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Customer Retention

Posted by Mike McKinnon on
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Brian Carroll has another great post about the value of current customers., At ReadyTalk, our business model is based on exceptional customer service and support with a streamlined product that is easy to use and extremely stable. Given our exceptional service model, we understand the value of our current customers.

Take a look at some of these statistics:



  • For every customer who bothers to complain, there are 26 others who remain silent.

  • The average “wronged” customer will tell 8 to 16 people.

  • 91% of unhappy customers will never purchase services from you again.

  • It costs about five times as much to attract a new customer as it costs to keep an old one.

 

With statistics like these it is amazing that more companies don't put more energy into keeping their current customers. Remember this: The magazine that gives new subscribers gifts while ignoring subscribers that have been reading their magazine for years. Even as a child, upon hearing these offers, something felt wrong to me.

At ReadyTalk, we not only have lead nurturing programs but we also are working on implementing a customer nurturing program. The objectives of this program are to build loyalty among our current customers, promote stickiness through programs and get them to use more of our products and services.

I would love to hear from you if you have implemented such a program or are thinking about it.

[tags] customer retention, loyalty, Brian Carroll, customer nurturing [/tags]


Name: linda Smith
Time: Tuesday, May 27, 2008

Did you get the comment?

Name: Michael McKinnon
Time: Wednesday, June 4, 2008

Hi Linda, I received this message, but do not see a previous comment on this post? Did you make one?

Name: Tom Lutzenberger
Time: Monday, June 9, 2008

This was a relevant post that yet again hammers home the proof that your existing customers should never be ignored over new ones. And yet it's still amazing that many companies today still act as if existing customers are a gauranteed sale, and no further activity is needed to hold onto them. We've cross-linked your post on our blog so our readers can benefit from the info as well.

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