Retaining customers is key to boosting profits. Research shows that companies can increase profits by almost 100% by retaining just 5% more customers. The document outlines four steps to build customer loyalty: 1) build employee loyalty by empowering and motivating employees, 2) develop remarkable products by identifying customer needs, 3) leverage customer relationships by providing additional products/services and creating partnerships, 4) identify customer needs through research, feedback, social media, and collaboration. It also discusses developing customer relationships by empowering customers, engaging in continuous dialogue, and exceeding expectations.

1. Customer Retention
…and strategies that work.

2. “Companies can
boost profits by
almost 100% by
retaining just 5%
more of their
customers.”
Harvard Business Review
Zero Defections: Quality Comes to Services
by Frederick Reichheld and W. Earl Sasser, Jr.
(tweet this fact)

3. Ultimate Goal –
Build customer loyalty to
prevent the customer from
taking their business
elsewhere.

4. Build Employee Loyalty1
2
3
4
Develop Remarkable Products
Identify Your Customers’ Needs
Leverage Customer Relationships
Steps towards building Customer Loyalty

5. Build Employee Loyalty
When given all of the necessary tools to
succeed, employees who are motivated and
empowered with goals aligned with that of the
organization will go above and beyond to build
customer loyalty.
Steps towards building Customer Loyalty
1

6. Steps towards building Customer Loyalty
2 Develop Remarkable Products
In order to do this, you must identify your
customers’ needs.

7. Steps towards building Customer Loyalty
3 Identify Your Customers’ Needs
Identifying “white spaces”- unmet and
unarticulated needs in their industry that
create innovative opportunities

8. Steps towards building Customer Loyalty
3 Identify Your Customers’ Needs
Research

9. Steps towards building Customer Loyalty
3 Identify Your Customers’ Needs
Research
Feedback

10. Steps towards building Customer Loyalty
3 Identify Your Customers’ Needs
Research
Feedback
Social Media

11. Steps towards building Customer Loyalty
3 Identify Your Customers’ Needs
Research
Feedback
Social Media
Collaboration

12. Steps towards building Customer Loyalty
4 Leverage Customer Relationships
•Create processes to provide customers with
more products and services
•Create new business opportunities within
existing customers
•Develop goals and plans to create customer
partnerships

13. Developing Customer Relationships (3 E’s)
Empower Customers
Engage Customers
Exceed Customer Expectations

14. Developing Customer Relationships (3 E’s)
Empower Customers
Give customers the tools they
need to succeed.

15. Developing Customer Relationships (3 E’s)
Engage Customers
Understand your customer
needs through continuous
dialogue.

16. Developing Customer Relationships (3 E’s)
Exceed Customer Expectations
Get things done easily, quickly,
and right the first time.

17. Want to increase customer retention to drive
bottom-line growth?
MPAY can help with that.
Contact us to learn more at
sales@mpay.com