Retaining 5% more customers will double the profit
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Customer retention will help the Organization to grow, world is so competitive getting new customer is always difficult and costlier task, if you pay attention to existing customers your Organizations profit will double
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- 1. Retaining 5% more Customers will DOUBLE the Profit Ananda Rao. C, MBA-TQM, MSc, PGMLT, IRCA certified LA for ISO 9001:2015 and ISO 13485:2003
- 2. How to retain the Customers? Deliver on time with Quality and timely support to retain Measure, analyze and improve product/service Quality Train, coach, mentor and retain skilled resource Promote culture of Quality and positive attitude Put the right people in right job Design and Implement Quality Management System Understanding customer needs and expectations
- 3. How Customer retention will double your profit? According to the Harvard Business Review, companies can increase profits by almost 100 percent by retaining 5 percent more of their customers Of the customers that make a complaint, more than half will do business again if the complaint is addressed and resolved If the complaint is resolved quickly, and the customer feels the organization cares about its customers, the number will jump up to almost 100 percent If a complaint is not resolved, the average customer will tell more than eight other individuals about the negative experience If the complaint is resolved, the customer will tell at least five others about the positive experience On average it costs six times more to gain a new customer than to keep an existing one
- 4. Please reach me at carao75@gmail.com for any clarification. CUSTOMER IS KING 4