Customer Retention

…and strategies that work.

“Companies can

boost profits by

almost 100% by

retaining just 5%

more of their

customers.”

Harvard Business Review Zero Defections: Quality Comes to Services

by Frederick Reichheld and W. Earl Sasser, Jr.

(tweet this fact)

Ultimate Goal –

Build customer loyalty to prevent the customer from

taking their business elsewhere.

Build Employee Loyalty 1

2

3

4

Develop Remarkable Products

Identify Your Customers’ Needs

Leverage Customer Relationships

Steps towards building Customer Loyalty

Build Employee Loyalty When given all of the necessary tools to succeed, employees who are motivated and empowered with goals aligned with that of the organization will go above and beyond to build customer loyalty.

Steps towards building Customer Loyalty

1

Steps towards building Customer Loyalty

2 Develop Remarkable Products In order to do this, you must identify your customers’ needs.

Steps towards building Customer Loyalty

3 Identify Your Customers’ Needs Identifying “white spaces”- unmet and unarticulated needs in their industry that create innovative opportunities

Steps towards building Customer Loyalty

3 Identify Your Customers’ Needs

Research

Steps towards building Customer Loyalty

3 Identify Your Customers’ Needs

Research

Feedback

Steps towards building Customer Loyalty

3 Identify Your Customers’ Needs

Research

Feedback

Social Media

Steps towards building Customer Loyalty

3 Identify Your Customers’ Needs

Research

Feedback

Social Media

Collaboration

Steps towards building Customer Loyalty

4 Leverage Customer Relationships •Create processes to provide customers with more products and services •Create new business opportunities within existing customers •Develop goals and plans to create customer partnerships

Developing Customer Relationships (3 E’s)

Empower Customers

Engage Customers

Exceed Customer Expectations

Developing Customer Relationships (3 E’s)

Empower Customers Give customers the tools they need to succeed.

Developing Customer Relationships (3 E’s)

Engage Customers Understand your customer needs through continuous dialogue.

Developing Customer Relationships (3 E’s)

Exceed Customer Expectations Get things done easily, quickly, and right the first time.

Want to increase customer retention to drive

bottom-line growth?

MPAY can help with that.

Contact us to learn more at

sales@mpay.com