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Customer Retention ≠ Customer Loyalty

http://www.swissteach.ch Some marketers make the mistake of thinking that customer retention is the same thing as customer loyalty. Not so. Just because you have repeat customers does not mean those customers are loyal. Customers might continue to buy from you for a variety of reasons that don’t include loyalty. These could include: Convenience. They have
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Got Customer Feedback? Now What?

The surveys are in. The focus groups are done. The telephone interviews are complete. Now what? A surprising number of companies make the investment to gather customer feedback, but then fail to develop a plan for how to use it effectively to improve their products, services, or processes. Take these three primary action steps to
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Rescuing A Customer Relationship

We have likely all dealt with an upset or unhappy customer. Special skills are required to rescue the relationship and with the right approach, a raving mad customer can be turned into a raving fan.  But it takes effort and some key skills to salvage the situation. STEP 1: PREPARE yourself. Hearing an unhappy customer’s
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Put Your Marketing Money Where Your Profit Is

Have you connected the dots between your customer retention and your bottom line? Marketing data revealed from surveys of major companies reveals that there is a direct financial correlation between Customer Retention and Profitability for your company.  Consider  these frequently cited marketing numbers: A 5% increase in customer retention can increase a company’s profitability by
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Is There a Hole in Your Marketing Budget?

Does your company focus its marketing budgets and efforts on attracting new customers?  Do you recognize the value of including customer retention and loyalty in your marketing spend?  A common marketing mantra is that it costs five times as much to gain a new customer than to retain an existing one.  In some industries, it
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The Profitability Strategy Too Few Companies Use

Many company leaders think the road to profitability is to raise prices or cut costs. Simple, right? But unless customer service, customer satisfaction and customer loyalty are an integral part of your marketing and sales cycle, you are probably missing a little known fact.  There is a direct connection between customer loyalty and your company’s
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