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Why Customer Retention Is Crucial for Business Success

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Customer Retention (CR) Its not a tool its an Art
WHY Customer Retention? Do I really need it? Retention Churn
WHY Customer Retention (CR)? Have you ever thought about it? In order to find out you need to answer two questions. ,[object Object]
What are the benefits of Customer Retention?,[object Object]
What are the benefits of CR? ,[object Object]
Retained customers are known to be less price/cost sensitive
Positive Word of Mouth – Free Marketing 24/7.
The probability of selling to an existing customer is 60-70%
The probability of selling to a new prospect is 5-20%

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Why Customer Retention Is Crucial for Business Success

  • 1. Customer Retention (CR) Its not a tool its an Art
  • 2. WHY Customer Retention? Do I really need it? Retention Churn
  • 3.
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  • 6. Retained customers are known to be less price/cost sensitive
  • 7. Positive Word of Mouth – Free Marketing 24/7.
  • 8. The probability of selling to an existing customer is 60-70%
  • 9. The probability of selling to a new prospect is 5-20%
  • 10. Declined migration ratesRemember it's more expensive to acquire a new customer than to retain an old one.
  • 11. Still want to know Why Retain??? Because Customer Retention brings even more SUCCESS!
  • 12.
  • 13. Tips for Succeeding at CR Find out what customers want & whatcauses them to stay or leave? Proactively collect and promote customer feedback. Analyze customer feedback to gain valuable insights and ensure the right people hear it. Take action and Measure the Results Actively measure and monitor your customers’ loyalty and engagement Keep Asking, Listening, Analyzing and Improving
  • 14. How to Retain Customers? The best way to find out is to DISCUSS sample cases amongst yourselves?