A small increase in customer retention can have a big impact on your profits. Not only do you not have customer acquisition costs but loyal customers are also more profitable. So here you’re ‘Note to Self’ when sitting down to write your Marketing Planning.
My company will increase customer retention levels by 5% in 2014.
To make this objective a reality, you need to define how you will measure customer retention. You need to measure the volume of sales from retained clients versus transactional customers who do business with you perhaps once or twice at most.
As a specialist in customer retention and helping companies to build strategies to turn their customers into brand advocates and raving fans, contact us, give us a call or send us an e-mail to firstname.lastname@example.org to ensure your business is providing the right type of customer experience to create loyal customers. To find out how one Irish-based company ramped up its customer retention levels to above 95%, read an article we wrote recently about Sodexo’s Customer Retention Strategy.
Meanwhile, have a look at how one company gets its customers to stick to them through, ahem, thick and thin. Be afraid! Sucking in your best customers!