Customer Relationship - Customer Retention
It costs more to get new customers. Retain your customers and grow your wallet share.
Many companies are guilty of missing the opportunities to increase wallet share (thus Revenue) from existing customers. These may be very happy customers already.
We are in a very competitive marketplace. All of use have experienced being approached by multiple markerters on the same products, either in person, in email or through phones (sometimes residential phones!). So we can expect that our clients must have been approached multiple times by our competitors. Now, take a look at what we do to keep our happy customers happy. That's the effort required to keep the customers from competitors.
So when Financial Institutions (FI) invest in customer service training, customer reward program, special lounges for certain segment of customers, these are ways to retain the customers.
Within that too, FIs will need to understand who their customers are and what their needs and aspirations are.
If we can shortlist some pointers:
- know your customer
- keep in touch (frequently)
- keep abreast of your industry landscape (particularly what are customers bombarded with from your competitors)
- keep in touch (intimately)
- have a customer retention program (and keep reviewing)
- keep in touch (surprise them)
So, it requires effort to retain clients. It is a stretegic decision and require strategic program.
It is worth the while because it is cheaper than fighting for a new client.
Labels: CRM, Customer Retention
posted by PlaThai @ 6:15 PM
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