Improving Customer Retention Is Vital To Profitability and Growth
Why customer retention is so important
There are two components of customer retention. Both need to be pursued.
For customer satisfaction to be high, promises and expectations must be met. This involves the organization's ability to understand customer expectations and to do it right the first time (DIRTF). The ability to deal with problems as they arise is a key ingredient to success. Also, the organization needs to consider complaints as a gift! Why?
So, some techniques to maintain and improve satisfaction must be considered. An effective complaint handling system is an excellent defensive tool. Ongoing surveys to measure customer satisfaction and loyalty, and capture the voice of the customer are also essential. (Request more information)
The biggest problem, however, is that companies do not manage the customer contact experience with sufficient detail. Therefore I often recommend my Customer Experience Workshop as an effective analytical and improvement tool. It is pragmatic and leads to quick results. (Request more information)
Customer Relationship Management (CRM)
In the B2B arena, CRM is helping define how we give selected clients that extra bit of attention, and those unexpected but valued ideas and initiatives that help the customer run their business better. CRM is an important strategy that needs to be owned in the boardroom. For this to be successful it needs to be treated as a key business process, with customer-defined deliverables, interlinking and clearly defined process steps, measures of performance and accountabilities.
For many people this means a sophisticated technology system. True, but that's the enabler only. CRM is not about technology, but technology helps enable the way we collect, store and share relevant client information that helps us do this.
For B2B clients I often recommend as a first step that they undertake an in-depth Key Customer Relationship Review that gives them a snapshot and improvement platform for their most important customers, following the 80/20 rule. (Request more information)
Steps on the way to B2B Customer Retention
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