Why Customer Retention


 

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Customer retention and satisfaction drive profits. It's far less expensive to cultivate your existing customer base and sell more services to them than it is to seek new, single-transaction customers

Value Innovation

The value innovation concept provides a relevant support for questioning product/market strategies as well as underlying assumptions. You must examine radically what constitutes real value for customers by asking fundamental questions: what value offering need to be introduced or increased to meet customer needs? What value offerings can be reduced or eliminated, because they do not constitute real value for customers?

Relationship Marketing and Selling

The selling process never ends. Your relationship with your customer should continue to grow. Focus on customer needs to make your relationship marketing and selling efforts mutually beneficial and to keep the sales rolling in.

Measuring the Success of Your Customer Retention Strategy

Customer attrition – the number of customer who did not renew their relationship in any one trading period, expressed as a percentage of the number of customers at the start of the month – is the key indicator in measuring the success of your retention and customer service program.

Apply 80/20 Principle

The 80/20 Principle tells you that marketing should focus on providing a stunning service in 20% of the existing products/services that generate 80% of fully costed profits. It should devote extraordinary endeavor towards retaining 20% of customers who provide 80% of the restaurants profits.

Case in Point  Amazon.com

Amazon.com works hard to achieve value-added differentiation through customer-focused information services. Amazon.com's site retains customer preferences and provides automated customization for users.

Amazon.com's market success depends on its ability to maintain and grow its customer base by knowing and serving its customers better than its competitors and providing a higher level of value-added differentiation in customer service. Due to high level of customer satisfaction, repeat customers account for approximately 60% of Amazon.com's orders.

 

Case in Point  Dell Computer Corporation

"At Dell, we've always tried to exceed customer expectations with our products and services," says Michael Dell, the Founder of Dell. "When you delight your customer – consistently – by offering better products and better services, you create strong loyalty. When you go beyond that to build a meaningful, memorable total experience, you win customers for life. Our goal, at the end of the day, is for our customers to say, Dell is the smarter way to buy a computer."