Retention is a balancing act.

Retention

How will you keep your most valuable customers?

Care

  • 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?

Reward

  • 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.