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Customer Retention Driving Profits Through Giving Customers Lots of Reasons to Stay |
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By: Vadim Kotelnikov
Founder, Ten3 Business e-Coach – Your 360 Achievement Catalyst, 1000ventures.com, 1000advices.com, and Success360.com
"The best way to hold your customers is to constantly figure how to give more for less." – Jack Welch
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Why Customer Retention? In today's challenging economy and competitive business world, retaining your customer base is critical to your success. If you don't give your customers some good reasons to stay, your competitors will give them a reason to leave. Customer retention and satisfaction drive profits. It's far less expensive to cultivate your existing customer base and sell more services to them than it is to seek new, single-transaction customers. Most surveys across industries show that keeping one existing customer is five to seven times more profitable than attracting one new one.2 Measuring Customer Satisfaction To execute a successful client satisfaction survey, build one that your customers have the time and inclination to respond to, and that delves into the types of information that will truly help enhance your performance. By carefully constructing a brief, yet strong, survey, you can discover what your customers believe your strengths and weaknesses are and what makes your customers loyal to your company... More The value innovation concept provides a relevant support for questioning product/market strategies as well as underlying assumptions. Why do some companies achieve sustained high growth in both revenues and profits? The less successful companies take a conventional approach: their strategic thinking is dominated by the idea of staying ahead of the competition. In stark contrast, market leaders pay little attention to matching or beating their rivals. Instead, they seek to make their competitors irrelevant through a strategic logic called value innovation... More
Add More Value for Your Customer
Customers for Life
By:
Brian Tracy
The purpose of a business is to
create and keep a customer. If a business successfully creates and keeps
customers in a cost-effective way, it will make a profit while continuing to
survive and thrive. If, for any reason, a business fails to attract or
sustain a sufficient number of customers, it will experience losses. Too
many losses will lead to the demise of the enterprise.
According to Dun and Bradstreet, the single, most important
reason for the failure of businesses in America is lack of
sales. And, of course, this refers to resales as well as
initial sales. So your company’s job is to create and keep a
customer, and your job is exactly the same.
Remember, no matter
what your official title is, you are a salesperson for yourself
and your company...
Getting Loyal Customers Delighted and loyal customers will return for follow-on business without considering alternatives of comparing the competition. Though, there is a number of factors that influence customers' decisions to remain loyal, true loyalty is based on your company's continuous delivery of superior value. Customer loyalty is a major contributor to sustainable profit growth - "and to win customer loyalty, the business must first satisfy the customer repeatedly."5... More Case in Point Benefits of Business Process Management The payoffs of process mastery can be breathtaking. Costs melt away, quality goes through the roof, and time spans shrink to a fraction of what they were. Hammer and Company8 surveyed dozens of companies that had adopted the process approach to work and business.
These improvements in process performance paid off in the critical enterprise currencies of customer satisfaction, customer retention, and corporate profits... More Partnering with Customers Customer connection comes from involving customers, partnering with them. Partnering with customers represents your firm's "capacity to anticipate what customers need even before they know they need it."6
More Value-Added (MVA)... How Do You Create Value for the Customer?... Value Innovation: Two Fundamental Questions... Customers will usually come back if... What Is Your Business Design?... Do Your Customers Enjoy Buying from You?... Differentiating with Different Types of Customers... Measuring the Success of Your Customer Retention Strategy... Measuring Customer Satisfaction... Relationship Marketing and Selling...
Case in Point
Case in Point
Case in Point
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