Hi, and welcome to another clear-thinking session with Nicola.
This week, we’re asking a vital question for any growth business: "How do I increase our organisation's customer retention?" We all know it costs anywhere from 5 to 25 times more to onboard a new customer than to grow an existing one. In fact, research shows that just a 5% increase in retention can lead to a profit boost of between 25% and 95%.
So, why do we take our eyes off the ball?.
In this episode, I break down the two core tactics to stop customer churn and start maximizing your existing relationships:
The Cross Penetration Grid
This is a simple but powerful housekeeping exercise. By mapping your customers against your full suite of products and services, you’ll reveal "gaps" where customers are missing out on value you already provide. Don't let your clients go to a competitor for something you offer simply because you forgot to tell them you do it!.
Elite Account Management
Good account management isn't just reacting to emails; it's proactive strategy. I'll show you how to:
- Segment your customers into Gold, Silver, and Bronze tiers.
- Identify "Momentum Accounts" - those with the propensity to grow rapidly, regardless of their current size.
- Establish a Service Level Agreement (SLA) for touchpoints, ensuring your most valuable relationships get the face-to-face time they deserve.
The "10 Ways" Template
Finally, I share a template every sales team needs: "10 ways to talk to a customer when you’re not trying to sell to them". From thoughtful gifting to sharing credible thought leadership, these value-led touchpoints ensure you stay front of mind without being an interruption.
Ready to turn your existing database into a goldmine?
Watch the full strategy video now!.