Morris County Chamber of Commerce
  • About
    • Chamber Team
    • Our Mission
    • The President's Desk
    • Morris Business Cabinet
    • Board of Directors
    • What Members Are Saying >
      • Share a Testimonial
    • Frequently Asked Questions
    • Forums & Committees >
      • Committee Chair and Vice Chair Application
      • Ambassadors Council >
        • Ambassadors-Only Resources
      • Business Development Forum
      • Business Strategy & Tactics Forum
      • Environmental & Sustainability Forum
      • Government Affairs
      • Health & Wellness Forum
      • Hispanic Affairs Council
      • Human Resources Committee
      • Not For Profit Roundtable >
        • 2021 NFP Excellence Award Honorees
        • Nonprofit Donations
        • Not For Profit Conference Scholarship App
      • Real Estate Forum
      • Tech Talk Forum
      • Women in Business Program
      • Young Professionals Forum
    • Staff Forms - Internal Use Only
  • Why Join?
    • Join Our Chamber
    • Retail Restaurant Membership
    • Member Benefits
    • The Value of Membership >
      • Grow Your Business
      • Build Your Brand
      • Professional Development & Education
      • Government Advocacy
      • Community Outreach & Volunteering
    • Grand Opening Support
    • Member Marketing Opportunities
    • Enhance Your Directory Listing
    • Member to Member Deals
    • Member Referral Bonus
    • Connect to Morris Job Bank
  • Events
    • Chamber Event Calendar
    • Member Events Calendar
    • 100th Annual Meeting Program
    • Signature Events & Programs
    • Submit an Idea for an Event
  • Find A Member
    • Searchable Business Directory
    • Nonprofit Organizations >
      • Not for Profit Spotlight
    • Professional Services >
      • Accounting, Auditing and Related Services
      • Advertising, Marketing and Related Services
      • Aerospace & Defense
      • Attorneys and Legal Services
      • Architectural, Engineering and Surveying Services
      • Banking and Financial Services
      • Business Consulting and Professional Services
    • Retail, Restaurants, & Service Providers >
      • Arts & Entertainment
      • Auto / Trucks
      • Catering & Food Products
      • Child Care & Day Care
      • Cleaning Services
      • Contractors
      • Decorating & Organizing Services
      • Environmental Services & Recycling
      • Event Planning
      • Farm & Agriculture
      • Fitness & Wellness
      • Health Care
      • Home & Garden
      • Hotels & Conference Centers
      • Moving & Storage
      • Personal Development & Coaching
      • Pet Care
      • Photography & Video Services
      • Restaurants & Bars
      • Retail Stores
      • Senior Care & Related Services
      • Shipping & Delivery
      • Travel & Leisure
    • Higher Education Partners
  • News & Info
    • Member Exchange Online Community
    • Chamber Magazines
    • Coronavirus News
    • Business Resources
    • News Around the Chamber >
      • Submit a Press Release
      • Submit a Neighbors Helping Neighbors Story
    • MCCC Blog >
      • Contribute to Our Blog
    • Chamber Newsletters
    • Social Media
  • Programs
    • Economic Development Corp.
    • Executive Council Program
    • Women in Business Executive Round Table
    • Morris Chamber Toastmasters
    • Mentor Morris
    • Entrepreneur Roundtable
    • Morris Mastermind
    • Leadership Morris >
      • Leadership Morris FAQs
      • Leadership Morris Application
      • Leadership Morris Program
      • Leadership Morris Alumni Council
    • Thrive Morris
    • Work-Based Learning Internship Program
  • MCTV
    • MCCC On-Demand
    • MCTV Let's Talk
    • Actionable Advice Video Library
    • Member Spotlights
  • Member Login

MCCC Blog

Click Here to submit an article for our blog. 
Note: The views and opinions expressed here are those of the authors and do not necessarily reflect the position of the Morris County Chamber of Commerce.

Do You Have a Customer Retention Program?

9/16/2019

 
PictureJohn Kullmann
VP, Technical Solutions
Macrosoft, Inc
​Stop for a moment and think, how big would your business be, if you were still doing work with all the people you already did business with over the past five years. There is certainly a joy at the time of a new sale, but once it becomes a project it can quickly become an up-and-down roller coaster. New clients have their brains flood with dopamine during sale. But what moved from the sales process to actual project work this euphoria can quickly change to anxiety. This can even lead to the dreaded buyer’s remorse.
 
Do you have a system in place to deal with buyer’s remorse, or better yet prevent it all together? Salespeople build a wonderful relationship with the new client but then they hand this person off, frequently to a junior Account Manager. The salesperson disappears to hunt again, and your new client is becoming panicked after the deal is done.
 
Did you know that 32% of new bank customers leave in less than 12 months with 20% of them having not done a single transaction? Think of all the work that went into acquiring that client, but they’re gone during the first year. Other shocking statistics or 46% of people never go to new restaurant a second time, and 21% of customers break a cell phone contract within the first hundred days.
 
On average, varying based on your industry, 20% to 70% of new customers will stop doing business with you within the first six months. And yet most companies don’t track this at all.  Everyone knows the cost of losing a customer includes a loss of future spend and loss of referral business.   But, did you know that a customer that still working with you after six months will typically stay with your company five years.
 
So now you know the problem, what do you do about it? If you ask your head of marketing or sales, they can walk you logically through every step of their sales funnel.  This includes everything from identification of a problem, identify needs, creating urgency, scoping the project and ultimately closing the deal. Most sales funnels have anywhere from 3 to 8 steps to move someone through. At every stage there are measures and identified corrective actions.
 
Why wouldn’t you also have a funnel to track client retention. Studies say a small 5% increase in customer retention yields more than 25% in profit. The reason for this is new sales have a very high cost of acquisition while existing sales have a lower sales cost and a greater profitability.
 
You as an organization need to look at what tools you can use to enhance new client retention.
Face-to-face in-person visits after sale or by far the most beneficial. But what do most people do is send email. Have you ever heard any new client say they wish they had more email!
 
Things to consider in your client retention first would be good old fashion snail mail people just don’t get the same volume of postal mail that they once did. A personalized follow-up letter targeted to the individual can be the key to success.
 
A second element to consider are phone conversations. It may be called a smart phone, but people seem focused on the “smart” part and forget about the “phone”.  People don’t seem to know how to dial numbers on it anymore. If you simply call the client and talk to them just to see how they’re doing your retention increases dramatically.
 
A third and growing element is video interaction. Clients often indicated this is their preferred method because they feel the personal touch of seeing you on screen but don’t have to directly increase to the you and they can do it at their preferred schedule.
 
An effective combination of
  • in person visits
  • selective email
  • personalize snail mail
  • direct phone calls, and
  • video content
collectively can be the key to new client retention.
 
If you say this does not apply in my business; think about how many of your customers used to work with someone else before they became your client. What you are doing to make sure you are not that someone else? Create a simple reoccurring plan for customer retention and watch your profits soar.


Comments are closed.

    Archives

    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    March 2020
    February 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019

    Categories

    All
    Around The Chamber
    Business Advice
    Business Development
    Business Edge Magazine
    Chamber News
    Coaching
    Entrepreneurs
    Events
    Finance
    Government Affairs
    Health & Wellness
    IT
    Leadership Morris
    Legal
    Manufacturing
    Marketing
    Message From The President
    Nonprofit
    Real Estate
    Sales Strategy
    Seniors
    Strategic Planning
    Women In Business

    RSS Feed

    Please Note: The views and opinions expressed here are those of the authors and do not necessarily reflect the position of the Morris County Chamber of Commerce.

JOIN Us
REGISTER for Events
FIND a Business
EXCHANGE Ideas
CONTACT Us
YOUR SUCCESS IS OUR MISSION!  Membership keeps you connected to timely information, business resources and your fellow members - now virtually!  You can rely on us.  
We rely on you, too. Your investment in membership provides a stable foundation that allows us to support you: the people who power Morris County's business community!

Picture
Copyright 2021 | All Rights Reserved
MCCC+EDC
325 Columbia Turnpike
​​Suite 101
Florham Park, NJ 07932 
​973.539.3882        ​(MAP)  
Mission: The Morris County Chamber of Commerce collaboratively advances the interests of its members to champion a thriving business and community environment.
Vision: Creating member experiences that foster exceptional business success and quality of life.
  • About
    • Chamber Team
    • Our Mission
    • The President's Desk
    • Morris Business Cabinet
    • Board of Directors
    • What Members Are Saying >
      • Share a Testimonial
    • Frequently Asked Questions
    • Forums & Committees >
      • Committee Chair and Vice Chair Application
      • Ambassadors Council >
        • Ambassadors-Only Resources
      • Business Development Forum
      • Business Strategy & Tactics Forum
      • Environmental & Sustainability Forum
      • Government Affairs
      • Health & Wellness Forum
      • Hispanic Affairs Council
      • Human Resources Committee
      • Not For Profit Roundtable >
        • 2021 NFP Excellence Award Honorees
        • Nonprofit Donations
        • Not For Profit Conference Scholarship App
      • Real Estate Forum
      • Tech Talk Forum
      • Women in Business Program
      • Young Professionals Forum
    • Staff Forms - Internal Use Only
  • Why Join?
    • Join Our Chamber
    • Retail Restaurant Membership
    • Member Benefits
    • The Value of Membership >
      • Grow Your Business
      • Build Your Brand
      • Professional Development & Education
      • Government Advocacy
      • Community Outreach & Volunteering
    • Grand Opening Support
    • Member Marketing Opportunities
    • Enhance Your Directory Listing
    • Member to Member Deals
    • Member Referral Bonus
    • Connect to Morris Job Bank
  • Events
    • Chamber Event Calendar
    • Member Events Calendar
    • 100th Annual Meeting Program
    • Signature Events & Programs
    • Submit an Idea for an Event
  • Find A Member
    • Searchable Business Directory
    • Nonprofit Organizations >
      • Not for Profit Spotlight
    • Professional Services >
      • Accounting, Auditing and Related Services
      • Advertising, Marketing and Related Services
      • Aerospace & Defense
      • Attorneys and Legal Services
      • Architectural, Engineering and Surveying Services
      • Banking and Financial Services
      • Business Consulting and Professional Services
    • Retail, Restaurants, & Service Providers >
      • Arts & Entertainment
      • Auto / Trucks
      • Catering & Food Products
      • Child Care & Day Care
      • Cleaning Services
      • Contractors
      • Decorating & Organizing Services
      • Environmental Services & Recycling
      • Event Planning
      • Farm & Agriculture
      • Fitness & Wellness
      • Health Care
      • Home & Garden
      • Hotels & Conference Centers
      • Moving & Storage
      • Personal Development & Coaching
      • Pet Care
      • Photography & Video Services
      • Restaurants & Bars
      • Retail Stores
      • Senior Care & Related Services
      • Shipping & Delivery
      • Travel & Leisure
    • Higher Education Partners
  • News & Info
    • Member Exchange Online Community
    • Chamber Magazines
    • Coronavirus News
    • Business Resources
    • News Around the Chamber >
      • Submit a Press Release
      • Submit a Neighbors Helping Neighbors Story
    • MCCC Blog >
      • Contribute to Our Blog
    • Chamber Newsletters
    • Social Media
  • Programs
    • Economic Development Corp.
    • Executive Council Program
    • Women in Business Executive Round Table
    • Morris Chamber Toastmasters
    • Mentor Morris
    • Entrepreneur Roundtable
    • Morris Mastermind
    • Leadership Morris >
      • Leadership Morris FAQs
      • Leadership Morris Application
      • Leadership Morris Program
      • Leadership Morris Alumni Council
    • Thrive Morris
    • Work-Based Learning Internship Program
  • MCTV
    • MCCC On-Demand
    • MCTV Let's Talk
    • Actionable Advice Video Library
    • Member Spotlights
  • Member Login