The Top 9 Ways to Increase Customer Loyalty
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Authors
Lota, Samuel
Issue Date
2016-04-01
Type
Presentation
Language
en_US
Keywords
Customer loyalty , Business
Alternative Title
Abstract
Every company executive will raise their hand and say they believe having loyal customers is the key to business success. But what are executives really doing about it? Most point to customer care training or CRM systems and say “this is how we take care of loyalty at our firm”. Some point to monthly newsletters or discount programs to demonstrate their efforts. All of these are good attempts, however, they are not good enough. Companies are losing customers at a staggering rate and never hearing from most of them. Each year the average company loses 10-15% of its customer base. 84% of customers who leave do so because of poor service. A typical business only hears from 4% of its dissatisfied customers the other 96% leave, 91% leave for good. By understanding certain principles and putting those principals into practice a company can foster a culture of greater loyalty and engagement that will reward them with greater profits and increased sales. These topics can be separated into three primary groups: 1. Basic Concepts, 2. Technologies, 3. Business Outcomes