Customer Loyalty and Retention @ GP Strategies - $GPX
The seminal management book In Search of Excellence, by Tom Peters and Robert Waterman, was published in 1982, and remains one of the one of the biggest selling and widely read business books ever. Peters and Waterman found eight common themes which they argued were responsible for the success of the chosen corporations, which have become pointers for managers ever since. in this video Tom Peters puts a value on customer retention. Peters asks the viewer to forget complex data analysis and concentrate on the customer instead.
Wikipedia defines Customer Retention as:
"The activity that a selling organization undertakes in order to reduce customer defections. Successful customer retention starts with the first contact an organization has with a customer and continues throughout the entire lifetime of a relationship. A company’s ability to attract and retain new customers, is not only related to its product or services, but strongly related to the way it services its existing customers and the reputation it creates within and across the marketplace.
Customer retention is more than giving the customer what they expect, it’s about exceeding their expectations so that they become loyal advocates for your brand. Creating customer loyalty puts ‘customer value rather than maximizing profits and sharholder value at the center of business strategy’. The key differentiator in a competitive environment is more often than not the delivery of a consistently high standard of customer service.
Customer retention has a direct impact on profitability. Research by John Fleming and Jim Asplund indicates that engaged customers generate 1.7 times more revenue than normal customers, while having engaged employees and engaged customers returns a revenue gain of 3.4 times the norm."
GP Strategies (NYSE: GPX) and its Sandy Division develop a variety of custom solutions that help support marketing and education strategies for clients. Combined with quality product and service support, these solutions help engage the customer and reinforce a positive total ownership experience—thus reinforcing customer loyalty and advocacy. GP Strategies' customer loyalty process allows clients to keep their customers interested in repeat purchases by providing timely, relevant support, and information that:
• Engages the customer
• Reinforces brand image
• Creates brand advocacy
Targeted tactics earn loyalty and repeat sales:
By analyzing specific customer loyalty objectives, Sandy can develop a solution specifically for you. Sandy is prepared to supply the expertise needed to exceed client goals. Thier ability to deliver specific skills or seamlessly merge a range of capabilities enables Sandy to provide all-inclusive, turnkey service. From new product launches to customer loyalty initiatives, Sandy's expertise in all project phases can help you build your business, with a focus on unmatched ROI — to exceed the investment you make in Sandy.
Sandy incorporates one or more of the following strategies:
• Custom communications—Build stronger relationships and increase brand advocacy through custom print and digital communications that positively impact your ROI.
• Personalization—Use targeted personalization to deliver smart messaging to specific groups in order to influence behavior.
• Lifestyle accessories and portfolios—Improve customer satisfaction through informative lifestyle accessories and product portfolios.
• Customer events—Want to stay close to existing customers and find new ones? Invite them to your place for a fun event.
• Partnership marketing—Engage customers by offering valuable discounts from well-known brand leaders.
