Category Archives: Customers For Life
Become a Customer For Life Company – eight answers
Cost of Customer Retention vs. Customer Acquisition
Everyone talks about customer loyalty, retention and earning customers for life. Here is economic justification to following what you know is the correct path. It is 6 to 7 times more costly to acquire a new customer than retain an existing client according to Flowtown. What is customer attrition costing your business?
Big Data Revolution – Does it always trump intuition?
The Big Data revolution keeps roaring ahead. More organizations are using Big Data to earn Customers For Life. Companies like Netflix are capturing information about customer viewer habits. Information regarding what and when they watch programs combine with data about rewind, stop, and replay behavior. Based on your personal preferences, Netflix suggests content that may be of interest in a similar way to Amazon. Netflix’ current series “House of Cards” came from Big Data insights. These strategies help deliver what a customer wants, thereby adding more value and capturing more customers for life.
Not everyone is completely convinced about the value of Big Data. Some say intuition at times can present better outcomes than Big Data. We think the more empirical data is available the better the decision making process. What do you think?
Earning Customers For Life @ age 7
Lego treats their youngest customer like a customer for life. See the story of how Lego responds to an email sent by a 7-year-old customer. The response is a personal message not an automated template. Most important, the outcome is rewarding for both customer and company.
How are you training and empowering your customer service and sales force? Are they able to create your next customer for life?