Why Mindshare? - Glossary

 

Customer Retention:

When a customer is loyal to a company, brand, or to a specific product or service, you've got Customer Retention. Customers with a positive customer experience express long-term commitment to a specific business, and the sum of their past experiences with your company drive them to prefer your company or product over your competition.

Customer Retention is much, much cheaper than Customer Acquisition. (Hang on to the ones you've got before you go looking for others!) The best way to keep your customers is by getting their feedback on a regular basis, listening to it, and acting accordingly. Most problems can be remedied by prompt intervention.

For example, one of our clients—a restaurant owner—received a survey stating that the soup didn't have any meat in it. Upon investigation, the restaurant owner discovered that his employees weren't stirring the soup before they served it, and since it was a large tureen of soup, all the meat had settled to the bottom. All the owner had to do was teach his employees to stir the soup. Simple solution, but he never would have known the problem if he hadn't listened to his customers.