Customer Retention is a direct outcome of any customer care system or relationship management tool. Acquiring new customers has always been expensive. It is much easier to keep a customer satisfied. Do companies around the world really value and keep customers? Typically, irate customers simply go off track and it is too late to get back the customer.
These statistics are really scary. Think about it. Customers never tell you that they are leaving. And when you find out, the traces are unknown. What do you? How is customer retention implemented in a diverse and unknown market?
Good customer service experience comes through training and this is the same case with respect to customer retention. One step in being customer centric every phase of the way.
Customer Retention Strategies
All Customer Retention Strategies are critical to substantially decrease the customers leaving your business. Customer Retention comes from a robust customer relationship management platform and also linking the tools with the mindset. From our experience teaching customer service excellence to corporations, we have come up with the following three main customer retention strategies:
Customer Life Cycle Management
Any form of Customer Life Cycle Management is all about keeping the focus and commitment level in a set pattern and process oriented framework. Customer Life Cycle Management provides the focus and commitment to provide consistent and continuous support to the customer. Many people take customer life cycle as a post sales activity tool. This is incorrect. Customer Retention builds off of a customer life cycle management plan. Finally, customer life cycle enables you to know the key performance indicators. Majority of organizations, teams and organizations focus on sales. Companies focus on operational level and keep the numbers tight. Above all, this kind of strategy works. The best organizations realize the importance of customer care and tend to build and enhance value. Hence, value proposition is the key. Without that mindset, organizations cannot become market leaders.
Get a Customer Centric Leader at the Top
Another myth is that hiring more customer care members does not build up the customer care revolution. The customer care vision comes from the top. If there is no guidance, support and vision from the top, the customer segment never wins.
We work with companies to develop the mindset. Different department realize the value of customer service. Consequently, finance department has no idea of customer service. The marketing teams are unaware of call center issues. It all revolves around the top.
The top management needs to be in alignment with the customer algorithm. There is no magic except a complete and justified approach towards a quality and service delivery execution. Our experts have been in the business of customer satisfaction for over a decade. And we believe that by starting from the top, the customer means and has a strong impact. If it starts in the middle or in the early stages of the front line, it fails. The simple reason being is that there is no one on the top to support it. Hence, the customer care system needs to focus on the custom retention model and this start from the top.
Customer Retention is about retaining the customers. There are different methods to retain customers. You can use price, quality, service and even commitment. However, you need to monitor all the transactions. This is the key for customer retention. Customer Care System keeps on delivering outcome. Lastly, make sure that the customer retention is a major output.
Retaining customer keeps business flowing. Ensure they are satisfied. Above all, they bring value.