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 Keys to Selling Services versus Products

To increase profits, stabilize revenue and provide an annuity stream, many product-development companies are seeing the benefits of providing services. Following are five key findings from B2B executives in product-development firms that are providing services: Listen to the customer. This is critical and difficult for a product-oriented company...

Tom Smith

Tom Smith

Consumer Insights on Reducing Churn in Telecommunications

This is another "real life" example of consumer insights improving business and accelerating sales by improving customer retention. By having one-on-one's and in-depth telephone interviews, in addition to paper surveys, we were able to get a good idea of what customers wanted in a cell phone provider. In 1992, the cellular industry was going throu...

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

7 Steps to Improve Customer Service to Accelerate Sales

Thanks to Kate Leggett, principal analyst at Forrester Research, for her recent article in the June 2013 edition of Customer Relationship Magazine (unable to find article online for link). Here are my thoughts on her seven steps. There’s plenty of research showing that companies that provide outstanding customer service perform better financiall...

Tom Smith

Tom Smith

4 Keys to Engaging Customers to Accelerate Sales

With the growth of the internet and the advent of social media, the customer is in charge of the relationship with product and service providers more than ever before and their expectations are greater than ever. Customer service continues to generate greater revenue. A 2012 study by American Express showed 66% of customers are willing to spend 13...

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

Outstanding Customer Experience Accelerates Revenue

I was disappointed, but not surprised, to see the following in the Executive Report on Customer Expereince. My key takeaway was 75.9% of respondents rated the "Importance of the Customer Experience to the Organization" as a "high priority;" yet, the total average annual budget that will be spent on customer experience is only 11%. The survey was c...

Tom Smith

Tom Smith

Know Lifetime Customer Value to Inform Your Marketing

Ferrellgas offers service you can count on? Not so much! I received two pieces of mail from Ferrellgas in the last two weeks. They supplied propane to my in-laws for 40(?) years. What was their lifetime customer value to Ferrellgas? Based on the bills, $30,000 to $40,000. I seriously doubt Ferrellgas ever knew what my in-laws lifetime value was t...

Tom Smith

Tom Smith

10 Reasons to Use Social CRM to Accelerate Sales

Great webinar presented by Zero2Ten on the benefits of using social media to enrich your CRM database. Trust is the foundation of: Relationships Brand equity Loyalty Loyal customers buy more per visit, buy more quickly and buy more frequently. They are your most valuable customers on multiple fronts. Trust equates to ROI. With trust, business ge...

Tom Smith

Tom Smith