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Customer Retention Strategies
The document discusses customer retention strategies, highlighting challenges like value disappointment and competition. It emphasizes the importance of trust, proactive involvement, and delivering on brand promises to enhance customer loyalty and engagement. Additionally, it presents data on the financial benefits of effective customer retention practices.
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Customer Retention Strategies
- 1. www.ClearActionCX.com Customer Retention Strategies EngagementExternally & Internally
- 2. Why is itHard to Retain Customers? Value Disappointment Offers Ours vs. Others Affinity Ours vs. Others Service Disappointment Product Disappointment © Copyright ClearAction LLC. All rights reserved.
- 3. Get Off theChurn Bandwagon OrangeTM by France Telecom
- 4. Awareness Exploration/ Expansion Commitment Dissolution • Pricing • Branding • Community • Individualization • Interactivity Experience Spectrum Marketing Mix Message - Timing - Frequency - Content Realities vs. Aspirations Shared Interest: - in Information - in Activity - from Commonality Marketing Plan Includes Customer Retention? © Copyright ClearAction LLC. All rights reserved.
- 5. Executives Include CustomerRetention? © Copyright ClearAction LLC. All rights reserved.
- 6. Database Build Volume Build Loyalty Build Loyalty Present Customers Competitors’ Customers New/Emerging Customers Maintain Usage Build Usage Gain Trial Marketing Tools IncludeCustomer Retention? Value Segmentation Experience Personas Predictive Modeling Awareness Exploration / Expansion Commitment Dissolution © Copyright ClearAction LLC. All rights reserved.
- 7. Product & Service Quality Leadership CanBe Trusted Treats Employees Well Priorities Reflect Trust-Builders? #1 #2 #3 #4 Value for the money #5 Stays within the spirit & letter of the law #6 Strong financial future #7 Frequent communication about the state of its business #8 Innovates new products, services or ideas #9 Creates & maintains local jobs #10 Gives time, money or resources to public good #11 Strong commitment to protect the environment © Copyright ClearAction LLC. All rights reserved. -2009 Edelman Trust Barometer
- 8. 1% Reduction of Negative Word-of-Mouth 1% Increase of Positive Word-of-Mouth 0.41%Revenue Growth 0.14% Revenue Growth Higher ROI by Acting on Constructive Feedback 300% ROI on reducing negative buzz compared to increasing positive buzz -London School of Economics Advocacy Drives Growth study © Copyright ClearAction LLC. All rights reserved.
- 9. Customer Retention byDelivering Brand Promise • Customer- centric • Trust • Marketing Plans • Budget • Personas • Processes • Policies • Proactive • Involvement • Equity (non- transferable) Culture Tools Prevention Passion Under-Managed © Copyright ClearAction LLC. All rights reserved.
- 10. Best Average Laggard CustomerRetention 15% 1% 0% Customer Satisfaction 19% 8% 3% Profitability 8% 6% -8% Customer Retention is Smart Business -Aberdeen Group 2008 Customer Experience Management Study Year-over-year increases for best-in-class, average & laggard customer experience practitioners © Copyright ClearAction LLC. All rights reserved.
- 11. ClearActionCX.com See the wholepresentation in ClearAction Insiders! © Copyright ClearAction LLC. All rights reserved.
- 12. ClearActionCX.com If You LikeThese Concepts, Get the Book! © Copyright ClearAction LLC. All rights reserved. >30 Tools & Techniques Step-by-Step Guidelines
- 13. ClearActionCX.com If You LikeThese Concepts, Get the Book! 5 Keys Explained >20 Tools & Techniques Step-by-Step Guidelines © Copyright ClearAction LLC. All rights reserved.
- 14. ClearActionCX.com If You LikeThese Concepts, Get the Book! 4 Keys Explained 10 Templates Step-by-Step Guidelines © Copyright ClearAction LLC. All rights reserved.
- 15. ClearAction Consulting Clients “ClearActiontaught us things that wouldn’t readily cross our minds and has increased our efficiency & accuracy in many areas. We highly recommend ClearAction as a business consultant.” © Copyright ClearAction LLC. All rights reserved. Partial List Send us a note: OptimizeCX@ClearActionCX.com
- 16. OptimizeCX@ClearActionCX.com tel +1 408687 9700 Lynn Hunsaker ClearAction company/clearaction-llc +ClearActionCXO CustomerExperienceOptimization