Customer Retention Solutions
Get closer to your customers and improve the customer experience in real-time.
Customer Retention Solutions Our customer retention solutions bring you and your customers closer together, with the tools you need to improve customer experience in real-time.
A 5% increase in customer retention produces a more than 25% increase in profit.- Bain & Company.
Why is customer retention so important? Bain & Company, one of the world's foremost consultancies in the business space, concluded that across a wide range of businesses, the profit generated by any individual customer increases the longer they stay with a particular company. In the financial services industry, for example, a 5% increase in customer retention produces more than a 25% increase in profit.
How? Because returning customers are more likely to buy more from a company over time. As they do, the operating costs to serve them decline. And what's more, returning customers are more likely to refer others to your company, and they'll often be prepared to pay a premium to continue to do business with you rather than switch to a competitor with whom they're neither familiar or comfortable.
The customer relationship is made up of many events, occuring across multiple touchpoints. These events might include placing an order, contacting a call centre, interacting on social media or utilising live chat. Whichever touchpoint is chosen, customer views need to be captured immediately after the individual event. These viewpoints provide an invaluable resource for any customer experience programme.
We partner with our clients to build omni-channel customer retention programs that respond to customer needs and resolve customer issues on a real-time basis.
Our customer retention programmes take real-time data and translate it into real-time actions, closing the loop on customer experience issues and delivering more satisfied customers.
Our exclusive partnership with Watermelon Research provides you, our clients, access to one of the world's most responsive and customisable dashboards for analysing and tracking your customers' feedback and concerns.
The Watermelon Dashboard not only shows you what your customers are thinking and feeling, it provides insight that is actionable so that our clients understand how to use the data collected to effect change and drive improvement. This includes setting up hot alerts which are triggered when a customer expresses a specified level of dissatisfaction.
These details are then emailed to our teams or individuals, with copies to our clients, so that they can re-engage quickly with these customers and rectifty the situation. In turn, this allows you to review customer comments to gain a more detailed picture of the customer experience, which helps to inform what further strategic action planning should take place.
To assist our clients to log and monitor these action plans, the Watermelon dashboard can also include a dedicated action management area.
Our overall goal is to drive action that is relevant and immediate to improve your brand's perception with your customers, increase your overall NPS, and most importantly improve your customer retention.
Customer Retention Solutions Why Work With Us?
The way your customers feel after an interaction is arguably the most important indicator of whether they will become return customers and whether they will actively advocate for your brand, or against it. This is customer experience.
CDM Direct & Watermelon do things differently. We live and breathe the importance of the customer experience and the impact it has on your brand profile. Customers today use technology to become hyper-aware and demand an outstanding service experience. By utilising real-time data, we deliver programmes that provide the 'Wow' factor, matching the impact you want for your brand and delivering a new level of service.
Thats why at CDM Direct, we have developed a unique approach to real-time improvement that's delivered through solutions you simply won't find anywhere else. At the heart of our approach is the recognition that, just as no two customers are identical, so no two businesses are the same. In practical terms, this means we challenge, engage and inquire until we are confident we can tailor a solution that aligns precisely with your specific needs.