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Customer Retention

 

  • What are the benefits to you for retaining customers?
  • What are the benefits to the customer?
  • Is your position strong or weak?
  • What can you do to change it?
  • Who is involved in making sure your most profitable customers stay?

 

These are but a few questions to prompt you to consider what you are doing about customer retention to highlight opportunities for improvement.

 

In a highly competitive world driven by information, your customers have lots of choices. They are continuously asked to either remain your customer or go to another product or service. At the same time, you may be asking them to buy more of your products and services or renew contracts or leases that span several years. It's long been said that it costs seven times more to get a new customer than it does to retain an existing customer.

 

We help companies focus on and profit from customer retention, which means solidifying your position with the customer while continuing to transact business over time. This is the first part of total customer loyalty. And it should produce a forecastable revenue stream just like its counterpart- customer referrals.

 

Proper customer retention allows you to create a detailed history of your most profitable customers, not just from accounting data, but from all the interactions and responses over time that show you where you are in the relationship. We help you create a detailed plan to follow for each customer relationship assuring that all necessary steps are taken to retain a loyal customer. This plan incorporates processes for each role in your company that touches the customer and reinforces the service principles that guide your business philosophy.