[Webinar] Using 5 Whys Root Cause Analysis on Customer Feedback

5 Whys is one of the most commonly used quality system tools. It is a simple and methodical way to identify the root cause of an issue.

When applied to Customer Feedback you can convert “interesting feedback” in to root causes and actions plans to drive improvement in your customer experience.

In this 30 minute webinar, we’ll teach you how to use this high value Customer Feedback tool:

  • Defining The 5 Whys Approach – What exactly is The 5 Whys Approach?
  • Customer Feedback Application – How to apply The 5 Whys Approach for Customer Feedback with practical examples.
  • Is it really for me? – When should you use The 5 Whys Approach?

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What is your Return on Customer Investment?

CEOs and CFOs take a liking to seeing numbers; especially profitability numbers. So if you can’t speak their language and convert your project or proposal into numbers that talk to them; you can pretty much bet your chances of having it approved are slim to none.

Fortunately, there’s a great approach that allows you to provide the facts you can take to your CEO or CFO; the Return on Customer Investment. It’s a business approach that looks at all of your customer focused investments and puts hard return on investment facts behind them. [Read more…]

How To Match Bank Customer Retention Strategies to the Customer Lifecycle

There are many different bank customer retention strategies but to maximize their effectiveness you need to match them with their position in the customer life-cycle.

The life cycle is shown below, along with the value that different types of customers contribute to the business at different parts of the cycle.

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The 4 Drivers Of Customer Retention

Many companies would like to improve their customer retention but are unsure how to make the changes in their business to improve this important profit lever.

Identify Customer Retention Drivers

The first step in implementing customer retention programs is to identify the customer retention drivers. Without first identifying the retention drivers you run the risk of blindly implementing a range of programs which may or may not impact customer retention.

So let’s go back to basics and identify some of the retention related drivers that are going to support the achievement of greater profits for your company. [Read more…]

Strategic Uses for Competitions and Business Sweepstakes

Every year, companies spend millions of dollars running business promotion competitions to improve new customer acquisition rates. While many of these competitions are successful on the face of it, just as many could easily provide greater returns. By changing your perception of competitions from being a tactical way to boost short term sales to a powerful tool in your customer strategy, you can reap large returns. [Read more…]