Customer retention strategy is profitable
Keeping customers is profitable. On the one hand, it’s 10 times cheaper than creating new ones, and on the other hand, you can retain a dozen customers for the amount that you need to spend on creating one client. This means that if you manage customers, and not create them to replace the departed, you can free up money for something else. If you know how to retain customers, then you do not need to search for new customers.
For example, money can go to purchase new equipment or to finance a staff motivation system, which will positively affect the overall level of competitiveness of both the business and its products or services. To retain customers, you need a specific algorithm. It is impossible to keep the client without an algorithm, and in the end he will go where he himself needs to.
Customer Retention Strategy
Accordingly, in our case, the strategy of customer retention is the consciousness of customers motivation to ensure that they remain ours and do not go to the competitor. The fact that without retention they will go to the competitor does not have to doubt, because there are enough examples. These examples are hundreds of thousands around the world. Every year, hundreds of thousands of businesses cease to exist, because of how they have insufficient customers. Lack of customers is the most significant reason for closing a business.
Customer Retention Algorithm
The customer retention algorithm is quite simple. Since the client is basically an idea, it means, first of all, it is necessary to highlight his idea. Accordingly, the customer retention strategy begins with highlighting their ideas – this is the first stage of the algorithm. If there are few customers, then you need to highlight the idea of each of them. If there are many customers, then it is enough to segment them and highlight the idea of a customer segment.
This is done similarly to market segmentation, because the aggregate of customers is actually the market. To highlight the ideas of customers in noomarketing, a special tool is used. He is currently undergoing testing and very soon there will be his official announcement on this site. In principle, the idea of a client at the subconscious level is known to every person.
Each person feels very well any other person. But the problem is that these sensations are subconscious. You feel it, but you don’t know what to do with it, and there is no certainty that you feel correctly.
If the client’s idea is highlighted and transformed into a form in which consciousness perceives it, then it will become clear what the client wants and what he may want in the future. Isolation of an idea is the transformation of subconscious sensations into concrete information with which you can work.
The idea is distinguished in order to know what new idea can be offered to the client. The fact is that the client will not take every idea with a bang, but only one that corresponds to his personal idea. So, highlighting a customer’s idea is the most important step in the customer retention algorithm. If you don’t select it or select it incorrectly, then you don’t need to continue, because the probability that the client will be offered exactly the right idea for him will tend to zero.
Accordingly, tend to zero and the likelihood that the client will remain yours
Accordingly, tend to zero and the likelihood that the client will remain yours. If the idea is highlighted correctly, you can proceed to the second stage. The second stage is the generation of new ideas that correspond to the idea of the client. You need to generate as many ideas as possible, because if this allows you to offer the client not one, but several ideas. If he likes not one idea, but several, then this will be a good guarantee that the client will not leave.
The client will not leave because in the process of how he will be presented with ideas, they will be introduced into him and will begin to motivate him for his development. Presentation of new ideas is the third stage of the algorithm. It is unlikely that the client will be able to refuse the development of ideas embedded in him, he himself will be interested in implementing them, well, since you have implemented them in him, for him this means that you know how to implement the implemented ideas, which will delay you have a client.
We smoothly moved to the fourth stage of the customer retention algorithm. The fourth stage of the algorithm is the creation or search in the finished form of what can embody the ideas that we have implemented in the client. We are talking about the goods or services appropriate to the idea. It is through them that the idea is embodied.
It is very important that the goods or services are as consistent as possible with the ideas that are implemented in the client, if this is not so, the strategy of retaining customers will not be effective, the scheme will not work and the client will go to look for others what he needs, what corresponds to the implemented ones into him ideas. In fact, this will mean creating a client for a competitor. When a product or service is found, it remains to competently offer the customer and this is the fifth stage of the customer retention algorithm.