Improving customer retention is the fastest way to more sales and profits. In addition to having a higher lifetime value, loyal customers advocate for your brand. I used to wonder why customer retention wasn’t the top priority for every company. A few years ago, a marketing VP gave me an excellent explanation when asked why [...]
Customer Relationships
Customer retention is essential to companies offering renewal products. Most people don’t think about their insurance or banking until they have an issue that needs resolving or they receive a renewal notice. This makes it easy for the competition to steal your customers. Your competitors promise lower prices and better services. Both promises are extremely [...]
Once upon a time, pulling into a gas station meant that a uniformed attendant would dash out to pump your gas, wash your windows, and give a quick check under the hood. After your tank was full and payment rendered, a wave and smile sent you away. In the 1970's, things changed. Self-service stations started [...]
The actions your company takes to resolve issues are much more important than the words you say. Ideally, solving a customer’s problem is a three-step activity. First, you tell them what you’re going to do. Second, you do it. Third, you follow up to ensure they are satisfied. It’s really that simple if processes and [...]
Corporate missteps provide fodder for reporters and bloggers. There is something in human nature that makes it impossible to look away from a self-inflicted company train wreck. Some leaders, like Kenneth Cole, purposely create controversy to increase brand exposure and sales. It’s a viable marketing strategy that works for his company and customers. The most [...]
