Customer Retention Playbooks 101: Building a Structured Approach to Keeping Customer Happy

NCMA

by Philip Chew

While the link between retaining customers and profitability is pretty well understood, most companies still approach customer retention with piecemeal initiatives.

Why is it that companies have a sales process they follow rigorously to win business, yet avoid the same discipline in managing those customers throughout the lifecycle of their contracts?

Today we can start to change that.

It’s All About Value

When customers say:

We are not getting the outcomes we expected

We had a better offer

You are too expensive

What they really mean is, “We’re not getting the value we wanted.

Too often contract cancellation (or non-renewal) comes as a surprise, but it never should.

For key accounts, the account manager should have a clear understanding of the client’s needs and how well their company is satisfying those needs. And yet, a Bain and Company survey a…

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