Strategies to increase customer retention
-
Upload
yash-bodane -
Category
Marketing
-
view
754 -
download
1
Transcript of Strategies to increase customer retention
Strategies to Increase Customer Retention.
Why do customer leave:-
What is Customer Retention?Customer retention is the activity that a
selling organization undertakes in order to reduce customer defections.
Successful customer retention starts with the first contact an organization has with a customer and continues throughout the entire lifetime of a relationship.
How is Customer Retention achieved?Knowing customer behavior.Customer expectation for future use.Keeping customer active with tools.A strong CRM system.
Keeping Customer active with tools.
Why is Customer Retention necessary.
It costs ten times more to generate a new customer than to maintain an existing one.
If you have a small number of customers, losing a few could cripple your company. Even if you have a large number of customers, a small increase in your customer retention rate should dramatically increase your profits.
The Loyalty Effect, says that a 5% improvement in customer retention rates will yield between a 25 to 100% increase in profits across a wide range of industries.
Customer Retention strategy.Delivering service that’s consistent with
your value proposition and brandCross-selling, up-selling and asking for
referrals from existing customersDeveloping programs to increase
customer loyalty and decrease turnoverKnowing the lifetime value for different
segments and using that data to improve your marketing
Prioritizing retention as a major focus in your annual marketing plan
Keeping Customer ActiveBridging online and offline
services. Returns Gift cards
Recommendations.Writer alert.
CRM model:-
Customer relationship Management.CRM is a business strategy that commits
an organization to be customer centric and intent to deliver profitable value by understanding and anticipating customer needs.
CRM consists of sets of enabling technologies that centralize customer data and provides an infrastructure that facilitate the profitable delivery of value.
Analytical and Operational CRM
Areas to look forward :-Brand reputationPerceived valueCustomer experienceQuality AssuranceLoyalty program
Funnel model:-