Retaining Current Customers

The Power of Loyalty “They will give you their loyalty, but first you must discover and communicate that you know and understand and will serve their needs.” - Lee Iacocca

Customer Retention Customer acquisition costs up to five times more than customer retention!

Customer Retention  Marketing needs to be supported by a company culture of caring about and respecting customers  Be on time  Be within customer’s budget  Exceed their expectations

Customer Retention  Service must support marketing messages  What do you do best?  What services provide the most competitive edge in the market?  What are the most profitable services?  Are the current services/levels of service the right ones for today’s markets?

TAB Survey: Why Companies Lose Customers  1 % Bankruptcy or Death  3% Move  5% Technology  9% Price  14% Angry  68% Vague Feeling of Indifference

Create a Pipeline Program  Segment customers  Educate and build trust with a month program  Ask for nothing  Keep in touch—be there for them when they need you  Automate the process   Direct Mail  Telemarketing

Survey Customers  Develop plan to obtain customer feedback  Learn what your customers think  Measure results  Modify strategies based on customer feedback  Capture improvement ideas

Survey Customers  Survey results provide validation of what you are doing  Survey results help you confidently make changes  Direction for reducing costs  Point out opportunities

The Strategic Survey Experience Strategic Survey Experience Define or Refine Strategic Questions Determine What to Measure Administer Survey and Compile Data Analyze Data Report Results and Gather Feedback Recommend Actions Develop Action Plans Pilot and Refine Action Plans Implement Action Plans START

Focus Groups  Show if you are meeting customer needs  Gather your customers together to discuss new ideas and obtain feedback on your current and potential products or services  Reward participants and share the credit for good ideas

Nurture Marketing  Tactically driven approach based on prospect/customer behavior  Clients generating most of your near- term revenue receive communication personalized by account and contact type  Allows you to learn about your customer’s decision-making process

Nurture Marketing  Every employee can make a marketing impact  Every employee should have a business card  Employees help with passion and enthusiasm when giving the “30- second elevator commercial”  Look and act the part  Wear company logo items

Don’t Forget the Telephone  Call clients regularly to see what they think of you  Improves retention  Provides insights for new opportunities  Allows chance for your team to delight a client

Continual Cycle  Customer research helps you understand not only how to retain clients, but also how to appeal to prospects

Continual Cycle Keep your customers with service and personalized communication they will also become a salesperson for you

What Methods Do You Plan to Use for Retention of Your Current Customers