Is Every Business Strategy Built Around Retaining Customers?

Is Every Business Strategy Built Around Retaining Customers?

This is an assumption suggested by Howard Lax and Robert Schumacher in a recent article entitled, "Insight Connection" in a recent edition of Marketing News. They state, "Every business strategy is built around retaining customers, and strong customer relationships hinge, in turn, on interactions andexperiences that meet and exceed customer expecta...

Tom Smith

Tom Smith

5 Reasons Social Media is About Relationships, NOT ROI

I read a lot of articles and posts of people questioning the ROI of social media. I find this discouraging and disingenuous. Social media is about creating, and enhancing relationships, not about making sales. People buy products and services, B2B and B2C, from people they know, like and trust. Social media is a great way to meet people, establish ...

Tom Smith

Tom Smith

6 Ways to Improve Loyalty and Retention to Accelerate Sales

There has been a lot written recently about the decline in loyalty and the increase in price sensitivity among customers. Ultimately, if a customer doesn't have an emotional connection to a product or service provider, there will not be any loyalty -- regardless of how many points the customer has accrued. Here are six ways companies can improve c...

Tom Smith

Tom Smith

Empower Employees to Accelerate Sales

I just ran across notes I took from a webinar where David Leinconi was talking about his new book 5 Elements of a Dysfuntional Team. Given all I read about the percentage of engaged employees (29%), not fully engaged (45%) and actively disengaged (26%), I believe we as business owners, leaders and managers need to address this discrepancy to improv...

Tom Smith

Tom Smith

Positive Customer Experiences Accelerate Sales

Great study from Forrester Research entitled, "The Business Impact of Customer Experience, 2013." In the study, Forrester finds a strong positive correlation between consumers' ratings of a firm in their Customer Experience Index and consumers' willingness to buy from the company again (0.71), as well as the likelihood to recommend that company (0...

Tom Smith

Tom Smith

Insights Reduce Churn, Accelerate Sales, in Telecommunications

Amdocs just completed a study with Informa Telecom and Media that highlights the importance of customer retention and loyalty programs. Sixty-six percent of operators believe customers are less loyal today than they were two years ago and 70 percent of service providers cite customer retention and loyalty as the critical factor for driving growth w...

Tom Smith

Tom Smith

8 Reasons to Create a Customer Bonding Program

I have developed and implemented numerous customer, and prospect, bonding programs for clients, channel partners and employers over the course of my career. The objective of the programs is to enhance the company's relationship with its customer or prospects, after the saleis made, since any successful business' most valuable asset is its current c...

Tom Smith

Tom Smith

12 Ways to Adopt a "Customers For Life" Philosophy

Regardless of what kind of business you are in, you're in the service business. We're all experts in customer service because we're all customers. We buy cars, haircuts, groceries, dinners and hire plumbers. We know the difference between companies that treat us right and companies that don't. We tend to do business with those we know, like and t...

Tom Smith

Tom Smith

11 Rules for Customer Retention

Thanks to The Wise Marketer for the list. Don't just collect data -- use it. Let your customers know that you hear what they're saying and here's what you're going to do based on their feedback. Treat customers the way you'd like to be treated. I suggest treating your employees the same, since that's how they will treat your customers. Your ...

Tom Smith

Tom Smith

12-Step Customer Service Manifesto

Great post from Barry Moltz in a recent edition of SmartBrief Jobs on "How to Make Customer Service Easy for Your Employees." Offering great customer service is hard. The definition of what it is exactly changes from customer to customer and from situation to situation. This makes it especially difficult for employees who try to apply their company...

Tom Smith

Tom Smith