Tailored Strategies for Customer Churn Management

Articles, customer retention, loyalty, marketing, strategy
Customer churn in the services industry is still a growing issue, primarily because many consumers have little or no allegiance to a particular service provider. So, how do we solve this? The answer is knowledge: know your customers and know your prospects. As retailers are the customer-facing end of the sales cycle, much of the responsibility for producing customer loyalty has to lie with them. I know many companies who collect vast amounts of data for ensuring risk management procedures. However, this information can be converted into a powerful tool to reduce churn by helping to answer three basic questions: How do I sign up profitable customers? How can I enhance loyalty with my most profitable customers? How do I handle my existing customer base? (more…)
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Stimulate Loyalty – Power of networks, data and convergence

Articles, customer acquisitions, customer retention, loyalty, marketing, strategy
Loyalty schemes are an established feature of the retail and services landscape. They have become widespread and arguably ubiquitous. There are a number of major groups of loyalty schemes, including: retailer loyalty schemes, financial service loyalty schemes, online reward schemes, frequent flyer and other travel reward programmes, geographically based loyalty schemes, and coalition loyalty schemes. Businesses have been keen to enhance customer retention, to find approaches to increasing customer spend and encourage customers to act as advocates. When the first loyalty programs hit the market uptake was huge and rewards for marketers were high. Some years on, however, the market is overrun with these schemes, each with little point of difference from the next. As a result, consumers are evermore difficult to please, and uptake on offers is reducing. One…
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