They have no option than to retain existing customers that they have.
Now, There are some things that organizations need to do in order to do business from the 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. This will help you to mobilise your customers in order to get them as customers.
When you get them, you will be able to put all types of machinery in place in order to retain them. This will help you to acquire cost-effective customers.
the Zenith Bank example of the right customers….
The only bank in Nigeria that I know that you hardly see the crowd: is Zenith Bank PLC. The bank has a pre-defined criterion 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 allows them to have well-managed customers and attract the rich into their customer lifecycle.
building a long-term relationship
The organization also tries as much as possible to build a long-term relationship with their customers by targeting existing customers.
By and large, 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.
Also, in retaining the right customers, you want to know the reasons why they are not active. You are trying to see ways by which you can convert the unprofitable to a profitable customer base.
The right customers are expected to reciprocate by buying more of your products or services.
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