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Customer Retention

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Customer retention involves maintaining existing customers through positive relationships. It is important because retained customers are less price sensitive, provide positive word of mouth marketing, and have higher repurchase rates than new customers. Companies should focus on customer service, listen to feedback, understand customer needs, and continuously improve based on insights from customers to improve retention.

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Customer Retention (CR)Its not a tool its an Art

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WHY Customer Retention?Do I really need it?RetentionChurn

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WHY Customer Retention (CR)?Have you ever thought about it?In order to find out you need to answer two questions.What is Customer Retention?

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What are the benefits of Customer Retention?WHAT is CR?“deeply held commitment to using a preferred product or service consistently in the future, despite situational influences and marketing efforts having the potential to cause switching behavior”In other words Customer Retention means “to maintain existing customers”This happens if there exists a positive relationship between the company and the customer.

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What are the benefits of CR?Retained customers tend to buy other services from same company.

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Retained customers are known to be less price/cost sensitive

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Positive Word of Mouth – Free Marketing 24/7.

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The probability of selling to an existing customer is 60-70%

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The probability of selling to a new prospect is 5-20%

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Customer Retention

  • 1. Customer Retention (CR)Its not a tool its an Art
  • 2. WHY Customer Retention?Do I really need it?RetentionChurn
  • 3. WHY Customer Retention (CR)?Have you ever thought about it?In order to find out you need to answer two questions.What is Customer Retention?
  • 4. What are the benefits of Customer Retention?WHAT is CR?“deeply held commitment to using a preferred product or service consistently in the future, despite situational influences and marketing efforts having the potential to cause switching behavior”In other words Customer Retention means “to maintain existing customers”This happens if there exists a positive relationship between the company and the customer.
  • 5. What are the benefits of CR?Retained customers tend to buy other services from same company.
  • 6. Retained customers are known to be less price/cost sensitive
  • 7. Positive Word of Mouth – Free Marketing 24/7.
  • 8. The probability of selling to an existing customer is 60-70%
  • 9. The probability of selling to a new prospect is 5-20%
  • 10. Declined migration ratesRemember it's more expensive to acquire a new customer than to retain an old one.
  • 11. Still want to know Why Retain???Because Customer Retention brings even more SUCCESS!
  • 12. Retention TacticsPoor customer service accounts for 70% of customer lossWho better to ask for feedback than customer himself?Listen (and then talk)You can learn a lot by eavesdropping on customers on blogs, Twitter and FacebookBring Your customers together
  • 13. Tips for Succeeding at CRFind out what customers want & whatcauses them to stay or leave?Proactively collect and promote customer feedback.Analyze customer feedback to gain valuable insights and ensure the right people hear it.Take action and Measure the ResultsActively measure and monitor your customers’ loyalty and engagementKeep Asking, Listening, Analyzing and Improving
  • 14. How to Retain Customers?The best way to find out is to DISCUSS sample cases amongst yourselves?