customer retention strategies
DESCRIPTION
Whether for-profit or nonprofit, customer retention strategies are the same. Here are seven strategies to retain your customers that you should consider.TRANSCRIPT
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On average, U.S.
corporations lose
of their customers
every 5 years. ~ Reicheld
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An average company has a defection
rate of 10%-30% per year.
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Raising your customer retention rate by
5% can increase the lifetime value of
average customer by 25% -100%.
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On average, U.S.
corporations lose
of their customers
every 5 years. ~ Reicheld
Customer loyalty is a customer’s commitment or attachment to a brand, store, manufacturer,
service provider, or other entity.
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Customer loyalty is measured by proportion of
purchase
a. Undivided loyalty: AAAAAAAAAA
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Customer loyalty is measured by proportion of
purchase
a. Undivided loyalty: AAAAAAAAAA
b. Occasional switcher: AABAACAABB
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Customer loyalty is measured by proportion of
purchase
a. Undivided loyalty: AAAAAAAAAA
b. Occasional switcher: AABAACAABB
c. Switched loyalty: AAAAABBBBB
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Customer loyalty is measured by proportion of
purchase
a. Undivided loyalty: AAAAAAAAAA
b. Occasional switcher: AABAACAABB
c. Switched loyalty: AAAAABBBBB
d. Divided loyalty: AAABBBAABB
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Customer loyalty is measured by proportion of
purchase
a. Undivided loyalty: AAAAAAAAAA
b. Occasional switcher: AABAACAABB
c. Switched loyalty: AAAAABBBBB
d. Divided loyalty: AAABBBAABB
e. Indifferent: ABCDADCBAC
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On average, U.S.
corporations lose
of their customers
every 5 years. ~ Reicheld
Customer loyalty includes:
a. A behavior regarding the product
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On average, U.S.
corporations lose
of their customers
every 5 years. ~ Reicheld
Customer loyalty includes:
a. A behavior regarding the product
b. An attitude towards the brand/company.
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Challenge with behavior as a loyalty criteria is a
customer may repeat purchases because:
a. Convenience, price, availability, or inertia
due to habit.
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Challenge with behavior as a loyalty criteria is a
customer may repeat purchases because:
a. Convenience, price, availability, or inertia
due to habit.
b. Purchases made w/out motive for choice
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Attitude towards a brand is favorable that
reflects preference & commitment
expressed over time.
Includes emotional attachment
& positive evaluation
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On average, U.S.
corporations lose
of their customers
every 5 years. ~ Reicheld
Behavior factors include:
a. Choice
b. History with company
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On average, U.S.
corporations lose
of their customers
every 5 years. ~ Reicheld
Attitudinal factors include:
a. Satisfaction
b. Emotional Bonding
c. Trust
d. Risk reduction
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On average, U.S.
corporations lose
of their customers
every 5 years. ~ Reicheld
Customer satisfaction: A post-purchase
evaluation that results from a comparison
between pre-purchase expectation and
actual performance
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On average, U.S.
corporations lose Xerox found that a satisfaction rate of a 4 out of
5 were more likely to switch to competitor than
those that rated 5.
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Emotional Bonding:
a. Brand affect, brand equity
b. Company attachment
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Emotional Bonding:
a. Brand affect, brand equity
b. Company attachment
c. Feelings of closeness,
affection trust & respect
d. Technology limits emotional
bonds.
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Willingness of customer to rely
on organization
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Reduces uncertainty and risk
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Honest, fair and unreasonable.
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Customer
Retention
Strategies
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1. Create A Culture
Of Buzz!
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If the marketplace isn't talking about you,
there's a reason. The reason is that you're
boring. And you're probably boring on
purpose. You have boring pricing because it's
safer...You have boring products because
that's what the market wants.
~ Seth Godin
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2. Consistency
builds trust!
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Customer retention is a long-term game, not a
drive-by event.
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Repetition, consistency & authenticity build
trust and are the foundational tools of
customer retention.
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3. Trust most
important factor to
offer!
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Lack of trust is the single
greatest reason you can’t
keep customers.
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Trust is earned by keeping
promises.
Trust is lost by overpromising
& under delivering.
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When you’ve earned trust, you
can make mistakes, own up to
them and correct them
without loss!
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4. Staff as customer!
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Your employees treat your
customers the same way you
treat the employees!
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Must retain your best
employees so you can retain
your best customers.
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5. Create an open
dashboard.
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One-page, high-level view of
key strategic, marketing and
financial indicators.
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Transparency with employees
key to company success and
vision as well as customer
retention.
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6. Golden Rule Of
Customer Retention:
Give To Get
Mentality.
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Those who usually give…get!
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Approach customer relationships by asking,
"What am I here to give?" or
"How can I serve?“
Not, “What can I sell you.
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Develop a strategic partner relationship with
a view toward adding value
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7. Turn your attention
to educating not
selling.
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Successful customer retention
provides valuable content &
education that shows how
brand understands customer
needs.
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Content marketing strategy is
critical here…providing useful
and helpful content of value.
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