Loyalty experts agree it is more cost effective to retain customers than to acquire them.
Cutting down on defection—or churn—and building loyalty can be a significant way to grow your business. Find out why customer loyalty is so crucial to business success. More importantly, learn the four steps to improve loyalty and retention which, if focused on appropriate customers, will improve profitability.
- Understand drivers of loyalty and defection, from the customers’ point of view.
- Develop a loyalty strategy focused on the “right” customers.
- Systematically deliver what your customers value, and fix it quickly when you don’t.
- Implement measurement and reward systems to encourage customer-centric behavior.
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A recent CRMGuru survey, showed that more than 70 percent of customers say poor service caused them to take their business elsewhere.
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 | Bob Thompson is CEO of CustomerThink Corp., an independent customer relationship management (CRM) research and publishing firm, and founder of CRMGuru.com, the world's largest CRM industry portal.
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