Client Loyalty and Retention Program
Our customer retention and loyalty turnkey solution was designed to address the needs of companies experiencing an erosion of their clientele as well as to increase the purchasing rate of existing clients.
Here are some statistics to keep in mind:
- 30%: Proportion of clients that are not profitable for a business1.
- An increase of 5% in a business's client retention rate translates to an increase of 20% to 85% in profits, depending on the sector of activities2.
- Each 1% increase in the client retention rate translates into an 8% increase in profitability3.
- Making a client loyal (loyalisation) costs 5 to 10 times less than finding a new client
Knowing how expensive it is for a company to acquire new clients, it is very profitable to increase loyalty and to work on increasing sales with existent clients.
Customer loyalty allows to you build solid relationships with your clients and that always has a positive effect on profits. To accomplish this, it is imperative to maximize the potential of the information contained in your databases.
The different steps of our turnkey program:
- Research
- Competitive environment analysis
- Sales analysis
- Client segmentation
- Customisation
- Strategy and implementation
- Performance measures for each step, and optimisation
Sources:
1. Jonathan Byrnes, Massachusetts Institute of Technology.
2. Frederick F. Reichheld in collaboration with The Harvard Business School.
3. Gartner Group
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