Customer Loyalty-Case
TTG
Partnering to solve the toughest growth challenges in business
Case Study: Keeping The Right Customers
Problem Statement: Many companies today spend most of their marketing dollars on acquiring new customers. The cost of acquiring a new customer is 5 - 7 times more than reactivating a previous customer.
Issue: Winning back customers is a significant shift in strategy for many companies.
Solution: Developed the “right customer” profile. Identified customer’s with a high likelihood of leaving and those that actually left. Customer’s with a high likelihood of leaving were routed to a retention group that attempted to save them with the right products and pricing. Customer’s who left were interviewed to understand rationale for leaving. Research showed that customers left due to better pricing, poor customer experience or not satisfied with product. Developed value positions for lost customers that met “the right customer” profile and employed a multi-channel strategy to attract lost customers.
Results: Retained 3 – 5% of customers. Won back 25% of lost customers. The value added due to retention and win-back efforts helped drive growth at lower acquisition cost.
How TTG Can Help You: Provide detailed analytics to understand customer’s who are at risk of leaving and those who already left. We will partner with you to create solutions that meet your customer needs and takes into account your capabilities.