There is no magical program, app, process, or other digital solution that in and of itself will solve the deficiencies in your customer retention goals. Instead, retention is more of a reflection of your entire digital transformation, and where you are in that current journey.

3 Customer Retention Facts Worth Considering:

After one negative experience, 51% of customers will never do business with that company again.
Increasing customer retention rates by 5% increases profits anywhere from 25% to 95%.
Retention is a combination of customer service, customer satisfaction, product/service quality and numerous other attributes which are all directly affected by your technology choices.

Assess the Value of Customer Retention to Your Organization

Operating from ONLY a technological position of strength is no longer an option. If you want to grow and retain your customer base, you must continually evolve.

What value do you place on enhancing customer retention initiatives such that the customer’s overall perception of doing business with your company is based on trust, honesty, and integrity?

Determine Your Organization's Related Pain & Frustration

In order to fully assess your level of pain (and frustration!) it’s helpful to know where you want to be. So…what does good look like?

A low pain example of Customer Retention would be: Every customer feels a supportive relationship exists within my organization. We engage in value-based outreach to existing customers including knowledge of previous purchases, product interests or analytically derived “if you like this, you may also like that” messaging.

What is your organization's level of pain as it relates to Customer Retention?

The CLARITY Assessment™

In the CLARITY Assessment™ we focus on 7 key company objectives. Above, we touched on Customer Retention, which is one of 5 categories related to the broader objective of Customer Relations:

Customer Relations

Customer Experience
Customer Service
Customer Retention
Customer Acquisition
Customer Enablement

Learning & Development
Agile Operations
Risk Management
Information Technology
Technological Innovation
Yield (Financial)

For a deeper look, you’re invited to take the CLARITY Assessment™, to identify your priorities and highest ROI in your company’s own digital transformation journey.

If you'd like to learn more, or if you’re ready to take the assessment, click here.

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