Building ‘a culture of customer retention’ is key to long-term growth
Well, for everyone who has ever been enticed by attractive introductory offers only to be met by mediocre service, broken promises and increased fees once they are locked in, this is no joke. Truth is, most companies are more focused on winning customers than investing in keeping them, which is a huge and very costly mistake.
We’ve just completed a project for a company that was successful despite losing fifty percent of its new customers at the end of their first contract year. This kind of customer churn put tremendous pressure on the organization, was extremely demoralizing, and very expensive. It was clear that to ensure their future they needed to completely refocus their organizational culture around building long-term customer relationships starting at acquisition. We call it building ‘a culture of retention.’
Every organization needs to recognize that the most important customers are the ones they already have and that increasing their lifetime value is essential to growing sustainable profitable growth. By focusing on exceeding customers’ expectations, they can start plugging ‘the leaky bucket’ and minimize customer churn.This entry was posted in General. Bookmark the permalink. ← Collaborative sessions are an opportunity to stand out in a crowd. Is Donald Trump liable for ‘brand malpractice’? →
Comments are closed.