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Customer Retention Strategies

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ClearAction
ClearAction

For an updated version of this presentation: https://www.slideshare.net/clearaction/customer-retention-strategies-125750732 Is customer retention included in your marketing plans and budgets? Many companies are involving customers in 2-way conversation to build relationship strength. Trust is the #1 way to retain customers ... by preventing hassles in policies and processes ... making your company irresistible, for sustained organic growth. See https://ClearAction.com

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www.ClearActionCX.com Customer Retention Strategies Engagement Externally & Internally
Why is it Hard to Retain Customers? Value Disappointment Offers Ours vs. Others Affinity Ours vs. Others Service Disappointment Product Disappointment © Copyright ClearAction LLC. All rights reserved.
Get Off the Churn Bandwagon OrangeTM by France Telecom
Awareness  Exploration / Expansion  Commitment  Dissolution • Pricing • Branding • Community • Individualization • Interactivity Experience Spectrum Marketing Mix Message - Timing - Frequency - Content Realities vs. Aspirations Shared Interest: - in Information - in Activity - from Commonality Marketing Plan Includes Customer Retention? © Copyright ClearAction LLC. All rights reserved.
Executives Include Customer Retention? © Copyright ClearAction LLC. All rights reserved.
Database Build Volume Build Loyalty Build Loyalty Present Customers Competitors’ Customers New/Emerging Customers Maintain Usage Build Usage Gain Trial Marketing Tools Include Customer Retention? Value Segmentation Experience Personas Predictive Modeling Awareness  Exploration / Expansion  Commitment  Dissolution © Copyright ClearAction LLC. All rights reserved.
Product & Service Quality Leadership Can Be Trusted Treats Employees Well Priorities Reflect Trust-Builders? #1 #2 #3 #4 Value for the money #5 Stays within the spirit & letter of the law #6 Strong financial future #7 Frequent communication about the state of its business #8 Innovates new products, services or ideas #9 Creates & maintains local jobs #10 Gives time, money or resources to public good #11 Strong commitment to protect the environment © Copyright ClearAction LLC. All rights reserved. -2009 Edelman Trust Barometer
1% Reduction of Negative Word-of-Mouth 1% Increase of Positive Word-of-Mouth 0.41% Revenue Growth 0.14% Revenue Growth Higher ROI by Acting on Constructive Feedback 300% ROI on reducing negative buzz compared to increasing positive buzz -London School of Economics Advocacy Drives Growth study © Copyright ClearAction LLC. All rights reserved.
Customer Retention by Delivering Brand Promise • Customer- centric • Trust • Marketing Plans • Budget • Personas • Processes • Policies • Proactive • Involvement • Equity (non- transferable) Culture Tools Prevention Passion Under-Managed © Copyright ClearAction LLC. All rights reserved.
Best Average Laggard Customer Retention 15% 1% 0% Customer Satisfaction 19% 8% 3% Profitability 8% 6% -8% Customer Retention is Smart Business -Aberdeen Group 2008 Customer Experience Management Study Year-over-year increases for best-in-class, average & laggard customer experience practitioners © Copyright ClearAction LLC. All rights reserved.
ClearActionCX.com See the whole presentation in ClearAction Insiders! © Copyright ClearAction LLC. All rights reserved.
ClearActionCX.com If You Like These Concepts, Get the Book! © Copyright ClearAction LLC. All rights reserved. >30 Tools & Techniques Step-by-Step Guidelines
ClearActionCX.com If You Like These Concepts, Get the Book! 5 Keys Explained >20 Tools & Techniques Step-by-Step Guidelines © Copyright ClearAction LLC. All rights reserved.
ClearActionCX.com If You Like These Concepts, Get the Book! 4 Keys Explained 10 Templates Step-by-Step Guidelines © Copyright ClearAction LLC. All rights reserved.
ClearAction Consulting Clients “ClearAction taught us things that wouldn’t readily cross our minds and has increased our efficiency & accuracy in many areas. We highly recommend ClearAction as a business consultant.” © Copyright ClearAction LLC. All rights reserved. Partial List Send us a note: OptimizeCX@ClearActionCX.com
OptimizeCX@ClearActionCX.com tel +1 408 687 9700 Lynn Hunsaker ClearAction company/clearaction-llc +ClearActionCXO CustomerExperienceOptimization

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Customer Retention Strategies

  • 2. Why is it Hard to Retain Customers? Value Disappointment Offers Ours vs. Others Affinity Ours vs. Others Service Disappointment Product Disappointment © Copyright ClearAction LLC. All rights reserved.
  • 3. Get Off the Churn Bandwagon OrangeTM by France Telecom
  • 4. Awareness  Exploration / Expansion  Commitment  Dissolution • Pricing • Branding • Community • Individualization • Interactivity Experience Spectrum Marketing Mix Message - Timing - Frequency - Content Realities vs. Aspirations Shared Interest: - in Information - in Activity - from Commonality Marketing Plan Includes Customer Retention? © Copyright ClearAction LLC. All rights reserved.
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  • 6. Database Build Volume Build Loyalty Build Loyalty Present Customers Competitors’ Customers New/Emerging Customers Maintain Usage Build Usage Gain Trial Marketing Tools Include Customer Retention? Value Segmentation Experience Personas Predictive Modeling Awareness  Exploration / Expansion  Commitment  Dissolution © Copyright ClearAction LLC. All rights reserved.
  • 7. Product & Service Quality Leadership Can Be Trusted Treats Employees Well Priorities Reflect Trust-Builders? #1 #2 #3 #4 Value for the money #5 Stays within the spirit & letter of the law #6 Strong financial future #7 Frequent communication about the state of its business #8 Innovates new products, services or ideas #9 Creates & maintains local jobs #10 Gives time, money or resources to public good #11 Strong commitment to protect the environment © Copyright ClearAction LLC. All rights reserved. -2009 Edelman Trust Barometer
  • 8. 1% Reduction of Negative Word-of-Mouth 1% Increase of Positive Word-of-Mouth 0.41% Revenue Growth 0.14% Revenue Growth Higher ROI by Acting on Constructive Feedback 300% ROI on reducing negative buzz compared to increasing positive buzz -London School of Economics Advocacy Drives Growth study © Copyright ClearAction LLC. All rights reserved.
  • 9. Customer Retention by Delivering Brand Promise • Customer- centric • Trust • Marketing Plans • Budget • Personas • Processes • Policies • Proactive • Involvement • Equity (non- transferable) Culture Tools Prevention Passion Under-Managed © Copyright ClearAction LLC. All rights reserved.
  • 10. Best Average Laggard Customer Retention 15% 1% 0% Customer Satisfaction 19% 8% 3% Profitability 8% 6% -8% Customer Retention is Smart Business -Aberdeen Group 2008 Customer Experience Management Study Year-over-year increases for best-in-class, average & laggard customer experience practitioners © Copyright ClearAction LLC. All rights reserved.
  • 11. ClearActionCX.com See the whole presentation in ClearAction Insiders! © Copyright ClearAction LLC. All rights reserved.
  • 12. ClearActionCX.com If You Like These Concepts, Get the Book! © Copyright ClearAction LLC. All rights reserved. >30 Tools & Techniques Step-by-Step Guidelines
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  • 16. OptimizeCX@ClearActionCX.com tel +1 408 687 9700 Lynn Hunsaker ClearAction company/clearaction-llc +ClearActionCXO CustomerExperienceOptimization