What's So Great About Being a "New" Customer?
I constantly see commercials for mobile phones or cable service that entice new customers with great discounts and special offers. If I'm already a customer, it makes me mad that only the "new" customers get the good deals. Why should I be treated worse because I'm already a customer? The acquisition frenzy in many of these industries can turn off current customers and make them switch to a competitor.
In today's issue of 1to1 Weekly, an executive at Verizon Wireless talks about how the company focuses on retention and product quality just as much, if not more so, than acquisition. The company banks on the concept of "reliability," and has been rewarded with customer loyalty. What’s your organization’s approach to customer retention?
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