|
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
Customer Success 360
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
Value Innovation
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
29 Obstacles To Innovation
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...
More
Synergistic Selling: 3 Pillars
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
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.
-
In order fulfilment, cycle times had
typically decreased by 60% to 90%
-
"Perfect orders" (those delivered on
time, with no mistakes) had increased by 25%
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
Amazon.com...
Case in Point
Dell
Computers...
Case in Point
Charles
Schwab...
|
