The average company loses 20% of its customers a year. But most managers don't realise that retaining a mere 5% of these defectors could boost profits enormously. Why? Because loyal customers spend more, refer new customers, and are less costly to deal with. This book spells out an exciting new approach to achieving zero defections. A follow-up to "Keeping Customers For Life" (also available from Management Books 2000) it focuses companies on their single greatest asset - loyal customers - and shows how they can: measure customer defections; interview defectors; use "recovery" strategies to bring customers back; listen to customers in order to prevent defections; use information gained from defectors to improve products or services. Joan Cannie is the author of "Keeping Customers For Life".
Book Description
Editorial Reviews
From Publishers Weekly
Cannie ( Keeping Customers for Life ) asserts that "loyal customers spend more, refer new customers, and cost less to do business with than new customers." Yet the average American business loses 20% of its customers each year, losing hundreds of millions of dollars in profits. Can anything be done to stop the hemorrhaging, develop more effective customer service procedures and, as the author wonders, "turn lost customers into gold"? In this useful guide, Cannie, founder of Learning Dynamics, develops effective procedures to regain lost customers through benchmarking, collecting data, analyzing defections and interviewing defectors. Once a realistic retention program is in place, Cannie describes the procedures a company should initiate to keep clients loyal, including removing communication barriers and resolving complaints. Her use of questionnaires, case studies and telephone marketing techniques enriches a book filled with concrete suggestions. Fortune Book Club alternate.
Copyright 1993 Reed Business Information, Inc.
Copyright 1993 Reed Business Information, Inc.
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Most Helpful Customer Reviews
2.0 out of 5 stars
High School Level Literature,
By A Customer
This review is from: Turning Lost Customers into Gold: ...and the Art of Achieving Zero Defections (Hardcover)
There is a bit of interesting information in this book (calculating the lifetime value of a customer), however it tends to be a bit simplistic. I would be surprised if the author uses this book in advising senior executives of larger companies as advertised. There is a very basic set of common sense good ideas, but it's not much of a cookbook for those interested in working on significant customer satisfaction problems.
3.0 out of 5 stars
101 on Customer Retention,
By A Customer
This review is from: Turning Lost Customers into Gold: ...and the Art of Achieving Zero Defections (Hardcover)
This book gives a nice and simplistic view of customer loyalty. The book could serve as a start for a small scale customer loyalty program. Unfortunately the book is somewhat artificially practical. Implementing a program needs a lot more than a sample letter to request benchmarking. You may came up with new ideas and enthusiasm to begin your own program, but the provided examples don't take you too far. This is a good book if you want to get a brief overview of customer retention and if you want to identify where to start. If you are looking for a more advanced wisdom, please get something else.
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