The document discusses strategies to enhance customer retention and reduce churn, highlighting the significant cost advantages of keeping existing customers versus acquiring new ones. It emphasizes the importance of effective communication, providing self-service options, and utilizing secure collaboration platforms like Cureo for better client engagement. The main takeaway is that maintaining customer satisfaction can lead to increased profitability and loyalty, especially in a competitive market.

1. BUILD A STRONGER BUSINESS One Loyal Customer at a Time
TIPS TO INCREASE
Customer Retention 8
THE PRICE OF DISSATISFIED
CUSTOMERS CAN BE STEEP.
6to7
Reduce
customer
churn.
BUT THE REWARDS FOR
KEEPING THEM ARE GREAT.
amount you can boost profits
by increasing customer
retention rates by just 5%.iii
25-95%
Reduce
time
onboarding
new
clients.
times more expensive to
acquire a new customer than
to keep a current one.i
of consumers quit doing
business with a company
because of a bad customer
experience in 2011.ii
Increase
referrals.
Listen
Nobody knows more about what your customers want
than your customers themselves. Listen to what they
have to tell you and make them feel valued.
Offer Self Service Options
When possible, use your website as a way to provide answers
to frequently asked questions, host training videos and product
documentation, capture requests, provide quotes, submit files
and more.
Mitigate Meeting Mayhem
Take your meeting preparation and follow up to the next level. Set up
a secure virtual location where you and your clients can publish, store
and easily access agendas, pertinent notes, and documents and post
meeting action items.
www.cureo.com
About Cureo: Cureo is a web-based collaboration platform that creates instant, secure, social company intranets and
client extranets for organizations looking to productively engage their constituents to reduce reliance on email, advance
commerce and get things done.
Sources:
i White House Office of Consumer Affairs. http://www.whitehouse.gov
ii Customer Experience Impact Report by Harris Interactive/RightNow, 2010
iii http://hbswk.hbs.edu/archive/1590.html
iv http://www.bain.com/publications/business-insights/loyalty.aspx
amount a company can
increase in value by
increasing customer
retention levels by 10%.iv
86%
30%
THE BOTTOM LINE: When competition is fierce, it pays to keep your customers happy.
Establish Effective Lines of Communication
Make it easy for your clients to communicate with you using
the method they prefer—whether that’s email, the phone,
instant messaging, or discussion boards. 1
2
3
4
5
6
7
8
Respond Quickly
When your clients have a question or a suggestion, don’t
make them wait. Quickly let them know you appreciate their
opinion and take action on what they tell you.
Minimize Reliance on Email
Email is ubiquitous—but that doesn’t mean it’s the best way to
communicate—especially when you are collaborating with a
large group. Instead, look for a communication tool that makes
it easy to see follow a group conversation without getting lost in
individual messages.
Keep Your Communication Secure
With new data breaches in the news every week, your clients
understand the danger of putting anything on the web.
Show your clients you respect their data privacy by using an
encrypted extranet for communication instead of email—a
favorite target of hackers.
Get—and Stay—Organized
Create a centralized, secure system for document sharing and
storage, so that all contracts, reports, meeting notes—and any
other documents you want to share—are are easily accessible
by all team members at all times.
Create Competitive Advantage and Build Customer Loyalty with a
Client Centric Solution from Cureo
Cureo is a web-based collaboration platform that creates instant, secure, social company
intranets and client extranets for organizations looking to productively engage their constituents
to reduce reliance on email, advance commerce and get things done. A Cureo extranet will help
you build stronger ties with your clients and make it easier to do business with you.