Retaining Customers

If your product or service appeals to a large demographic of users, it is more than likely that many of them value the features and benefits of your product/service differently. For example, if you sell an enterprise software to both schools and banks, I am sure the emphasis the bank pays to the security aspect of the software, is far greater than what schools may require. When situations like this arise, we cannot develop across-the-board customer retention and management strategies.

The first step you need to take in such situations is, list down the types of industry verticals you cater to currently. Next, if possible, do a brief survey of samples within each vertical regarding the features and benefits those customers value most. This will help you create a definitive list of items, which will in turn help you develop specific customer retention strategies. I have seen this simple step do wonders for companies in helping them boost returning customer rates.

Customer segmentation forces to you to drill down to the specifics of what your customers truly need and value. By placing one blanket over all of your customers, creates massive holes through which defection takes place, often, at an alarming rate. Remember, it costs a lot more to get a new customer than to maintain a better relationship with your current one.

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