Here are the ways of attracting and retaining the right customers….
In my previous article, when I talk about the reasons why organizations need customer centricity, I have told you then that organizations need customer centricity because it is becoming extremely difficult to get new customer and they have no option than to retain existing customers that that they have.
Now, I want to talk about some of the practical things that organizations need to do in order to do business from customers’ perspective. Follow me as we do this together.
The organization have to expand the relationship with customers by acquiring new and cost effective customers. As a customer centric enterprise, not everybody is qualified to be your customer. You got to have some pre- defined criteria that your customers must meet before you can mobilize your customers in order to get them as customers.
When you get them, you will be able to put all machineries in place in order to retain them. This will help you to acquire cost effective customers.
The Zenith Bank example….
The only bank in Nigeria that I know that you hardly see crowd is Zenith Bank PLC. The bank has a pre-defined criteria as far as the type of customer that they want in their lifecycle is concerned.
Apart from the premises of private universities, to open a Zenith Bank savings account outside will not cost you less than
100,000.00 (One hundred thousand naira) , that is sending a message to whoever cares to listen that they are not looking for poor people as customers. This allow them to have a well-managed customers and attract the rich into their customer lifecycle.
Building long term relationship
The organization also tries as much as possible to build long term relationship with their customers by targeting existing customers.
They try to identify customers or segments that are profitable and come up with a loyalty program that allows the organization to retain its profitable customer base and raise the exit barrier for such customers.
Expanding the relationship
The organization also try as much as possible to expand the relationship by converting unprofitable customers to an extremely beneficial one. You try to understand your customers and look at the insignificant ones among them.
You want to know the reasons why they are not active and see ways by which you can convert the unprofitable to a profitable customer base by building loyalty programs that will add value to them. The customers too are expected to reciprocate by buying more of your products or services.
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