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How Does Your Firm Approach Customer Loyalty?

by Hal Levenson on Sep 26, 2013 6:29:56 AM

According to the latest calculation, it now costs five times as much to win a new customer than it does to retain a loyal customer. This should translate in every firm to a strategic approach to customer relationships. Beyond providing quality products or services at a reasonable price and encouraging your customers to refer their friends or colleagues, how does your firm approach customer loyalty?

Many of your employees will interface with your customer. Your strategy should ensure that a consistent message and care for the customer is communicated by every person in your organization. Here are 12 questions to help you develop a comprehensive corporate strategy for customer loyalty.

  1. What is the overall strategy for customer service?
  2. How is it communicated?
  3. How is it rewarded?
  4. How do the organization’s processes support the strategy?
  5. How does management know where they are in relation to the strategy?
  6. How does the organization interact with employees when they perform well?
  7. How does the organization interact with employees when they perform poorly?
  8. How do they train for commitment
  9. How do they train for competency?
  10. How does the organization connect with the customer?
  11. How does the organization celebrate success?
  12. How do they celebrate effort?

Your firm’s approach to building customer loyalty should be company-wide and strategic. Your strategy should be clear to every employee in your firm and every employee should be accountable for advancing the strategy in every customer interaction. This will require training and clarity about the core message of every customer interface. There should also be corporate opportunities to learn from mistakes and successes, and successes should be rewarded.

We would like to know how your firm approaches customer loyalty and why it is successful.

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