Secrets to Customer Retention

The fealty Connection: Secrets To guest Retention And Increased Profits By Bob Thompson CEO, CustomerThink Corporation Founder, CRMGuru.com March 2005 Compliments of Copyright © 2005 RightNow Technologies. all(a) Rights Reserved. The faithfulness Connection Table of Contents Executive Summary The Value of Loyalty Leadership Drivers of Loyalty and Defection How To Retain or learn Back Customers Implementation Considerations Recommendations Ab knocked out(p) the Author About the Sponsor 1 2 4 8 12 14 15 16 Copyright © 2005 RightNow Technologies The Loyalty Connection Executive Summary Customer rile pass judgment atomic number 18 higher than ever, and businesses havent figured out how to stop the bleeding. New CRMGuru research points to the cause: Although businesses register they are devoted to devotion, their management systems and budgets dont back that up. Loyalty experts agree it is more cost effective to retain customers than to borrow them, but, based on numerous interviews and two surveys, CRMGuru found that fewer companies have strong programs in place. And those that do may be focusing on the wrong things.

From a recent CRMGuru survey, we erudite that even though more than 70 percent of customers say poor service caused them to take their business elsewhere, business managers turn over price to be a prime factor for defection. In a landscape of similar products and global competition, cutting bring down on defectionâ€"or churnâ€"and building loyalty can be a significant way to move around your business. For example, churn rates for mobile telecommunications companies in Great Britain amount between 25 percent and 35 percent, according to Customer Value Management expert Graham Hill. At the moo end is Virgin Mobile, with approximately 14 percent of its customers leaving annually. At the high end is T-Mobile, with a 34.8 percent churn rate. Hill says the cost to replace these departing customers is €122 million or about $162.3 million. Most business leaders believe in loyalty. The CRMGuru... If you motivation to get a full essay, order it on our website: Ordercustompaper.com

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