Customer retention

On average it costs six times more to acquire a new customer than to get further business from an existing customer. That’s why customer retention is important to any business.

Keeping your customers satisfied at every stage of their journey can boost loyalty and increase repeat business. This means you can operate with leaner sales and marketing teams that can focus more of their energy on existing customers, where better returns are to be had.  

The challenges of customer retention

If there’s one fundamental problem organisations face when developing and maintaining customer retention strategies it’s this: they don’t have a unified image of their customers in one easy to access location.

With so many places that a customer can interact with your business (in a physical location, on the phone, through a website, email, social media and more) the only way to get a complete overview of each customer is by pulling all the data together. Without this you have a fragmented view of them, and can’t hope to nurture the relationship effectively.

With multiple, disjointed systems you’ll take longer to respond to them, to give them the right information, to fix their problems, and you will lose their business. Having a customer relationship management system in place is vital, but making your CRM effective takes more than just the latest software.

How PwC can help your customer retention?

We can help in all areas of retention, including:

  • analysis of existing strategy

  • customer strategy and target operating model work

  • customer journey mapping

  • customer segmentation

  • existing customer technology analysis

  • customer technology selection

  • customer technology implementation and deployment

  • programme management

  • benefits management.

But it has to start with understanding the customer. By getting a grasp of the total customer journey we can see whether your existing approach is fit for the digital age and covers areas like social, mobile, and analytics.

While this sounds simple it is highly involved. It requires a thorough investigation of how and where your customers come into contact with you, the sorts of technology they are using and the types of issues they may have. Only after a detailed analysis can we begin to think about customer retention technologies you can use to improve how you operate.

Customer retention platforms

We work with the leading firms in the sector and use a combination of their insights, our experience, and your needs to make recommendations on which CRM system and other technologies are right for you.

Salesforce has proven that their technology can increase customer retention by an average of 20%, up to 42%. Those numbers can make a huge difference to revenues.

We’re also certified partners with:

All of these platforms can build accurate profiles of customers using data from multiple sources.

Once the selection is made it’s on to implementation. Most businesses simply don’t have the skills or resources to handle the mass transformation required to overhaul a customer retention strategy. We’ll support you at each stage, ensuring you have the right knowledge to make informed decisions. At the end you’ll have the strategy, tools, and insight you need to look after number one: your customers.

Contact us

Matthew Hobbs
Partner
Tel: +44 (0)20 7213 1565
Email

Justin Gaydon
Industrial Products Director
Tel: +44 (0)771 213 7344
Email

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