Retain
Valuable customers are the lifeblood of the company with whom they
choose to do business. Savvy consumers sense that companies generally treat
their prospects better than their current customers. They feel like they
deserve to be recognized and rewarded for their loyalty. There are specific ways leading companies consistently
treat and engage their customers in the way they expect.
Customer loyalty is born when companies fulfill their brand promise or value
to their customers. Additionally, companies that are ranked highest in customer
satisfaction employ additional initiatives that specifically cultivate loyalty
and customer advocacy, whether it’s a point or reward system or special access
to exclusive events or benefits, or just something as basic as having their
preferences acknowledged and honored.
The lifecycle is entirely interdependent. Retention efforts first start
with strong acquisition. You need to attract the right people in the first
place. Once a customer, the proper onboarding is essential. They start building
their loyalty habit in the very first interactions with the brand. A strong
cross-enterprise single view of the customer (recognizing, learning and remembering) can ensure that in their
next interaction, whatever channel they chose to engage the brand through, the
brand is aware of the previous interaction.
Brands need to be both reactive and proactive in their efforts to reduce attrition.