According to a research conducted by Harvard Business School, a 5% increase in customer retention can result in a profit increase of up to 75%, depending on the industry. The key to retaining customers is building strong relationships with them which is a sustained, ongoing and long term process. But such efforts are justified by the lifetime value (LTV) of the retained customer. Customer retention is eventually more cost effective as it requires comparatively less service, at the same time providing more business. It is also revenue enhancing as a satisfied customer may contribute to new customer acquisition through positive referrals.
Approach of Customer Centricity
Our unique Customer Centricity framework is used in all key accounts to drive appropriate actions that continually help customer satisfaction. The key objectives of our framework are detailed below.