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Customer Retention Strategies
Rating: 4.1 out of 5(28 ratings)
315 students

Customer Retention Strategies

Magnetically retain existing customers and boost your career the smart way with a proven approach to training.
Created byManagement Study Guide
Last updated 10/2024
English
English [Auto],

What you'll learn

  • Explain What is Customer Loyalty
  • Describe the Drivers of Customer Loyalty
  • Explain What is Customer Satisfaction
  • Explain Attrition and Silent Attrition
  • Describe the Various Customer Retention Strategies
  • Explain the Determinants of Customer Retention
  • Explain Methods and Tools for Customer Retention
  • Explain Principles of Retention Management
  • Explain What is Customer Lifetime Value (CLV)
  • Explain the Need of Relationship with Customers
  • Explain How to Use Strategic CRM for Retention
  • Explain the Myths of Customer Retention
  • List the Challenges of Customer Retention

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Course content

2 sections • 9 lectures • 30m total length

  • Introduction2:49

    Explore customer retention strategies, drivers and breakers of loyalty, and methods to prevent attrition, while examining satisfaction and lifetime value through strategic CRM.

  • Explain What is Customer Retention1:43

    Learn how customer retention preserves existing customers through strategic, relationship-driven practices. It is a variable process defined by favorable purchase occasions and strong supplier relationships that fuel growth.

  • Explain What is Customer Loyalty8:52

    Understand what customer loyalty means and how brands build long-term, profitable relationships. Learn how loyalty can be product-specific or company-specific, and how satisfaction differs from true loyalty.

  • Describe the Drivers of Customer Loyalty4:24

    Identify the drivers of customer loyalty—emotional, sentimental, rational, and entrepreneur attitudes; products and services; technology; human resources; and supplier culture.

  • Describe the Various Customer Loyalty Breakers4:22

    Explore seven customer loyalty breakers driving loyalty breakups: dissatisfaction, tough competition, enhanced features and technology, rising expectations, shifting attitudes, poor product or service components, and market recession.

  • Explain What is Customer Satisfaction5:40

    Understand customer satisfaction as the measure of needs and responses met to excel expectations, shaping the supplier relationship, customer experience, and retention through prompt service.

  • Explain Attrition and Silent Attrition1:14

    Explain attrition and silent attrition, highlighting how hidden defections undermine retention, and outline corrective strategies to save defecting customers and increase retention.

  • Explain What is Customer Lifetime Value (CLV)1:30

    Explain customer lifetime value as the predicted net profit from a customer's future relationship. Use CLV to guide spending on multichannel retention, including text messaging, direct mail, and outbound calls.

Requirements

  • No prior knowledge is necessary.

Description

Every existing customer or client represents a limitless range of future sales. The only problem is that businesses and brands focus solely on attracting new customers all too often. To get ahead of the crowd and stand out for all the right reasons, you need to invest in a training resource that allows you to:

- Understand the human psychology behind customer loyalty and how to use it

- Create a focused, streamlined approach to selling to the same people again and again

- Leverage your existing contacts and make more money from them than ever before

- Build a culture in which everyone is focused on creating personal connections


What does the course cover?

You will learn a proven system that allows you to magnetically retain existing customers, regardless of your industry or niche:

- Insights that put you in the mind of your target audience

- How to upsell without being too pushy or sales-focused

- Making the right impression every time you connect


Why do you need this course today?

If you work in any of the following positions, you will see instant benefits when you invest in your customer retention skills:

- Managers who want to build a culture of success at every level

- Sales agents who want to be able to earn larger commissions

- Entrepreneurs who want to build a team who will grow their business

- Custom service agents looking to move into a sales position

Taking the time to master the soft skills that make customer retention possible really does make all the difference. Why should you settle for your customers going elsewhere?

Who this course is for:

  • This course is good for management learners and people who want to learn about Customer Retention Strategies

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