Significant changes in customer retention rates have resulted in extraordinary improvements in profitability. One survey found that a 5% increase in customer retention consistently resulted in a 25% to 100% increase in profits. These almost unbelievable results would suggest that there must be a powerful force Michael Thomas Saints Jersey , (your emotional connection to your customer) which needs to be understood and effectively managed.
Creating a new business model that focuses on loyalty would then suggest, in fact, a linkage between all elements of a business system: your employees Michael Thomas Kids Jersey , customers, and investors and the generation of profits. Providing customer value begins with a management philosophy that supports the cultivation of strong customer relationships and is implemented by having properly trained and motivated employees who know how to deliver value. Research has shown that customers who have an emotional connection and feel valued will repeatedly come back and do business with your organization as well as provide a strong referral base for new customers. Loyal customers repeatedly purchasing your product or service are what generate sustainable business growth and profit. However, your practices and processes that generate loyal customer relationships must be in place before you will begin to see a profitable impact. This model does not work in reverse Michael Thomas Youth Jersey , although many organizations by their actions appear to think the reverse is possible.
This new business model is important because it initiates a series of steps that can cascade through an organization as follows:
1. Revenues and market share grow as your best customers (loyal customers) build repeat purchases and recommend you to others who also become loyal.
2. Employee retention increases due to job pride and satisfaction, which in turn creates a loop that reinforces customer retention through familiarity and better service to the customers. Customers like doing business with people they know and your employees want to do the right things because it makes their job easier and far less stressful.
3. As costs go down and revenues go up, profits increase. Improved profits provide resources to invest in employee development and compensation (further increasing retention) Michael Thomas Womens Jersey , and in new features and products that enhance customer value. Profits are important not just as an end in themselves. They also allow the organization to improve value and provide additional incentive and reasons for employees, customers, and investors to remain loyal to your organization.
4. Costs begin to shrink as the expense of acquiring and serving new customers and replacing old customers declines.
This loyalty model effectively provides insight to success versus failure in any organization. It is clear that the companies or organizations with the highest retention rates (retention of loyal customers) also earn the highest profits and maintain viability. As mentioned earlier Authentic Michael Thomas Jersey , loyal customers reduce cost. In one study, it was found that in most service organizations word of mouth advertising accounted for one-third to one-half of all new customers. Relative customer retention also explains bottom line implications better than market share, scale Michael Thomas Jersey , cost position, or any variables usually associated with a competitive advantage.
So what can you do differently for your business? Perhaps a good place to start would be to find better ways to create and sustain a loyal customer base. While there will be an investment, the advantages will be enormous for your customers, employees, and investors. Strictly from a financial perspective, revenues increase from improved service quality tend to be 10 to 20 times the costs associated with fixing the problem. What strategies do you need to implement today? Family photographers are professional photographers who specialize in taking photography of the whole family. They will consider the parents and the children. To be a well-recognized family photographer you have to have the skills and knowledge of the best posture and also the right moment for taking a particular photograph. Over the decade the use of family photographers has become quite common for families. Nowadays most families will consider use of a professional photographer to take the photo rather than use a random photographer. Having the right photograph especially for families is the best way to preserve some of the memories associated with specific times. The following are some of the family photographers found in the Central Coast.
1. Beth arms heimer photographer. She is a professional photographer who has specialized in creative and artistic portraiture. She is based in the central coast region offering her services to the area and the adjasentareas. She has also included maternity#7# newborn and children photography in her specialization. She offers both on site and also studio photography.
2. Biografix This studio is owned by Linda Robson who is a trained digital media expert who has been operating this business for over five years. She uses the best equipment to produce her photos. The use of high quality lenses from zoom angles to wide angels and also lighting is done with outmost care. She also performs videography. They offer competitive