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Every company executive will raise their hand and say they believe having loyal customers is a key to business success. But what are executives really doing about it? Most will point to their customer care training or CRM system and say “that’s how we take care of loyalty here”. Some will point to their monthly newsletter or discount program to demonstrate their efforts. All of these are good attempts. However, they are not enough.
Fostering true loyalty and engagement with customers starts at a basic level. These nine principles will guide you in your efforts to create greater customer loyalty and engagement within your organisation. Creating loyalty is one of the most critical ways to retain more of your customers and grow your business faster. It can also be a powerful competitive edge.
Note these important statistics.
- Each year the average company loses 10-15% of its customer base (Bain & Company)
- 84% of customers who leave do so because of poor service (Forum Corp)
- A typical business only hears from 4% of its dissatisfied customers – the other 96% leave, 91% for good. (Jim Barnes, Secrets of CRM)
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