Marketing is about attracting customers. But it must also focus on retaining customers. For stability and growth, you need to have a strong focus on customer retention.
Here are some facts to put you in the mood:
- It costs up to ten times more to win a new customer than to retain a customer.
- At least 10% of our customers are losing us money, 70% are just breaking even.
- Research shows that 20% of our customers may be generating more than 100% of our profits.
- A 2% increase in customer retention has the same effect as cutting costs by 10%.
Customer loyalty and retention strategies are critical to the success of your business. Loyal customers spend more, spend more frequently and encourage other customers to do business with you.
You’re starting point is to look at your current customer retention levels using a customer lifetime value calculator. We then recommend you build your own staff engagement and motivation through an internal communications and internal marketing programme. We can help you to build customer loyalty and retention through our programmes in customer care, upselling and cross-selling services so that your customer service team become a strong link in creating the right customer experience.
We asked Neary Marketing to work with us to develop a customer care strategy. In rolling out the project, Cariona Neary showed great insight and was able to develop a strategy that was particularly suited to the challenges of our business. She brought great business knowledge and experience to the task.
- Donal Murphy, Dublin Examining Board