Customer Retention

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]

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