Spot customer defection in 3 easy steps !!!

Spot customer defection in 3 easy steps !!!

Among several factors that influences the success of a business, discovering and retaining loyal customers has always got the highest priority. Companies such as Apple, Harley Davidson has got this mantra right and are a hugely successful businesses. Learn how you can create more promoters for your products and services, within the community you serve - ie., your customers.

Step 1: Start from your customer database: I assume you are already in business and are recording your customer contact details. Start to look into your customer database, and relate it to number of products bought by them in the last quarter, number of transactions performed and referrals brought in. Even if your existing system does not have such metrics available, copy and paste the data into Google spreadsheet and enable sorting and you can get these metrics easily. This is a gold mine if done right.

Step 2: Identify loyal customers, take time to talk to them and get feedback:Once you've obtained basic metrics as outlined in step 1, you would know by how, who are your loyal customers. Those who have made highest purchases, repeat purchases, brought referrals (if any), increased wallet share. They are your loyal customers. Go head over heels, pick up the phone (better to be done by the business owner than customer service rep) and talk to them. Get real insights on why he likes your product, make note of them. Don't stop here. Identify those who have made least purchases, least repeat purchases. They are your detractors. Talk to them and get their feedback.

Step 3: Rinse and Repeat: By now, you would know what makes your customers tick and what drives them away. Prioritize the list. Pick the top most and act on it. Rinse and Repeat (go back to step 1). Compare expected vs actual results.

Good luck in wow'ing your customers ! Retain them. Thats the only way to survive in this bad economy.

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