According to Frederick F. Reichheld, Author of "The Loyalty
Effect", Raising Customer retention rates by five percentage
point could increase the value of an average customer by 25 to 100
percent.
To retain and increase the value of
customers, you have to engage them by communicating on a regular
basis. If you don't, customers will be less loyal and either
abandon you for a competitor who communicates with them, or will
spend less with you over time. Beyond communications, offering
incentives to use your services can be critical to maintaining customer
loyalty. If customers feel like they are getting something extra,
on top of your customer service, then they will be more inclined
to retain your services.
Show customers that they're more than just a
transaction, and turn them into brand advocates.
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