How do you keep and engage your existing customer base in times of recession?
With recession and general overcrowded markets in mind, customers –hold an even greater power than before and have high demands on both services and products. If businesses fail to keep up and cater to the customers’ needs, they risk losing their customer base as switching provider has become easier than ever.
Optimizing customer retention is key…
In a recession, more than ever, companies should focus, companies should prioritize their existing customer base over new acquisitions. Not only is it five times cheaper to retaining customers vs. acquiring new ones, but current customers are 50 percent more likely to test new products. Moreover, existing customers are significantly more profitable than new customers.
Thus, the recession is a good time to ensure your company is set up to cater to its existing customers in the best possible way to further increase loyalty, maintain revenues, and build for the post-recession future.
The presentation will focus on following topics:
- What are the common pitfalls in managing your current customer base – and how to address them?
- What is needed to establish a good foundation, with a data-driven approach in mind?
- How to improve customer base management through context-based customer engagement?
- How to make it stick and create an organizational mindset for best-in-class customer base management.
We will take pictures and video records during the presentation. Please let us know if you do not wish to appear in this.
The event is a solely physical event and virtual participation is not possible.
The event is free of charge.