Maximizing Customer Loyalty

Maximizing Customer Loyalty

Today, many businesses are experiencing a shrinkage in market share as they lose customers to their competitors. For any organisation to be profitable and successful, it must be able to keep its customers loyal. To do this, it must not merely satisfy its customers but delight them in such a way that they keep returning to do business. Loyal customers are the lifeline of any business.

Per research over 50% of customers will stop doing business with a company or brand, not just because of price or quality considerations, but primarily as a result of the negative experiences that arise from dealing with the employees of the business. 

Research has also shown that it can cost a business up to five times more to attract new customers than to retain current customers - costs such as advertising and marketing, sales representatives'; time and training, and other administrative costs. Experts also estimate that by simply retaining just under 20% more of its existing customers, a business can boost profits by almost a 100 percent.

The reality is that today’s consumer is better prepared, more savvy, and they want it all – value for money, a great price and above all world class service experience. When a business cannot deliver on these expectations and deliver well, customers switch and they switch quickly. 

Consequently, research is increasingly showing that it is no longer enough to merely satisfy customers. Making customers loyal to your products or services and turning them into raving advocates for your brand now means that companies must exceed customer expectations and deliver exceptional experiences to customers, consistently! Maximising customer loyalty and customer retention is the key to long term business success.

In this dynamic and engaging talk, Femi will share key insights and strategies that will increase customer loyalty and implement an effective customer retention strategy that is based upon a customer-centric culture.

They will also be equipped with action plans that they can implement to ensure your customers look forward to doing business with them again. The insights shared in this talk will allow businesses to drive up customer loyalty, increase market share and drive up bottom line profits.                            

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