Customer retention is the most effective way to grow your company.
Companies aligned for growth get laser focused on understanding customer turnover – not just because it’s expensive, but because it’s preventable.
Customers churn for one of three reasons:
1) Either customers don’t feel valued by your company.
2) Your team hasn’t been given the purpose behind your work.
3) Your company hasn’t successfully implemented processes to deliver a stellar customer experience.
If your product or service doesn’t deliver what you promise, customers are going to feel suckered – and they’ll leave.
If you want employees to get excited about your initiatives but haven’t shared why they’re vital, employees aren’t going to buy into the work.
If customers can’t rely on your team for a roadmap to success, customers will be annoyed, then angry, and ultimately absent.
As a leader, customer retention is your responsibility.
Here’s the good news – the solution is simple.
Fixing the Foundation
I have helped companies improve customer retention for 20 years. I guide companies in technology, retail, healthcare, financial services, media and more. In all of those cases, the formula for success boils down to the same steps (applied consistently to their unique business environment):
- Industries have distinct challenges.
- Companies are unique.
- Individuals see the world through their singular lens.
But humans have a fundamental need to feel seen, heard, and valued.
Customer retention, at its core, is a proven formula to build trust with every interaction, so people feel valued throughout their relationship with your company.
“The more trust consumers feel toward your brand today, the more willing they are to believe that your brand will put them first, even after the COVID-19 crisis passes,” says Forrester Senior Analyst Anjali Lai.
These are extraordinary times. We are all learning new ways of dealing with our worlds. But that essential, human need to feel valued hasn’t gone anywhere.
According to Deloitte, “at times like these, every interaction with your customers and partners is an opportunity to demonstrate what your organization is all about, and to be true to your brand and your purpose. People are paying attention.”
So What’s Next?
You have an opportunity to build a customer relationship for long-term, lucrative loyalty.
If you want a guided process through the formula for customer retention, this is your moment. Don’t waste another day or churn another customer.
Align your company for success.
Most of all, start. I’m offering online courses to get you where you want to be.