Question

Topic: Customer Behavior

Customer Retension

Posted by Anonymous on 8/23/2004 at 1:35 PM ET 125 Points
How much more money does it take to attract more customers than it does to retain the ones you have? What is the best Strategy for retaining customers?
To continue reading this question and the solution, sign up ... it's free!
SUBSCRIBE
Or, SIGN IN

RESPONSES

  • Posted by ReadCopy on 8/23/2004 at 2:12 PM Accepted
    Katia, maths are good, but it obviousy depends on the situation your in.

    Retention Strategy:

    Remember you should always be looking at retaining customers, not just when they want to leave.

    The best way to retain customers is a mixture of four things.

    Communicate - always talk to them, regular emails, newsletters, face to face etc Keep them updated on whats new, keep them interested and keep you on their mind.

    Service - Ensure the service you provide is the best it can be. Not enough room to talk about it here, but remember all the customer 'touchpoints' (all the internal areas your customer can interact with), and ensure that they know how to treat customers, what the latest offers are, and how to feedback information back to sales/customer service.

    Solutions - ensure you continue to develop those solutions into what the customer wants.

    PR - prob the most important part ... PR controls your reputation, make the market know your good at what you do.

    Good Luck
  • Posted by Pepper Blue on 8/23/2004 at 2:41 PM Accepted
    Hi eliza.english:

    It is well documented that it costs up to 15 times as much to get new customers as it does to keep the ones you have.

    Studies have also shown that a 5% increase in customer loyalty can produce profit increases up to 85%. Source: Peppers & Rogers Group.

    Some strategies:
  • Produce integrated offline and online marketing solutions that trigger positive customer and prospect action
  • Focus your marketing and deepen your relationships with people you already know
  • Establish relationships so customers and prospects will give you permission to communicate with them over a period of time 

    For the money needed to implement a successful customer retention program, e-mail marketing/e-newsletters are arguably the most powerful marketing tools available to businesses of all types and sizes. You can achieve outstanding results with e-mail marketing while investing only a small amount of time and an even smaller amount of money. 

    If you would like more specifics on this, you can contact me by clicking on my name.

    I hope that helps!

  • Posted by Blaine Wilkerson on 8/23/2004 at 7:37 PM Member
    You know...all of the advice about is great and worthy of praise, BUT.......

    There is a another site full of experts who focus on this subject extensively. It's called www.crmguru.com and it is awesome!

    You should find all you need to know and more.

    I hope this helps and good luck!

    --Blaine
  • Posted on 8/24/2004 at 6:49 AM Member
    Eliza,

    Over the last 10 years I have developed and fine-tuned a customer satisfaction and retention methodology.

    Customer Care Cube (C3) identifies and focuses on the customer service components that are important to the customer, sets specific improvement targets/metrics, and then develops and implements strategies to meet these targets, thus improving customer retention.

    You can download a white paper describing the methodology from https://www.marketware.biz/white_papers.htm

    Hope this helps
    Pat Divilly
    CEO MarketWare International
    • BACK TO TOP

    Post a Comment

    Related Discussions

    Community Info

    Top 25 Experts
    (Customer Behavior)