Keeping customers makes good business sense. A five percent increase in the retention rate can increase lifetime value by as much as 75% in such industries as insurance, banking, and auto service (Reicheld). However, an effective customer retention strategy does depend on understanding the true customer lifetime value of a client and then developing a specific retention strategy for each segment.
The cornerstone of a successful customer retention programme has to be an effective approach to resolving customer complaints. It is clear that dissatisfied customers and customer defections can have an adverse affect on your bottom line. Read Mark McDermott's blog to find out how to implement an effective complaints handling strategy.
Brand consistency is the key for luxury retail brands. Adopting a successful onmi-channel approach, which allows customers the choice to buy online, pre-shop on the website or visit the bricks and mortar store, is delivering results.
Conversational selling techniques are ideal for the retail sales and customer service environment. Whilst these frontline staff might not feel comfortable with what they regard as “selling”, they are very happy to talk to customers, understand their needs and suggest solutions.