DestinationCRM.com

Ben Martin of DesitnationCRM.com, one of my favorite industry pubs, has a great article up entitled “The 5 Realities of Customer Retention” that really struck a chord with me.

Martin posits that the power weilded by customers with relationship with your brand cannot be ignored. It’s hard to argue with that! Further, he gives us the following key points:

Today, every customer has the power to hurt or strengthen your brand through social media. Any news about your business — the good, the bad, and the ugly — now spreads like wildfire at the click of a button.

Here are five things you must do to retain customers and maximize the revenue potential they offer your business in today’s increasingly collaborative world.

1. Truly Change Into a Customer-Centric Organization
reshape and redefine your culture to focus on customer satisfaction and retention

2. Social Media — Don’t Hide from It, Harness It
Servicing your customers in the channel they prefer, from Facebook to the Web, builds loyalty and helps you keep the customers you have

3. Understand that Customer Service Is the New Marketing
a customer-centric organization focused on service and implementing customer feedback will generate more revenue and reduce traditional marketing spend by building brand loyalty in new channels

4. Run Service as a Profit Center, Not a Cost Center
Companies with the highest satisfaction and retention rates run their service centers as independent profit-and-loss units

5. Treat Every Customer as High-Value
Beyond social media, support availability through multiple communication channels translates to the delivery of effective, top-tier service. You’ll avoid brand damage while driving new customers all without adding headcount and escalating costs. This kind of process also nurtures customers to renew and sign on for new business. You may even recruit a new “Net Promoter” or collegial member of your online army of customer advocates.