CRM Chapter 4: CUSTOMER RETENTION AND DEVELOPMENT . RMPI

Managing the Customer Journey: Customer Retention and Development – Chapter 4 Overview In this video, we dive into the next stages of the customer journey: customer retention and customer development. We begin with why keeping and growing existing customers is often more profitable than chasing new ones. What You'll Learn: · What Is Customer Retention? – Sustaining continuous trading relationships over the long term, and why a 5% increase in retention can boost customer net present value by 25–95%. · Measuring Customer Retention – Raw, sales-adjusted, and profit-adjusted retention rates, plus the challenges of product, channel, and functional information silos. · The Role of Research in Reducing Churn – Why customers churn, lead indicators of impending defection, and addressing root causes. · Deciding on the Best Customers to Retain – High CLV customers, high-volume customers, benchmarks, inspirations, and door openers. · Approach #1: Building Customer Engagement – Broadening and deepening relationships, delighting customers, and sales promotions (vouchers, rebates, patronage awards, collection schemes). · Approach #2: Increasing Switching Costs – Social bonds, structural bonds (financial, legal, equity, knowledge, technological, process, geographic, multi-product, values-based), loyalty schemes, and customer clubs. · Customer Development – Cross-selling, up-selling, and reducing cost-to-serve. · Ending Customer Relationships – Making customers profitable, cutting cost-to-serve, unbundling the offer, and respectifying the product. · The Role of CRM – Analytics and insight, campaign management, marketing optimisation, event-based marketing, and customisation. · Key Performance Indicators – Measuring retention, development (cross-sell, up-sell, engagement), and termination. Case Illustrations: Business Accounts in Hardware Sales, the Nectar Loyalty Programme, the Harley Owners Group (HOG), and Creating Social Bonds in B2B Settings. Perfect for students, professionals, or anyone curious about how companies keep, grow, and sometimes end customer relationships. 🔔 Don't forget to SUBSCRIBE to our channel, LIKE this video, COMMENT your thoughts below, and SHARE it with others! 📚 Want to advance your career? Register for our professional courses at 👉 rmpinstitute.com · SCM – Supply Chain Management · PMP – Project Management Professional · CRM – Customer Relationship Management · HRM – Human Resource Management #CustomerRelationshipManagement #CRM #CustomerRetention #CustomerDevelopment #CustomerLoyalty #CustomerEngagement #SwitchingCosts #LoyaltySchemes #CustomerChurn #CrossSelling #UpSelling #CareerGrowth #RMPInstitute #RMPI #ProfessionalDevelopment #BusinessEducation