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According to a new report, both companies and agency clients have a greater focus on customer acquisition than retention (44% vs. 16% for companies and 58% vs. 12% for agency clients).
Just 40% of companies and 30% of agencies have an equal focus on acquisition and retention.
The stats, from the Econsultancy/Responsys Cross-Channel Marketing Report 2013 show the difference between where respondents think the focus should be, and where they actually are.
P&G’s former CEO, A.G. Lafley, is credited with turning around the company under the mantra “the consumer is boss” – putting the customer at the centre of everything they do.
It sounds obvious, doesn’t it? Keep your customers happy, be in touch more often (not to sell, but just to show them some love), offer exceptional customer service and then just reap the benefits.
Or in other words, invest at least as much to retain your customers as you did to acquire them.
We know that consumers object to hidden charges when buying from e-commerce sites, but car rental firms are still doing this. The difference here being that the hidden charges occur offline.
Having had a nasty surprise after seeing the extra car hire charges from Avis on my credit card bill, I've been looking at several car hire sites to see how upfront they are being about extra costs.
I found several areas where they could be more upfront, and improve their customer retention rates by ensuring that customers don't receive any nasty surprises when they see the bill.
Returns are an issue for every retailer, and some sectors more than others.
They could be viewed as bothersome, but the returns process does offer an opportunity to showcase your excellent customer service and can have a positive impact of future retention rates, if done well.
There is much you can do to reduce returns rates, providing better imagery and information on product pages, but even the best site will experience returns.
So then it comes down to how you handle the returns process, and the better you handle this, the better your retention rates.
Here are 14 tips to help you to avoid annoying your customers...
Kiddicare was the winner of the Snow Valley's recent Golden Chariot award for online retail delivery excellence.
So what has Kiddicare been doing right with its delivery policies and processes?
I'll look at this, as well as some highlights from Snow Valley's 2012 Online Retail Delivery report...
Businesses may be tiring of services like Groupon, and overaggressive retailers may have bargained themselves into a less profitable holiday shopping season, but one thing is for sure: consumers love discounts.
Who can blame them? The global economy nearly collapsed in 2008, and it's been tough since then. Companies eager to separate consumers from their hard-earned dollars have often had little choice but to lure customers in with prices too hard to pass up.
Yesterday, Netflix announced that its aggressive international expansion plans will bring its internet movie and television streaming service to the U.K. and Ireland in early 2012.
The announcement should have been a bright spot for a company which has been flying high for the past several years. But it was overshadowed by a bout of bad news: last quarter, Netflix lost 800,000 subscribers in the U.S.
The world's biggest social network, Facebook, has an enviable position: it is ubiquitous with teenagers, a demographic group that is often elusive and fickle, but that at the same time is generally seen by marketers as one of the most important demographic groups out there.
In many cases, that is one of the reasons that marketers continue to pour more and more money into their Facebook marketing efforts despite the fact that many of them can't precisely quantify what they're getting in return.
Apple is arguably the most dominant company in the mobile market today, but its dominance doesn't depend on market share. Indeed, America's most valuable company doesn't dominate mobile market share, but it does reap the majority of the profit.
That's obviously not what Apple's competitors want to hear, but it gets worse: Apple is far, far better at keeping its customers, and will increasingly have the opportunity to poach theirs.
Groupon may be one of the hottest consumer internet startups ever, but its credibility in the tech community has fallen substantially in recent months on the heels of the company's IPO filing.
The reason: to many, Groupon's financials look downright questionable, leading some to question whether it's a company built in the mold of .com failures that imploded little more than a decade ago or worse -- a Ponzi scheme.
Understanding purchase latency, the number of days between purchase events, is essential to any customer retention strategy.
If you know how typical customers behave you can identify those who are likely to defect when they don't purchase again within the average latency period, using so-called trip wire events.
If you can re-engage customers before they defect, you'll retain them longer and your revenues will rise.
While retailers have improved in areas such as refunding delivery charges, there is still room for more flexibility and simplicity in returns policies.
For example, 52% of retailers studied didn't offer any choice of return methods, while 9% of refunds took more than 14 days to arrive.
These are a few of the findings from the Snow Valley 2011 Online Returns & Refunds report...