Walking the Walk
A company cannot exist without its customers. It truly is one of the most simplest concept in business today and lends to the basic fact that customer retention is the key.
A company's ability to attract and retain new and existing customers is related not only to its products and services, but more strongly to the reputation it creates within the industry and the marketplace.
Customer retention is more than just giving the customer what they want; it's about exceeding their expectation so they become loyal advocates for your brand. Often it's not just for reputation, but for profitability. Published by Harvard in the Loyal Effect "The hidden force behind growth, profits and lasting value, research indicates that engaged customers generate 1.7 times more revenue than normal customers".
One of the "Best Practices" of great customer retention begins with a plan.
TISSE -The International Standard for Service Excellence - is a model that uses the 5 P's: (P)olicy, (P)rocesses, (P)eople, (P)remises, and (P)erformance Measurement. The implementation of a customer service standard leads to improved customer service practices, underlying operating procedures and eventually leading to higher levels of customer satisfaction, which in turn increases customer loyalty and customer retention.
Aside from your initial value proposition that got your customers through the front door and a set of hard and fast service standards that tell the customer what to expect once they're here, you must now "walk the walk". Always do what you say you will do. It needs to become ingrained in the culture of a company in order for it to have sustained meaning in the real world. It is much more expensive to search out new customers than it is to look after the existing ones.
We at DEL have a long history with almost 70 years in business. We recognize that it all starts and ends with our customers. We always strive for continuous improvement as a company overall.
Take a minute to observe how your business works or struggles to retain its customers, and if you have success stories or suggestions, please pass them on to us and our readers. We always appreciate the feedback.
Thank you for your time, and please let us know how we can help your business in any way.
Sincerely,
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| Carl Bendig |