A strategic customer retention program is often the easiest way for an established business to achieve significant double-digit growth, year after year, even in difficult business conditions. Most businesses can achieve this without having to spend a lot of money on marketing.
Building a business is not as easy as it used to be, and the trends causing this difficulty seem to be worsening as The Information Age progresses. Increasing competition results in more marketing messages bombarding our buyers. Most of these messages are indistinguishable from the others, and this causes poor performance. Add these things together and it’s easy to see why creating customer loyalty has become so difficult.
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*The above image is a screenshot from the ART of Exponential Growth Calculator. Results vary depending on company specifics, but improved customer retention generally generally produces between from 11-24% annual revenue growth, and 14-30% annual growth in profit.
According to research conducted by Forrester, in 2012 only 37% of companies earned a customer experience rating of “good” or “excellent.” There’s a big disconnect between reality and what most companies believe, as over 60% of companies think they are doing a “good or excellent” job at customer service.
According to HelpScout, it takes 12 positive experiences to make up for one unresolved negative experience, and these negative experiences can have a crippling effect on your business.
Genesys estimates that $83 billion is lost by US businesses each year due to poor customer service. You can’t afford to not have a strong customer retention program because the cost of losing your customers is so high.
One of the most effective ways to gain control of your organization’s growth is to gain more control of the customers you already have. This is where the Customer Retention Diamond™ comes into play, helping you achieve double-digit growth year after year, through strategic customer retention.
There are four quadrants to the Customer Retention Diamond™: customer buying lifetime, customer purchase frequency, customer attrition, and customer reactivation. Each plays a vital role in both a comprehensive customer retention program and in revenue generation.
These are some of the results our clients receive from our sales acceleration services:
- Gain greater control of the growth of your company.
- Reduce customer churn while building loyalty.
- Significantly improve Customer Lifetime Value.
- Win back lost customers and clients.
- Dramatically increase sales and profit.
- Generate more referrals and positive word-of-mouth.