customer relationship management (crm) practices in financial sector role and...Alexander Decker
This document summarizes a research journal article about customer relationship management (CRM) practices in Zimbabwe's financial sector between 2008-2009. The researchers explored how CRM practices can attract and retain valuable corporate clients to boost bank performance. They reviewed literature on CRM and conducted a descriptive study using SPSS. The results showed positive effects of CRM and customer retention on bank performance. Specifically, CRM practices like key account management can lock in valuable customers and increase switching costs to retain customers long-term.
This document discusses strategies for improving customer loyalty and retention. It notes that customer retention has not traditionally been a focus of marketing, but is important for upselling and cross-selling existing customers. Losing just 5% of customers can increase profits by 25-125%. Providing the best customer experience plays a major role in retention, as almost 70% of unhappy customers will never do business with a company again. Building customer loyalty through excellent customer service is a great opportunity, and customer retention requires a long-term, strategic focus on serving customers rather than just making sales.
How to measure your customer experienceDanielaGuido
TeleFaction offers companies tools to increase customer satisfaction, loyalty, and sales through real-time customized feedback. They listen to customers to understand their experiences. The presentation discusses why managing customer experiences is important, compares customer experience management to customer relationship management, and provides a case study of how Danske Bank uses feedback to improve customer satisfaction. It also provides tips on how to successfully manage customer experiences.
The document discusses tips for improving customer retention. It notes that customer retention has not typically been a focus of marketing, which tends to focus more on new customer acquisition. The tips provided include developing a warning system for customers displaying unhappy signals, applying the 7Ps of marketing to retention strategies, delivering the best possible customer experience, identifying and rewarding loyal customers, and running relevant promotions. Following these tips can help businesses improve profitability significantly by reducing customer turnover.
Using customer segmentation and insights to create loyalty - Efma Conference ...Roxana_Hidan
The document discusses using customer segmentation and insights to create loyalty. It outlines how OTP Bank Romania used segmentation to categorize customers into profitable "green" and "potential green" segments versus less profitable "orange" and "red" segments. The bank then conducted additional research to understand customers' motivational triggers and establish behavior patterns. This helped OTP Bank Romania design a simple, timely, and mutually beneficial customer loyalty program with key steps like computing average expenses, awarding points, and simulations to estimate program impacts. The document emphasizes that understanding unique customer segments and their needs is essential to maximizing retention of the most profitable accounts.
customer satisfaction through ICICI BANK Servicessumit payal
This document provides an overview of ICICI Bank, a major private sector bank in India. It discusses ICICI Bank's profile, including that it was founded in 1994 and has over $103 billion in net assets. It also summarizes some of ICICI Bank's key products and services like credit cards, loans, insurance, and deposits. Finally, it discusses the importance of customer satisfaction for ICICI Bank and tools they can use to measure, attract, retain, and increase loyalty among customers.
1. You are here: Home > 205 Strategies > 20 Customer Retention Strategies
20 Customer Retention Strategies
The easiest way to grow your customers is not to lose them
The average business loses around 20 percent of its customers annually simply by failing to attend to customer
relationships. In some industries this leakage is as high as 80 percent. The cost, in eith er case, is staggering, but
few businesses truly understand the implications.
Imagine two businesses, one that retains 90 percent of its customers, the other retaining 80 percent. If both add
new customers at the rate of 20 percent per year, the first will have a 10 percent net growth in customers per
year, while the other will have none. Over seven years, the first firm will virtually double, while the second will
have no real growth. Everything else being equal, that 10-percent advantage in customer retention will result in a
doubling of customers every seven years without doing anything else.
The consequences of customer retention also compound over time, and in sometimes unexpected ways. Even a
tiny change in customer retention can cascade through a business system and multiply over time. The resulting
effect on long-term profit and growth shouldn’t be underestimated.
Marketing Wizdom can introduce you to a number of simple customer retention strstegies that will cost you little
or nothing to implement. Behind each technique listed here there is an in-depth step-by-step process that will
increase your customer retention significantly once implemented, and will have a massive impact on your business.
1. Reducing Attrition
Virtually every business loses some customers, but few ever measure or recognise how many of their customers
become inactive. Most businesses, ironically, invest an enormous amount of time, effort and expense building that
initial customer relationship. Then they let that relationship go unattended, in some cases even losing interest as
2. soon as the sale been made, or even worse, they abandon the customer as soon as an easily remedied problem
occurs, only to have to spend another small fortune to replace that customer. The easiest way to grow your
business is not to lose your c ustomers. Onc e you stop the leakage, it’s often possible to double or triple your
growth rate bec ause you’re no longer forc ed to make up lost ground just to stand still.
2. Sell and then sell again
So many people do an excellent job of making the initial sale, then drop the ball and get complacent, ignoring the
customer, while they chase more business. Your selling has actually only just begun when someone makes that
initial purchase decision because virtually everyone is susc eptible to buyer’s remorse. To loc k in that sale, and all
of the referrals and repeat business that will flow from it, you need to strike while the iron is hot to allay your
c ustomers’ fears and demonstrate by your ac tions that you really care. You should thank them and remind them
again why they’ve made the right dec ision to deal with you … and put a system in plac e to sell to them again, and
again, constantly proving that they made the right decision.
3. Bring back the “lost sheep”
There’s little point in dedic ating massive resourc es to generating new c ustomers when 25 -60% of your dormant
customers will be receptive to your attempts to regenerate their business if you approach them the right way,
with the right offer. Reactivating customers who already know you and your product is one of the easiest, quickest
ways to increase your revenues. Re-c ontacting and reminding them of your existenc e, finding out why they’re no
longer buying, overcoming their objections and demonstrating that you still value and respect them will usually
result in a tremendous bounty of sales and drastic ally inc reased revenues in a matter of days … and will lead to
some of your best and most loyal customers.
4. Frequent Communications Calendar
Avoid losing your customers by building relationships and keeping in touch using a rolling calendar of
c ommunic ations. This is a programmed sequenc e of letters, events, phone c alls, “thank you’s”, spec ial offers,
follow-ups, magic moments, and cards or notes with a personal touch etc. that occur constantly and automatically
at defined points in the pre-sales, sales and post-sales process. People not only respond to this positively, they
really appreciate it because they feel valued and important. It acknowledges them, ke eps them informed, offsets
post-purc hase doubts, reinforc es the reason they’re doing business with you and makes them feel part of your
business so that they want to come back again and again.
5. Extraordinary Customer Service
The never-ending pursuit of excellence to keep customers so satisfied that they tell others how well they were
treated when doing business with you. Moving the product or service you deliver into the realm of the
extraordinary by delivering higher than expected levels of service to each and every customer. Key facets include:
3. dedication to customer satisfaction by every employee; providing immediate response; no buck passing; going
above and beyond the call of duty; consistent on-time delivery; delivering what you promise before AND after the
sale; a zero-defects and error-free-delivery process and recruiting outstanding people to deliver your customer
service. Extraordinary service builds fortunes in repeat customers, whereas poor service will drive your customers
to your competition.
6. Courtesy system
A powerful system that improves the interpersonal skills of your team and changes the spirit of your organization.
It involves speaking to colleagues politely and pleasantly, without sarcasm or parody, and treating them at least as
well as you would want them to treat your customers. This will help your team to feel worthwhile and important,
which makes for pleasant social contacts at work. It also motivates them to provide extraordinary service,
encourages them to be consistently pleasant in all of their dealings and to relate to customers in a warm, human
and natural manner. This results in better, warmer, stronger, more trusting relationships and longer term bonds
with your customers.
7. Product or service integrity
Long-term success and customer retention belongs to those who do not take ethical shortcuts. There must always
be total consistency between what you say and do and what your customers experience. The design, build quality,
reliability and serviceability of your product or service must be of the standard your customers want, need and
expect. Service integrity is also demonstrated by the way you handle the small things, as well as the large.
Customers will be attracted to you if you are open and honest with them, care for them, take a genuine interest in
them, don’t let them down and prac tic e what you preac h … and they will avoid you if you don’t.
8. Measure lifetime value
There’s a vast differenc e between the one-off profit you might make on an average sale, which ignores the bigger
picture, and the total aggregate profit your average customer represents over the lifetime of their business
relationship with you. Once you recognize how much combined profit a customer represents to your business when
they purchase from you again and again, over the months, years or dec ades, you’ll realize the critical importance
of taking good c are of your c ustomers. And because you’ll understand just how muc h time, effort and expense you
c an afford to invest in retaining that c ustomer, you’ll be in control of your marketing expenditure.
9. A complaint is a gift
96 percent of dissatisfied c ustomers don’t c omplain. They just walk away, and you’ll never know why. That’s
bec ause they often don’t know how to complain, or c an’t be bothered, or are too frightened, or don’t believe it’ll
make any differenc e. Whilst they may not tell you what’s wrong, they will certainly tell plenty of others. A system
for unearthing complaints can therefore be the lifeblood of your business, because customers who complain are
4. giving you a gift, they’re still talking to you, they’re giving you another opportunity t o return them to a state of
satisfac tion and delight them and the manner in whic h you respond gives you another c hance to show what you’re
made of and create even greater customer loyalty.
Other customer retention strategies include:
1. Blogs
2. CRM Systems
3. Loyalty Programs
4. Magic Moments
5. Overcome Buyers Remorse
6. Personal Touches
7. Premiums and Gifts
8. Questionnaires and Surveys
9. Regular Reviews
10. Social Media
11. Welcome Book
Knowledgebase fact:
By mid-2009 Marketing Wizdom’s knowledgebase contained more than 3.1 million words in 2,392 documents
relating to 20 individual customer retention strategies. That’s equivalent to nearly 11,000 pages, or 44 full sized
books.
Some of that knowledge is and will be showcased in posts on this site. If you’re an entrepreneur or aspiring market
leader, you will learn how to apply the full depth of that knowledge by partic ipating in the Eureka program … click
here for more information