Knowing your customer, Doing a regular follow-up, Interacting with them, Offering them the best most importantly simplifying work to get the best output....

1. www.remax.in/ap
CUSTOMER
RETENTION
IN
YOUR BUSINESS

2. www.remax.in/ap
WHY RETAIN CUSTOMER?
• Pricing
• Failed Service
• Not Comfortable/ Convinient
• Invounteer switching
• Competition
• Ethical Concerns
• Other Factors

3. Key to customer retention is
customer satisfaction
• Stay loyal longer
• Talk favorably about organization
• Pay less attention to competition
• Are less price sensitive
• Offer service ideas to organization
• Cost less to serve than new customers
www.remax.in/ap

4. Customer Retention in Service
companies
• Retain best personnel to win and keep
good customers
• Have loyal employee base
• A typical company has customer defection
rate of 10-30% per year
• Raising retention rate by 5% can increase
value of an average customer lifetime by
25%
www.remax.in/ap

5. Customer Retention Tactics –
Image Promotion
• Community service
• Direct mail
• Educational offerings
• Integrated marketing communications
• Newsletters
• Regular customer contact
• Website Service Quality
www.remax.in/ap

6. Customer Retention Tactics –
Service Quality
• Continuous quality initiatives
• Convenience
• Mystery shopping
• Customer representatives/ ombudsman
• Smile
• Treat customers as family
www.remax.in/ap

7. Customer Retention Tactics –
Research
• Analyze defection rates/reasons
• Classify customers by usage
• Satisfaction
• Loyalty
• Develop targeted retention programs.
www.remax.in/ap

8. Customer Retention Tactics –
Internal Marketing
• Loyalty task force
• Prepare “solutions” to recurring problems
• Share appropriate customer data with staff
• Reward customer care person of the
month.
• Publicize customer care person of the
month.
www.remax.in/ap

9. Customer Retention Tactics –
Customer Centered
• “Dialogue” marketing
• Customer bill of rights
• Customer care councils
• Understand customer expectations
www.remax.in/ap

10. Customer Value
Customer value is built through the proper
mix of SQIP –
Service
Quality
Image
Price
Elements that attract and keep customers!
www.remax.in/ap

11. Customer Satisfaction, Loyalty
& Retention Model
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12. Sequence In Retention
Process
• Exploring
• Evaluating
• Establishing Strategies
• Examining Feedback
www.remax.in/ap

13. B uyer or T ry-er
• A 1-time buyer is really a try-er , rather
than a customer
• To move beyond transaction stage, your
experiences must meet or exceed
expectations
• Repeat incidents of high satisfaction are
sought through - utilization of
relationship marketing strategies, leading
to great customer loyalty
www.remax.in/ap

14. Classification – Customer Segments
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15. Loyalty Building Strategies
• Participate in customers events
• Hold retreat to share best practices
• Invite customers to seminars
• Set up customer advisory council
• Develop a preferred-customer strategy
• Reward customers for referring
• Develop business plans with key ones
• Partner with key industry research
www.remax.in/ap

16. 9 Effective Approaches for
Enhancing Retention
1. Build a customer database/marketing
information system
2. Design ongoing customer programs -
continuity and loyalty-based initiatives
3. Offer long term services -
membership/subscription programs
4. Custom promotion - use reminder
advertising and press releases
www.remax.in/ap

17. 9 Effective Approaches for
Enhancing Retention
5. Focus on key accounts and heavy users
6. Use newsletters/informational
materials to stay in touch with
infrequent customers
7. Attend trade shows
8. Research customers needs and wants
9. Welcome suggestions and complaints
www.remax.in/ap

18. 7 Criteria for Selecting CR Approach
1. Efficiency - low cost
2. Effectiveness - likelihood to succeed
3. Adaptability - strategic fit with culture
4. Consistency - works well with marketing
plan
5. Competitive advantage
6. Ease of implementation
7. Projected profitability
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19. Happy
Customer Retention
to all!
www.remax.in/ap