“Loyalty cannot be blueprinted. It cannot be produced on an assembly line. In fact, it cannot be manufactured at all, for its origin is the human heart-the center of self-respect and human dignity. It is a force which leaps into being only when conditions are exactly right for it and it is a force very sensitive to betrayal.”
– Maurice Franks
According to Marketing Metrics, the probability of converting an existing customer is 60 percent to 70 percent. The probability of converting a new prospect, on the other hand, is only 5 percent to 20 percent. There is no point in acquiring the customer if they are not getting retained. Engaged users provide good insights to improve the product, and these are users who will ultimately become product loyalist and will help in acquiring more customer using the referral. This is precisely where importance of customer retention comes into picture.
The chapter – Customer Retention - offers to its readers the above and more on the importance of Customer retention using various effective techniques.
The chapter outlines some of the outstanding methods like Personalization, how to make customer feel special, self-service community enablement to retain the customers. Interestingly, it offers detailed insights into implementing personalized triggers. Want to know what lies ahead? Turn to chapter 7 that tells you how to keep the customer stick to your platform.