Customer retention strategies for lasting loyalty

Customer retention strategies concern a company or product's ability to keep its customers over a specified period, while selling organizations generally try to reduce customer defections. What helps turn customer relationships into lasting loyalty, and how can organizations understand and support that process? The lessons connect service, customer value, and rewards to the broader work of building lasting relationships.

2 articles, 1 book · about 9 min of reading and viewing

The reading path

1. Read
   

   customer retention strategies · Wikipedia · 7 min read

   For customer retention, published standards aim to increase the lifespan of a customer. The International Customer Service Institute (TICSI) released The International Standard for Service Excellence (TISSE 2012), which helps organizations focus on customer service excellence and recognizes success through a 3rd Party certification scheme.

2. Read
   

   Customer Loyalty Was Once Measured in Green Stamps. And the More You Shopped, the Bigger the Rewards · Smithsonian Magazine · 2 min read

   S&H Green Stamps was a rewards program in which shoppers collected stamps from participating stores and redeemed them for merchandise. The stamps went digital the following year, rebranded as "Greenpoints," but this and other rebrands failed to recapture the magic: S&H was obsolete thanks to the phenomenon it had created. For customer retention, S&H Green Stamps rewarded shopping: customers received a stamp worth 10 points for every 10 cents spent at participating stores. They could redeem enough stamps to fill a booklet at an S&H showroom for merchandise, from furniture to silverware.

3. Book
   

   The Loyalty Effect: The Hidden Force Behind Growth, Profits, and Lasting Value · Bookshop.org

   The Loyalty Effect by Frederick F. Reichheld describes the business philosophies behind loyalty leaders' results and explains why companies that ignore customer defections face low growth, weak profits, and shortened life expectancy.

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