retaining 5% more customers will double the profit
TRANSCRIPT
Retaining 5% more Customers
will DOUBLE the Profit
Ananda Rao. C, MBA-TQM, MSc, PGMLT, IRCA certified
LA for ISO 9001:2015 and ISO 13485:2003
How to retain the Customers?
Deliver on time with Quality and timely support to retain
Measure, analyze and improve product/service Quality
Train, coach, mentor and retain skilled resource
Promote culture of Quality and positive attitude
Put the right people in right job
Design and Implement Quality Management System
Understanding customer needs and expectations
How Customer retention will double your
profit?
• “According to the Harvard Business Review, companies can increase profits by almost 100
percent by retaining 5 percent more of their customers”
• Of the customers that make a complaint, more than half will do business again if the
complaint is addressed and resolved
• If the complaint is resolved quickly, and the customer feels the organization cares about its
customers, the number will jump up to almost 100 percent
• If a complaint is not resolved, the average customer will tell more than eight other
individuals about the negative experience
• If the complaint is resolved, the customer will tell at least five others about the positive
experience
• On average it costs six times more to gain a new customer than to keep an existing one
