VadiK teachings Vadim Kotelnikov

Huge Benefits of

Customer Retention

Vadim Kotelnikov, founder of 1000ventures - personal logo VadiK

Inventor Business e-Coach

Author Innoball

Founder Innompic Games icon

 
   

Drive profits through giving customers lots of reasons to stay

 

  

 
 

Experienced ones say that it takes 5 to 10 times more time, effort and expense to win new customers than it takes to keep existing ones. In today's competitive business world and challenging economy, retaining your customer base is critical to your customer success. If you don't give your customers some good reasons to stay, your competitors will give them a reason to leave.

 

 
Customer Retention: love customers and they will love you back  

Happy Business is about Love

Happy business and value innovation are about love – love what you do and love your customers. Loving is about striving to make your loved ones happier. If you make your customers feel happier, they will stay with you, and you both will enjoy this lasting loving relationship.

  

 
 

Statistics

Acquiring new customers can cost five times more than satisfying and retaining current customers

A 2% increase in customer retention has the same effect on profits as cutting costs by 10%

The average company loses 10% of its customers each year

A 5% reduction in customer defection rate can increase profits by 25-125%, depending on the industry

The customer profitability rate tends to increase over the life of a retained customer

  

Customer Experience (CX)

Customer Experience Management (CXM)

CX Plan

Value Innovation

10 Tips

Customer-driven Innovation

Ask Learning SWOT Questions

  

 

 
 

Drive Profits

Customer satisfaction and retention drive profits. It's far less expensive to cultivate your existing customer base and sell more services to them than it is to seek new, single-transaction customers. Most surveys across industries show that keeping one existing customer is five to ten times more profitable than attracting a new one.

  

Customer Retention

Surprise Your Customers

Great Customer Service as a Differentiator

Lessons from Dell

  

 
Edward Deming advice quotes

Profit comes from repeat customers that boast about your project or service and that bring friends with them.

Edward Deming

 
Jeff Bezos story lessons quotes

We see our customers as invited guests to a party, and we are the hosts. It's our job every day to make every important aspect of the customer experience a little bit better.

Jeff Bezos

Amazon

 
Michael Dell advice

When you delight your customer – consistently – by offering better products and better services, you create strong loyalty.

Michael Dell<

 
Sam Walton's rules for buiding a great business

Exceed your customer's expectations. If you do, they will come back over and over. Give them what they want – and a little more. Let them know you appreciate them.

Sam Walton

 

 

 

       

 

 

 

  

 

 → Creating Sustainable Profits: 9 Questions To Answer

→ Create Customer Value: 10 Lessons from Konosuke Matsushita

→ Jack Welch's 5 Strategic Questions

→ Innovation is Love

 

  

Partner with Customers

Customer connection comes from engaging customers, involving customers as co-innovators, partnering with them. Partnering with customers improves your firm's capacity to anticipate what customers need even before they know they need it.... Mor

Loving Customer Relationships

Love your customers. If you ignore them, they will very quickly ignore you, and leave.

If you focus more attention towards post-acquisition customer engagement, you will enjoy cumulative benefits: the customer base, revenue and cash flow will keep increasing,  while the  pressure off acquisition as the sole driver of growth will be taken off... More