Increase Customer Retention For Mera Medicare

Amar Chand

What is Customer Retention?

Customer retention is the activity that a selling organization undertakes in order to reduce customer defections. Successful customer retention starts with the first contact an organization has with a customer and continues throughout the entire lifetime of a relationship.

Why Focus on Customer Retention?

• Getting new customers is expensive• We need to protect our revenue stream• Repeat customers spend more• Loyal customers are less price sensitive• They Will Take Their Business Elsewhere

Highly Satisfied

Satisfied

Dissatisfied

Highly Loyal

Loyal

Disloyal

Retain

Defect

Customer Satisfaction, Loyalty and Retention Model

Customer loyalty is a customer’s commitment or attachment to a brand, store, manufacturer, service

provider, or other entity.

Customer loyalty is measured by proportion of purchase

• Undivided loyalty: AAAAAAAAAA • Occasional switcher: AABAACAABB • Switched loyalty: AAAAABBBBB • Divided loyalty: AAABBBAABB • Indifferent: ABCDADCBAC

Customer loyalty includes:-

• A behavior regarding the product • An attitude towards the brand/company.

Challenge with behavior as a loyalty criteria is a customer may repeat purchases because:-

•Convenience, price, availability, or inertia due to habit.

•Purchases made w/out motive for choice

Emotional Bonding:-

•Brand affect, brand equity •Company attachment •Feelings of closeness, affection trust & respect

•Technology limits emotional bonds.

• Willingness of customer to rely on organization

• Reduces uncertainty and risk

• Honest, fair and unreasonable.

1. Create A Culture Of Buzz!

If the marketplace isn't talking about you, there's a reason. The reason is that you're boring. And you're probably boring on purpose. You have boring pricing because it's safer...You have boring products because that's what the market wants.

2. Consistency builds trust!

• Customer retention is a long-term game, not a drive-by event.

• Repetition, consistency & authenticity build trust and are the foundational tools of customer retention.

3. Trust most important factor to offer!

Lack of trust is the single greatest reason you can’t keep customers.

4. Staff as customer!

Your employees treat your customers the same way you treat the employees!

5. Create an open dashboard.

• One-page, high-level view of key strategic, marketing and financial indicators.

• Transparency with employees key to company success and vision as well as customer retention.