“Choose to deliver amazing service to your customers. You’ll stand out because they don’t get it anywhere else.”
For humanists; it is to spread the message of humanity, for philanthropists; it is to spread the word of helping each other, for businessmen (few in numbers) ; it is to eliminate poverty and even for the terrorists ; their core value is what motivates them to fight (for good or evil reasons).
— ProTexting (@ProTexting) January 31, 2019
Similarly, businesses also have core values which define their Brand, Profitability, customer base and most important method of Business. Whereas a company or Brand choose to make affordable sports shoes to be helpful to financially weaker people, for another, the core value may be “do not compromise with the quality, no matter what the price is.”
It does not sound like rocket science to be able to understand that the most valuable asset for a company is its Customers or the end users. The people, who buy things or services from a company, are those set of people who have full trust in the products they purchase.
The mantra of retaining customers is so famous that it can either ‘make’ or ‘break’ the enterprises. The pages of philosophy (apparently, the philosophy of commerce) reveals the secrets of retaining of the large set of people, who buys the things and services with a sense of Trust.
Customer retention is also what revolves around the core values of a company.
In this article, we will cover a few important points
- The companies having the most massive market cap with statistics
- 5 To-dos for Customer Retention
- Get Visibility First
- The Trust Issue
- Never Ever Compromise with the Quality
- Find the factor which makes your existing customers to “Recommend You.”
- Get Reviews (An Honest One)
- A simple but effective “Harvard Business School” story
- How some of the companies are going extra miles for their customers
1. Companies with the most massive Market Cap
As per the reports of Statista.com, here is the list of companies which year after year have proved their mettle and their ability to retain customers. The ranking below shows top companies with their market share in billion US dollars
2. How to increase User Retention
Did you know?
Ivan R. Misner, writer of world’s famous book “The World’s Best Known Marketing Secret: Building Your Business with Word of Mouth Marketing” in his book has underlined the following points in this era of changing business methods.
2.1 Get Visibility First
How can App Development Companies be expected to get success in attracting and retaining its customers if it is unknown to its customers? With thousands of Business mushrooming on every nook and corner, getting visibility is the most critical part.
Sharing his insights on ‘getting visibility,’ Ivan said that he studies several companies which are considered a great success in terms of customer base and revenue generated. These companies are successful because of their ability to get visibility.
Ivan further says, some of the companies even started their advertising campaigns much before they born. They wanted their competitor to feel the heat of what’s coming next.
2.2 The Trust Issue
“Trust of customers is most important in Business” underlines Ivan.
It is the trust for which people pay. It is the trust people buys for. And it is the trust for which people again come to buy.
This part is so crucial that even the companies which are in the top 5 spots in terms of revenue get terrified by “Trust Breach Allegations.” The recent allegation of Data Breach and Account hack on Facebook saw a sharp decline in some active users of the application which ultimately made the company come to its knees.
How can a bank be expected to attract and retain its customer base, if it has trust issues? No one is going to deposit their hard earned cash with that bank. How can a food delivery app be expected to retain its customer if it is failed to make customers realize that they cooked the food with the utmost care?
vanity, a merchant services web-based as well as mobile based application in its detailed report of “The scary side effects of a cyber breach” has underlined the following consequences of a possible data or trust breach
- Diminished Reputation
- Decreased Competitive Ability
- Lost Customer Trust
- Reduced Revenue
2.3 Never Compromise with QUALITY
Samsung’s Galaxy Note 7 Case
The year 2017, saw a dramatic case of a reputed brand like Samsung in the news for faulty mobile phones. It was Samsung Galaxy S7 which was in the story for wrong reasons after it started exploding in pockets of customers. The Galaxy Note 7 went on sale on August 19, and reports of batteries smoking and catching on fire soon followed.
Not only this faulty phone was too dangerous for customers but also dangerous for the company’s reputation too. The Best Mobile Application Development Companies give prime importance to quality.
The cost of quality Compromise
Samsung reported it would lose more than 3 trillion won, or $2.6 billion, in operating profit from the fourth quarter of this year through the first quarter of 2017 due to the decision to discontinue the device.
Samsung moved quickly to recall the phones with an announcement on September 2, but then some replacements were also reported to catch fire. On October 11, 2017, less than eight weeks after the Galaxy Note 7’s introduction to the market – Samsung said it would end production and discontinue the smart-phone completely.
All happened due to a “faulty phone battery.” If quality issues can cause this much of loss to a brand like Samsung, think where small and medium-sized companies, as well as start-ups, will stand in the face of calamity. Again, Never- ever compromise with the Quality
2.4 Find the factor which makes your existing customers to “Recommend You.”
Before the “Rise of Batman” oh sorry, “Rise of Social Media Marketing,” it was word of mouth considered as marketing panacea. It is not that the method is dead now, it’s just has changed its form. Now the mouth marketing is found on the platforms like YouTube where hundreds of YouTubers are there who through their honest review of products can drastically make or break the customer base.
The significance of this form of marketing established by the fact that these solo YouTubers are now getting attention. They’re also geeting invitation from companies to visit their plant to review the products.
So as part of your customer or end user retaining a policy, it is highly advisable to have a mind mining session on that single feather that only your company offers. Just go through the products or services which can encourage the customer to “recommend you.”
“Anti-ageing” is what customers recommend abut L ‘O’real
I recently heard my mom recommending “L‘O’real” products for best “anti aging features.” So, do you have any product which your customers can recommend? Just think about that.
2.5 Get Reviews (an honest one)
A simple business story from Harvard Business School
Donna Dubinsky, a Harvard Business School Graduate, who made a career in leading tech revolutions, shared a story which she heard from her professor of Harvard Business School in initial days of her MBA.
The story, though simple yet effective which the companies are having millions of dollars in a budget of their customer retention policy often implement.
3. The “Harvard Business School” Story
The story is about a gardener who used to soil and decorate the garden of a wealthy businessman of the town. His master, i.e., the Businessman was very satisfied with his professionalism yet informative approach towards gardening. The gardener who always had a habit of giving the best of what he had, also had a strange but very professional habit getting reviews.
The Gardener, as a stranger, used to call from a Public Booth to his master and ask for a job as a gardener in half of the salary of his present gardener. But every time his master refused citing the reason of already having an excellent and professional gardener.
What a simple but strong message this story imparts for all the businesses and apps out there who want more prominent customer retention. A honest and robust review system is the way out in this cut-throat competition.
4. Companies who covered Extra Mile for Customers
The customer-centric training
“Customer First” is the line that the Hotel teaches its staff while imparting training. Herve Humler, CEO of the company, said in an interview “Ritz – Carlton was designed to set a standard in Hotel Industry, We don’t want to be just an another Hotel.”
The name Ritz-Carlton as seems sophisticated and the staff makes sure the services matches the brand’s reputation. Ritz-Carlton is known for putting guests first and for creating an emotional connection between guests and employees for the best hotel stay possible.
The touchy incident
A business executive, who is the hotel’s frequent guest, remembered one incident when he on a business trip to New York stayed in the Hotel. In his previous visit, he just casually mentioned in conversation with the manager of the hotel that ‘he loves black chocolates.’
The personal touch
To his utter surprise, during his next stay, black chocolates were presented as ‘goodies’ from the hotel. It is the part of Carlton’s Business Model.
- Buffer App
For the Social Media Management App, Customers are such a focus that the support team is known as the Happiness Team. By always staying in contact with its customers, Buffer can answer questions and address problems as quickly as possible. Customers come first in everything the company does, and every employee is always on the lookout for ways to “wow” customers.
Walmart is a giant which is believed to go to any extent to please its customers. The one of its kind and biggest grocery store in the world, Walmart’s business model aggressively leaves a print of service by going the extra mile for the customers.
- Harley Davidson
Not any-other Motorbike Company
Since its inception in 1903 in Milwaukee, Wisconsin, United States, Harley Davidson made it very clear that the company is not going to be just another Motorbike Company.
The Harley & Davidson Family
Once a customer purchases a Harley Davidson motorcycle, they become part of the Harley family for life. Customers are encouraged to join the 325,000-plus member of Harley Owners Group or HOG. The group connects riders and with the brand and helps with maintenance and other bike issues. Harley Davidson knows that buying a bike is a big purchase, and it puts its customers first to create a brand they can stand behind forever.
The example setting Professionalism
The professionalism of the company established by the fact that they do customer check before selling a unit. The just denied selling one of their motorcycles to a minor who was ready to pay for the bike only because that minor was not allowed legally to ride a bike.
Like its arch rival Walmart, Amazon too is not behind in pleasing customers. It is its customer-centric business policies which helped Amazon get established in Asian markets like India having more than a billion of the customer base.
From free two-day shipping to streaming movies and grocery delivery, Amazon Prime aims to make customers’ lives more comfortable in just about every area. The company is always innovating and finding new ways to solve customer problems. It also has a responsive service team that is empowered to provide gift vouchers and free months of Prime service if anything goes wrong.
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