You may have your customers’ money locked away, but do you have their hearts?
This section will challenge you to view retention as a combination you need to crack to achieve your ultimate success. There are two key components to this code: retention rate and customer loyalty. Retention rate is the ratio of the number of retained customers to those who are at risk. Customer loyalty refers to understanding which customers are – or have the ability to become – your raving fans and brand advocates.
There is a delicate balance between these two critically important success metrics. In order to successfully retain customers, you must measure your efforts. Applying ever-changing best practices in emails, surveys, and social media, along with the mapping of the entire customer experience and lifecycle, is critical in serving your customers. Spending the time to retain as many customers as possible and nurturing those who are the most loyal will ultimately yield returns of additional revenue and clarity of focus. It is widely reported that you spend 5 times more in new customer acquisition than you spend retaining and servicing your current customer base. As you consume the lessons here and measure results, your retention rates may vary, but your investments will fuel your growth.
The first classes for Retention in the Wheel of Growth will be:
- Email Marketing 2014: Actionable Tactics to Grow Your List
- Certificates on Social Media Marketing – The Complete Course
- Customer Experience Management Essentials