Customer Retention Tip:
Fill your customer’s experience bank accounts
Stephen Covey talks about an “emotional bank account” as a way to understand how to build (or reduce) trust with someone. I use a similar metaphor to describe how to increase customer retention. I call it the “customer experience bank account”.
This account exists between every organization and their customers. It changes with every contact a company has with their customers. Positive experiences fill it up. Negative experiences draw it down. And the more full it is, the more loyal that customer will be.
So to increase customer retention, you need to fill your customer’s experience accounts every time you have contact with them. And you do that when you deliver positive and memorable experiences.
From now on, every time you interact with a customer, picture a bank account statement. Know that your actions and attitude will either increase or decrease what’s in that bank account. And remember, the more full that account is, the more loyal that customer will be. What will you do to fill it up?