What are three main steps a company can take to reduce their customer defection rate.Givee examples please---Today, companies are increasingly concerned about customer defection.
pohnpei397 | Certified Educator
Different experts will identify different steps that companies can take to reduce customer defection. Some ideas that are commonly cited include:
- Use of loyalty programs that offer the things that customers truly want. Firms must be sure that their loyalty programs are offering things (like free first class upgrades, for example) that are actually important to their customers.
- Making sure that prices are competitive and service is good. These are the sorts of things that make customers want to come back to a firm. There is no substitute for good pricing and quality.
- Using business intelligence to find out more about the firm's customers. Firms need to know more about their customers' habits, their needs, and their wants. This sort of knowledge allows them to craft products and ways of presenting the products that will prevent defection.