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Increasing your retention rate by 5% can result in up to 85% more profits.

Increasing your retention rate by 5% can result in up to 85% more profits.

Customer satisfaction and retention are the essential ingredients to sustain your business in a time of crisis. Even if every entrepreneur strives to satisfy their customers and ensure their loyalty, this crisis, coupled with fierce competition, have made pursuit of this goal increasingly more difficult.

Why try to increase customer satisfaction ?

Here are 6 good reasons why you should better satisfy your customers :

  • Customer satisfaction positively influences customer loyalty and intention to purchase
  • Improving retention also means losing less customers
  • Satisfied, loyal customers are more profitable over the long term (up to 85% more profitable according to a Harvard Business Review study)
  • A company that strives to satisfy its customers is a company that differentiates itself
  • Negative word of mouth decreases customer satisfaction proportionally
  • By keeping your customers longer, you will be more profitable

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How do you increase customer satisfaction and loyalty ?

Before trying increase satisfaction and retention, you must first have a clear idea of what these two factors mean to your business. It is wrong to believe that they are reserved only for large companies. There are solutions for start-ups and SMEs.
Begin by measuring satisfaction and retention to know where you stand. Then implement a marketing strategy that will enable you to increase long-term customer satisfaction and loyalty.

Here are a few questions to ask yourself :

  • What do my customers really want ? Does my present offer really meet their current needs and those of the future ?
  • What do my customers really want ? Does my present offer really meet their current needs and those of the future ?
  • What is my retention rate ? In other words, what percentage of my customers makes more than one purchase in a given timeframe ?
  • Is my service customer-focussed ? Does my knowledge of customer needs enable me to anticipate their needs ?
  • Does the customer experience I provide differ from my competitors ? Do customers come to me out of spite or are they happy to spend their money with my business ?

Contact us and we will ask you the right questions

What tools can be used to improve satisfaction and loyalty ?

Here are a few tools you can use to improve the situation

  • Satisfaction measurement tools : Even though satisfaction surveys are always useful, we suggest that you simply apply the Net Promoter Score (NPS) as a first approach. This will allow you to measure the degree of customer satisfaction with your business using a single question (measured on a scale from 1 to 10) “What is the likelihood that you will recommend the business/brand/product X to a friend/colleague/family member?”.

Do you want to implement this tool ? Contact us
or consult our technical tips

 

  • Customer retention measurement technique : Not everyone has sophisticated CRM software to automatically calculate the retention rate and Customer Lifetime Value (CLV). However, all companies have a listing (most of the time in Microsoft Excel) from which it is possible to analyse the repeat purchase rate and to get an idea of a customer’s “monetary value”.

Do you want to create a retention rate measurement but
don’t know how to proceed ? Contact us

 

  • Customer experience study tool : Upon request, we will provide you with a framework with which to conduct an exhaustive analysis of your customer experience and resulting satisfaction. This tool is called “the customer experience wheel” which allows you to analyse all of the feelings and emotions experienced by a customer before, during and after purchase of a product or service.

Request our customer experience
analysis framework for free

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