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What Is CustomerRetention and Why Does It Matter? Customerretention might sound like fancy business jargon, but really, it’s just the art of keeping your customers happy enough that they stick around. Thats customerretention at workusing incentives and positive experiences to keep you coming back.
This week, we feature an article by Zhecho Dobrev, leading principal consultant at Beyond Philosophy and author of The Big Miss: How Organizations Overlook the Value of Emotions. He shares the value that customeremotions bring to a company. Why is this important, you might ask? Source: Gartner.
They understand that delivering on the tangible and functional elements of value are just table stakes, and that really connecting, and having an emotionally-based relationship, with customers is the key to leveraging loyalty and advocacy behavior. These companies are also invariably quite disciplined and proactive.
Recognizing the information needs of their customers, they invest in altruistic content creation (over advertising); and they communicate proactively and in as personalized a manner as possible. Customer obsession, what I refer to as ‘inside-out’ customer-centricity, has been a frequent subject of my blogs and articles.
The money spent on advertising, promotion, product development, brand building, and infrastructure can be destroyed in the experience with the Customer. Buying a car is just like buying any other commodity; it’s just more expensive than most! Therefore, the value lies in the experience that you have at the dealers.
Many look to the company for ways to improve customerretention. Email: Ring’s Secret to Improve CustomerRetention. For one thing, it sends new customers emails to share tips on properly setting up the product. However, Ring is not the only company to reap the rewards of its stellar customerretention strategies.
It involves measuring customer effort on customer service interactions, such as the number of customer emails received, the length of customer wait times, and the number of customer complaints. Personalization comes in all forms and shapes: targeted advertising and tailored solutions.
The interaction that a customer has with a brand throughout their business lifecycle is customer experience. It is an integral part of customer relationship management and eventually in customerretention. Invest in all channels that can help in improving your customers’ experience. The payoff is huge.
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