Keeping Customers Profitable
Customer Retention through Customer Service
and Relationship Management
In today’s challenging economy, businesses are faced with fierce competitive environments and more economical solutions. This means that businesses need to look more seriously at customer relationships to encourage growth.
The most overlooked and cost effective strategy to increase profit lies within your existing customer base. Keeping your productive customers isn’t just good for business; it’s a great method to expand into new markets and beat your competition at their own game! Take advantage of key customer engagement opportunities found within the customer lifecycle by:
- Defining what your customer lifecycle looks like and segmenting your best customers based on the value they bring to your company.
- Identifying ways to retain high value customers, grow medium value customers, and how to deal with low value customers based on your company’s objectives.
- Developing a communication strategy to strengthen the customer relationship with permission-based marketing.
- Investing in existing customers by listening more effectively to uncover what they need/want, discover competitive advantages, and spur innovation.
- Exceeding customer expectations through quality customer service experiences and delivering the promises made during the sales process.
- Building customer loyalty through appreciation, incentives, and special offers.
- Acquiring new customers and getting more from existing customers by asking for referrals and setting up follow-up programs to remind customers of what other products/services you offer.
- Encouraging an evangelist network of customers who will praise your company, brand, product, or service.
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