News How to retain a customer amidst tough competition

How to retain a customer amidst tough competition

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As 20 percent of customers are responsible for 80 percent of profits in case of most businesses, it is a challenge for every business to retain a customer. With the help of a comprehensive program which involves asking a set of questions, learn about the specific feedback from the customer, companies are able to retain them. You need a program that can take the customer engagement strategy to an altogether new level. However, first you should learn about the behavior of an unhappy customer from your company.

An unhappy customer would have the following behavior pattern:

• They would tell at least 8 and up to 16 other potential customers about their grievances with the services of your company.
• Out of the unhappy customers who informed other potential customers the reason for being disgruntled, only 1 in 26 will inform you about it when asked.
• However, if your company is able to resolve these grievances of the unhappy customers, 95 percent of them would still opt for hiring your services or purchasing your product, as the case may be. This will improve the profits by 25 to 85 percent.

Bearing the above in mind, you need to work with a company that can ensure that the customers are retained. The customer retention management, engagement, loyalty and retention program that your company undertakes should have the following features:

• It should ensure that all the unhappy customers are identified quickly by the local managers. There should be an endeavor to not allow even a single unhappy customer to slip through the cracks.
• A system should be in place that brings about enhanced accountability as well as transparency to all your activities of customer service. Just make sure that they do not drag like they used to earlier.
• There are some credible systems in place which help to increase any company’s business by 6 percent. The systems help in tracking the concerns of customers in time.

It would be advisable for you to pay heed to the instructions given above if you want to make the most of a system change for retaining your customer. After giving serious thought on how to retain a customer, it would not be too difficult for you to realize the wisdom of the advice provided here. You need to find the ideal service provider that can help you make the system change your company needs for retaining the customers. Make sure you are thorough in your internet searches to look out for a company that conforms to the ideas expressed above.

How to retain a customer amidst tough competition
General Contributor
Janice is a writer from Chicago, IL. She created the "simple living as told by me" newsletter with more than 12,000 subscribers about Living Better and is a founder of Seekyt.

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