The best customer retention initiative to implement for a specific customer often depends on their position in the customer life cycle. What’s more, often the earlier in the customer life cycle that you execute a customer retention initiative, the more effective and higher the overall ROI of the initiative. So what should you do and when? [Read more…]
It is logical to think that a person’s social network influences their buying behaviour. If my friend likes Company X, they will probably tell me about it and I, too, may like them enough to become a customer. Indeed, leveraging this idea has long been used in the endless variety of “friend-get-friend” programs used in customer acquisition campaigns.
However, if something works forwards (getting customers) it may also work backwards (losing customers). Do people stop being your customer if their fiends stop? Yes, as it turns out, they do. [Read more…]
We recently participated in a written interview for the SME magazine of one of our major Australian banks. The article was not all about us, so some of the input was edited to meet space restrictions. And we are posting the transcript here for those of you interested in Customer Lifetime Value and loyalty programs.
It is best that the original Q&A structure is retained as seen below. [Read more…]
Deciding when and how to contact your customers to maximize customer relationships is an ongoing task for every organisation. Getting the delicate balance between too much contact and not enough contact is difficult, and still you need to focus on it every day to get it right.
Right up front, you should invest some time and effort in developing and mapping an effective customer lifecycle journey for each type of customer. This gives you a starting point for contacting your customers in an effective manner.
This can start simple and be built out as you go, but you need to start with a base line work from. [Read more…]
Customers, just like products, tend to progress through a lifecycle. In this case, a “customer lifecycle”. If you manage this process properly, you will have customers who continue to add value to your organisation.[Read more…]