Customer retention is widely known as that desperate, last ditch effort to save an unsatisfied customer from taking their business elsewhere. This is reality folks. We work so damn hard to find new customers day in a day out, and it’s only in those final moments that we realize the importance of the customers that have already been paying us for months, or even years.
With this post, I am making a declaration! I am taking a formal, and permanent stance on the term, concept, and overall understanding of customer retention.
Here it goes………. Customer retention starts with your very first interaction. Day 1. From the get-go. You had me at hello.
We’re wasting too much energy on last minute retention activities. By the time we get to that point, 98% of customers have already made their decision to leave. And even if you throw a big discount at them, they’re still going to leave sooner or later, because it’s not about the money- It’s about the service.
TAKE ACTION: Take most of the energy and resources you’re spending on last minute retention activities, and put them directly into customer love activities (Yes, I said customer love). Meaning, take care of your customers from day one, show them you appreciate them, and work on removing the chances of them leaving to begin with.