Studies show it costs ten times more to generate a new client than retain a current one
Since existing customers are the most valuable asset, we focus your strategies on how to keep them, expand the relationship, up-sell, cross-sell and gain referrals. We also identify clients who may defect and provide analysis on how to keep them.
Many businesses put their faith in measuring customer satisfaction, but this is not an efficient method to monitor which customers will continue to buy from you. A satisfied customer is not necessarily a highly loyal customer who will not defect.
With a customer retention strategy, you are using your budget and resources where it counts for the most significant ROI and protecting your past investments.
What we deliver:
- We analyse and segment your customers, making evident the customer experience which they require from you to remain loyal: from the volume of touch-points to value of different customer offers on new/complementary/updated products.
- We demonstrate which, if any customers, require a dedicated account manager or team for higher ROI.
- We confirm which customers prefer interaction which they instigate.
- We help you to develop strategic marketing plans both for current, loyal customers and existing customers who may defect. These are separate to plans to generate new customers.
- We demonstrate the current obstacles and challenges faced by your customers so that communications are worthwhile and impactful.
- We define the exact roles of the existing sales team, and how you will transition customers, before handover to a customer or account management team.
- We outline the specific functions of the account team – mapping out how they handle the account service, and how they and the sales team interact with the customer base.
- We confirm the exact roles of the existing sales team, and how you will transition customers, before handover to a customer or account management team.
What this enables:
- Retention of current clients using a clear strategy linked to business goals and understood by all departments.
- Early warning of customers who may defect with strategies to stop it happening.
- Standardised strategies for gaining referrals and benefiting from word of mouth.
- Analysis of customer base and opportunities to up-sell and cross-sell without alienating customers.
What our customers say:
Managing Director, PSU Technology Group: “The work that Larato did provided us with insights that we have put into practice to strengthen our business. Larato is very good at bringing the buyers’ perspectives into the heart of a business to help that company become more aware of the value it can offer to customers and become more aligned with them.”