Customer Loyalty & Retention Strategies

download Customer Loyalty & Retention Strategies

If you can't read please download the document

  • date post

    16-Apr-2017
  • Category

    Services

  • view

    961
  • download

    2

Embed Size (px)

Transcript of Customer Loyalty & Retention Strategies

Slide 1

Customer Loyalty & Retention Strategies

Customer Retention has not really been a focus of Marketing programmes in the past which usually tends to focus on new customer acquisition!!!!

But all that is set to change, as businesses realize the power of upselling and cross-selling to customers who already knew andtrust a brand!!A typical business loses 10% of its customers a year, but by cutting that by just 5%, they can see their profits increase by 25-125%!!!Most companies can increase revenues by 50% by increasing Customer Loyalty & Retention just by 5%!!!

Delivering the Best Customer Experience plays a major role in improving Customer Loyalty & Retention.

Delivering Best Customer ExperienceIt may sound like stating the obvious but research shows that..

Delivering Best Customer ExperienceIt may sound like stating the obvious but research shows that..

Almost 70% of the Customers leave because of poor customer service

Delivering Best Customer ExperienceIt may sound like stating the obvious but research shows that..

Almost 70% of the Customers leave because of poor customer service

Almost 70% of the Customers leave because of poor customer service91% of unhappy customers will never do business with the provider again

Delivering Best Customer ExperienceIt may sound like stating the obvious but research shows that..

250Each one of your customers has a circle of influence of around 250 people or potential customers who hear bad things about you!!!

Who is a CustomerA Customer is the most important person in any business.

A Customer is not dependent on us. We are dependent upon him..

A Customer is not an outsider, not an interruption to our work. He is the sole purpose of it

A Customer is not just money in the cash register. He is a human being with feelings and deserves to be treated with respect

A Customer deserves the most courteous attention we can give him

He pays our salary..

He is the lifeblood of every business

Customer SatisfactionCustomer Satisfaction is Customers perception of the degree to which the customers expectations have been fulfilled

Customer satisfaction is how well our Products, Service, Support and Engagement are able to meet the Customer Expectations

Customer Satisfaction has a great co-relation with Customer lifetime value

A Satisfied Customer

adds to his current value, but more importantly its the lifetime value which the organization will gain will go for repeat purchases often will give you valuable references

Customer dissatisfaction will lead to churn!! Loss of Customers

Delivering Best Customer Experience is a great opportunity to

Delivering Best Customer Experience is a great opportunity to

Build Customer Loyalty!!!!!Delivering Best Customer Experience is a great opportunity to

Customer loyalty is a customers commitment or attachment to a brand, store, manufacturer, service provider, or other entity.

Feelings or Attitudes that incline a customer either to return to a company to purchase there again..

Customer Loyalty is measured by proportion of purchase

Undivided Loyalty AAAAAAAAAA

Occasional Switcher AABAACAABB

Switched Loyalty AAAAAABBBBBB

Divided Loyalty AAABBBAABB

Indifferent - ABCDADCBAC

Customers become loyal to a company and its products / services one step at a time

Customer Retention!!

A strategy whose objective is to keep a companys customers and to retain their revenue contribution. Primarily it aims to prevent customers from going to competitors.

Customer Retention is how well the customer STAYS and STAYS ENGAGED with the provider or with specific products / services

Customer Loyalty & Retention Strategies

32

Customer retention is a long-term game, not a drive-by event!!!

TRUST is the prime most important factor to offer!!

Lack of trust is the single greatest reason you cant keep customers!!

Trust is earned by keepingpromises.Trust is lost by overpromising& under delivering!!

Next Golden Rule for Customer RetentionGive to Get Mentality!!!!

Approach customer relationship by asking..

"What am I here to give?"

"How can I serve?

Not as, What can I sell you?

Develop a strategic partner relationship with a view towards adding value!!!

Successful customer retention provides valuable content & education that shows how they understand customer needs!!

How can we accomplish this?

Serve First Sell Second

Todays customers are smarter, better informed and more intolerant of being sold than ever before

Think beyond money

Establish rapport & gain confidence from the customer that you should be able to help

HEAR the customer and take his complaint seriously..

Demonstrate interest and a desire to find the best solution for the customer

Keep the customer clear on what is happening / what will happen / and by whom

Ensure proper follow-ups and closure.. Act in a way which makes the people move-up the Loyalty Ladder!!!

Lets Begin our journey towards increasing Customer Loyalty & Retention!!!