To remain competitive in a dynamic and increasingly multifaceted global setting, you need to create an environment in which your customers are at the center of every decision. The idea of having a customer-centric approach is the essential element for generating customer loyalty and retention. It is known fact that a 5% increase in customer retention has been shown to increase profitability from 25% to 85%.
Hence, here are the top 10 tips to empower your sales force for greater customer retention that drives loyalty:
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Livebookings, the European leader in real-time reservations and online marketing services for restaurants, has partnered with MasterCard on its Priceless London programme. The partnership will see Livebookings’ consumer facing website, Bookatable.com, support MasterCard by sourcing exclusive offers through its extensive database of London restaurants and making them bookable online through the Priceless London website.
Rocket Fuel UK has recently released technology that helps marketers understand the value of Facebook ad campaigns as a stand-alone strategy or when integrating the medium with mobile, display and search.
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World Brand Lab, an internationally renowned rating agency, bestowed awards upon the world’s 500 most influential brands at the recent World CEO Annual Conference 2011 held in Hong Kong. With a brand valued at USD 7.6 billion, Air China stands at number 345 in the rankings, 38 slots more advanced than in 2010 – the 5th fastest brand moving towards the top. Air China is also the only Chinese carrier featured in the rankings.
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A new augmented reality experience greeted Singaporeans on the first day of the new year. An interactive print advertisement placed by Volkswagen Singapore in the local daily, The Straits Times, allowed readers – for the first time – to partake in user interaction with a print ad using their Apple iOS devices to discover the whole range of Volkswagen models.
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Citi today announced the first Facebook application from a loyalty program that is both a rewarding and social experience: the Citi ThankYou® Point Sharing App. This new Facebook app makes it quick and easy for ThankYou® Rewards members who are Facebook friends to pool their points together, and use their points’ collective value towards a shared goal or reward. ThankYou members on Facebook can combine their points to make a charitable donation, or choose from millions of rewards on www.thankyou.com, from travel to electronics.
“With the new ability to pool points together through their social networks, ThankYou members can rally their friends towards a bigger reward – whether they are interested in combining points to book a weekend getaway or supporting a common cause.”
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Beyond short-term outcomes, beyond even immediate results, successful long-term relationships are key to determining operational as well as financial success for your business. Below are my six indicators which can/should be used to understand the customer relationships and how to add value:
- Satisfaction. Do tangible and intangible benefits outweigh the costs? Satisfaction gauges how positively the customer feels toward the other due to the underpinning of positive expectations. Quality is an element of satisfaction.
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