Customer loyalty solutions that guarantee profit
2010-03-05
Some investments in customer retention, analysis shows, are more worthwhile than others. While it can be difficult for some organizations to figure out which ones are which, a recent article at Fast Company offered some real-world advice.

The article, by author and entrepreneur Micah Solomon, emphasizes customer service. He emphasizes that even in a technologically driven world, consumers desire real encounters with human representatives. In these interactions, he claims that research shows that the first and last moments are the most memorable for customers. Developing a set of vocabulary to be used in certain circumstances can be a helpful tool to ensure consistent service, he suggests.

Solomon also emphasizes the need to keep track of customers. "No matter how large your company is - or is hoping to be - strive companywide for the emotional impact of the beloved neighborhood bartender, doorman, or hairstylist," he writes. "For all sizes and types of companies, a superb client tracking system can provide this information instantly."

A recent article at MarketingProfs.com also emphasized this issue, suggesting that organizations use customer segmentation analysis to "leverage data to maximize their efforts and optimize their marketing investments." The best customer loyalty solutions, the article suggests, are targeted uniquely from an institution to its customers.

Recent Customer Attrition Retention, and Loyalty News

Referral programs increase profitability and customer loyalty in banking
2010-07-30
The idea of a customer referral program is nothing new for the financial industry.
Banks need multi channel approach to improve customer retention
2010-07-30
While technologies such as mobile and online banking have quickly become important parts of a financial institution's customer loyalty solutions, a new report by the Mercator Advisory Group says that banks can't just focus on any one channel, but need to have a balanced multi-channel approach to customer loyalty.
FIs need to take "client centric" messages to heart
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Since the recession began, many banks have put forth a message of a "client-centric approach" to banking.