Managing your customer retention rate is an incredibly important part of growing a sustainable business. Before we look at strategies for improving it, let's raise a few questions and put a critical data point front and center.
Customer retention refers to the activities and actions companies and organizations take to reduce the number of customer defections. The goal of customer retention programs is to help companies retain as many customers as possible, often through customer loyalty and brand loyalty initiatives. It is important to remember that customer retention begins with the first contact a customer has with a company and continues throughout the entire lifetime of the relationship.
Identifying how to retain customers is one of the most important tasks a business faces. Companies tend to focus more on acquiring customers even though it can cost 7x more. Below are 5 strategies to keep your customers loyal to your brand.
It's all about caring. Learn how your Healthcare organization can avoid Patient Attrition by establishing a culture of caring and concerned communications
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The average business loses around 20 percent of its customers annually simply by failing to attend to customer relationships. In some industries this leakage is as high as 80 percent. The cost, in either case, is staggering, but few businesses truly understand the implications.
One of the main things I teach my students in my Professional Readiness and Ethics classes is the concept of client retention. Here are some points that I feel are critical:• Admit clients when they are in crisis. Job loss, eviction, arrest, domestic dispute, illness, injury, financial trouble, and other crises tend to motivate clients to enter and stay in treatment. • Develop referral sources that have contact with clients in crisis—employers, police, lawyers, probation officers, social services, domestic violence shelters, mental health centers, medical clinics, and churches.
I remember singing that old German song as a child. Well, I’m singing it again as a customer experience expert, and this time, it’s about business: the bucket is your company, and your customers are slipping away through the holes.
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Statistically speaking, businesses spend 5x more to get a new customer, than to retain an existing one, plus existing clients tend to spend more with you than
