Retention is a balancing act.
How will you keep your most valuable customers?
- Customer Pain-Points: Where are your customers feeling the most pain? What are you doing to alleviate it?
- Measurement: Do you measure how you demonstrate care?
- Competitor Awareness: What are your competitors’ care strategies? How do they deal with churn?
- Mechanics: How does / will your reward system work?
- Testing: Are your rewards relevant and generous enough to be worth the effort to your customers?
- Performance Benchmarking: Ensure that your reward system stacks up against competitors and is ‘future-proof’.
Firms should monitor developments and adapt their offerings on a regular basis, between the Care and Reward activity.