Archive for the ‘Customer Loyalty’ Category

Consumers Want Customer Service Over Lowest Prices

September 12th, 2011
Steven Howard

Consumers have little to no desire to trade customer service for lower prices. One of the most interesting findings in the latest Accenture Global Consumer Survey study of 5,800 consumers in 17 countries was this: More than half of global consumers (54%) are not willing to compromise on levels of customer service,  produce options or product quality in exchange for lower prices. Even more phenomenal, as we pointed out in this week's Monday …

Customer Service Satisfaction Drops and Consumers Leave

September 8th, 2011
Steven Howard

Customer retention affected by poor customer service. Consumers are not getting what they want in terms of customer service. Those are the clear findings of the latest Accenture Global Consumer Survey, which has been conducted annually for the past six years. The study researched over 5,800 people in 17 countries and asked about their attitudes and behaviors in purchasing from 10 major industries. Satisfaction with customer service declined in all 11 characteristics measured …

Customers Continue to Change Service Providers

September 6th, 2011
Steven Howard

Almost two-thirds switch due to poor service. The annual Accenture Global Consumer Survey always makes for fascinating reading. In the latest results, the sixth in this yearly series, trends seen in recent years continue: 64% of consumers have switched companies in the past year due to poor customer service. Consumers in emerging markets are now more likely to change service providers than those in mature markets. This is seen across all industries, but …

Developing Loyal Customers

September 5th, 2011
Steven Howard

7 Steps for Keeping Good Customers. As marketers, we all know the importance of loyal customers. The general rule of thumb is that it costs 5 to 10 times more (in actual marketing dollars) to acquire a new customer than it does to keep a good customer. So why isn't more attention given to customer retention programs? Especially when competition continues to become keener and the options available to customers become more numerous …

Don’t Ask and They Won’t Tell

September 1st, 2011
Steven Howard

Understanding Why Customers Leave Very few organizations ever call former customers to ask why they have taken their business elsewhere. And that is a mistake. I coach my clients to conduct on-going research with lost customers, with a focus on asking three pertinent questions: have they experienced any problems or disappointments with the quality of the product delivered? Have they experienced any problems or disappointments with the service delivery? What would it take …

Your Service Problems Are 20 Times Greater Than Your CEO Thinks

August 30th, 2011
Steven Howard

Senior Management Do Not Hear of 95% of Service Problems. Customer research surveys show that only 50 percent of all customers complain about service problems. Ninety percent of these complaints are made only to the frontline person serving them, or perhaps to their immediate supervisor. Only 10% of customer complaints are given directly (or indirectly) to senior management. As a result, top management typically hears only about 5% of all customer service issues! …

Importance of Customer Retention

August 21st, 2011
Steven Howard

Reducing Customer Attrition Is Critical Many organizations place their highest emphasis on attracting and gaining new customers. While this is important, I feel it is more important to place a higher emphasis on retaining and keeping your good customers. This is particularly true in saturated markets and industries where customers have many, many alternatives available to them. Numerous research studies have shown that if you can reduce your attrition rate — that is …

3 Ways to Grow Your Business

August 21st, 2011
Steven Howard

Key is to focus on customer retention There are only three ways to grow a business…..any business….and these are: 1) acquire more customers 2) get your current customers to buy more volume 3) get your current customers to buy more often As you can see, two of the three ways to grow a business come directly from greater customer engagement and increased purchases from your existing customer base. And the third way — …

Customer Retention Not in Top Three Marketing Priorities for Senior Management

August 21st, 2011
Steven Howard

Misplaced Priorities The latest Marketing Outlook study from the CMO Council shows that the key mandate from senior managers to their chief marketing officers is to drive top-line growth and market share. As we write in this week's Monday Morning Marketing Memo on Misplaced Priorities, the fourth mandate — improving customer insight and retention — should really be the top priority. The top three mandates of senior management, according to the 75 senior level marketers …

7 C’s of Customer Retention

August 9th, 2011
Steven Howard

While all customers are unique, and use different values to make purchasing decisions, there are seven common customer expectations for customer service that have basically become the MINIMUM LEVEL that today's customers DEMAND be meet by the organizations which they buy from. Because these are the minimum requirements, they are also the ones that must be met if you are to achieve any significant level of customer retention. These 7 C's of Customer Retention …

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