Some Basic Facts regarding Customer Retention
Making customers and retaining them is not the same thing. If the first job requires brains and intelligent tactics then the second would need you to have a great deal of patience. If you start losing customers steadily, the whole effort boils down to nothing. Irrespective of which industry you are working in, retaining existing clients or consumers will always prove to be more cost-effective than acquiring fresh new ones. You may now ask if you manage to woo a customer with attractive discounts and offers, would there be any chance of him or her switching loyalties. Our answer to that question would be a definite yes. The perimeters of consumerism are changing rapidly. Gone are the days when slogans like once a consumer, always a consumer would rule the roost. People today have too may choices, too many options. If you don’t show them respect and individualistic concern, they will simply turn their back and choose a rival brand that gives them all that they deserve to be given. Keeping such considerations in mind, effective customer retention programs are the only solutions around.
When it comes to customer experience management, there are several steps involved. In the first place, you need to understand different customer or consumer segments that make up your consumer database. In doing so, it would be advisable to get them separated into segments like underperforming customers, lapsed customers or loyal customers etc.
Once this small part has been taken care in proper manner, you can proceed further into realm of customer experience management. The first important step would be to understand the requirements of consumers by industry. This allows you to create tailor made offers for specific consumer segments. Furthermore, it will also provide your customer service and sales representatives with specific examples which they can use to analyze and explain how your services and products support the requirements of that individual consumer and the industry as a whole.
While doing so, getting mere concrete numbers measured will not be enough. What you need to measure is customer perception of the kind of service you are providing. Now, getting consumer perception of service standards is not an easy job. Neither will it be feasible to satisfy each and every consumer. Whatever the case be, do seek the help of professional customer retention programs.
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