NE TO ONE BULLETIN
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<<First> >, Learn
Boost Pr ofits!
How to
Stop Att rition!
[ And K eep Cu stomers Hooked on Your Service s]
When we think about personalized, data-driven communications, we often think about boosting sales. Why not? It’s a highly effective use for 1:1 (personalized) printing. But there are many other uses of 1:1 printing that can boost your bottom line, too. Are you taking advantage of them? One of those ways is using the more intimate, personalized nature of 1:1 communications to reduce customer attrition. According to Attrition Busters, it costs the average company eight dollars to replace every one dollar lost to customer attrition. If you could use data to hold onto your customers longer, that has both an immediate and a longterm impact on your profitability.
1. Make personal contact. Talk to each customer personally. Make them feel that they are more than just a name in a database.
2. Find out what happened. Find out what’s happening and how they feel about your company, products and services. Send them a personalized survey via personalized URL. Or send a hard copy survey in a personalized card.
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photography and illustrations ©iStock 2009.
Customer attrition is different from customer retention. Customer retention is about keeping your existing customers happy. Customer attrition is the actual defection of those customers. Preventing attrition (also called “churn”) is something that is often done on a highly targeted basis based on the likelihood that a customer will defect.
Whether you are watching customer churn manually or by using specialized software (or just reacting to irate customer phone calls), you can use 1:1 printing as a powerful tool to reduce customer churn and boost your bottom line.
3. Respond quickly. Respond to their feedback in a timely manner. Let them know that you appreciate their input. Send them a personalized coupon or other incentive of immediate relevance to them.
4. Nurture the relationship. Once you’ve prevented a defection, nurture that relationship with other personalized and relevant communications to keep that customer close and build their loyalty over time.
The risk of customer defection can be a scary thing. But handled correctly, customers on the verge of defection can become your most loyal customers if you handle the situation right. your logo here
http://preemploymentscreeningarticles.infocubic.net/2007/02/24/the-real-cost-of-customer-attrition/
Find out more about how 1:1 marketing
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