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Client and Customer Retention
 
Companies that enjoy high margins and long-term business success have relentless focus on retaining their most important customers.
 

Successful companies focus on retaining their most valuable customers. However, it is now generally accepted that it costs 5 times more to acquire a new customer than to retain your customer.

Retaining your most valuable customers means that you have to know who and what are the key drivers of cost-effective and successful retention.

If your answer is “no” to one or more of the customer retention questions below, an engagement with us will bring you the benefits of robust and cost-effective customer retention strategies.

Key Questions
  • Do you know what the key drivers of customer attrition are and what strategies are appropriate to mitigate each driver? Are you comfortable with your current level of customer loss?
  • Are you managing your current customers well? Do you know how to reposition your service or product offerings to make them more appealing so you retain more customers? Have you identified “low hanging fruit” opportunities that if implemented right now would immediately reduce attrition?
  • Is your current customer retention strategy cost-effective or could you retain more customers with your current retention budget?
  • Do you know for sure, what is driving your success or failure in customer retention? Are those key drivers heading in the right direction for you when measured over time?
  • Are you confident that you are targeting the right customers to retain?
  • Have you identified inexpensive customer retention incentives or strategies that would fundamentally protect your most valuable customers?
  • Are you aware of and have you leveraged the benefits of Lean and Prune-X™ customer retention methods to gain the biggest bang for your retention investment?
  • Do you have a consistent method for handling customer complaints that defuses them effectively and wins back your customer confidence?
  • Do you have robust and continually applied tools and methods for effective customer satisfaction tracking, monitoring and corrective action taking?
  • Do you know what lost or past customers are saying about your business and how to mitigate for adverse effects on your business?

Engagement Goal

·         To dramatically increase clients/customers a company retains, grow revenues and profits

·         Implement an improved or new client/customer retention process that is focused on clients/customers, aligned with the company’s brand, that employees like and flawlessly execute

How SigmaWorks Will Help You

We use our proprietary assessment and solutions development methods (the Prune-X™ framework) to:

  • Assess current client retention process performance
  • Develop and implement specific client retention process improvements
  • Measure and track retention process effectiveness
  • Take corrective actions and continuously improve customer retention 
Benefits
  • An effective process for retaining clients that is:
  • Client and customer focused and aligned with the company’s brand and culture so employees live the brand while retaining clients
  • Supported by the Executive Team and integrated into the business so all are marching in the same direction
  • Rigorously developed and cost-effectively executed, using appropriate technologies to optimize human efforts and drive increased profitability because the retention goals are achieved 

Performance and Productivity Services

Services

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