FOR A BETTER UNDERSTANDING OF YOUR CUSTOMERS' REQUIREMENTS
The measurement of customer retention embraces far more than the mere ascertainment of customer satisfaction. A satisfied customer is not automatically a retained customer or repeat buyer. The term 'customer retention' on the other hand additionally implies the intention to buy again and is thus a suitable tool with which to measure actual customer retention.
With its Customer Retention Measurement Model, Impulse has developed an approach that provides you with pinpointed, implementable results to boost your customer retention level.
Our model shows you...
- the degree to which you retain your customers
- which factors influence the degree of retention
- what your strengths and weaknesses are
and derives from this recommended courses of action for your company.
Our approach consists of four modules leading to the generation of optimised insights:
- A probing stage to identify every lever of potential relevance to customer retention
- Ascertainment of the degree of retention and relevant levers with which to improve customer retention:
How committed are my customers?
What factors influence customer retention?
What do I need to enhance the retention of my customers?
- Depth-psychological enhancement of the recom-mended courses of action
- Implementation workshop
It is of course also possible to use individual modules separately.
The model establishes 'how committed the customers are to your company', lending equal weight to two interpretations of customer retention: the customer's emotional retention to your company and rational retention, i.e. repeat purchasing.
The Customer Retention Measurement Model measures the experiential dimension of the customer, e.g. their satisfaction with the field service, as well as their attitude towards the company.
With this model we examine for each factor both its perceived importance and its importance as ascertained by means of statistical procedures. Customer satisfaction is of course also measured for each factor, both for your own and for competitor companies. Based on their perceived and statistically established importance, the individual factors can be represented.
Working from this matrix, we come up with targeted recommendations for action that take into account all important determinants. To do this, the factors influencing customer retention, the so-called key drivers, are categorised by importance and level of satisfaction. The factors that you should actively communicate in the market (strengths) and those that you ought to improve (weaknesses) are thus identified. The strengths-weaknesses analysis focuses solely on factors that influence the retention of your customers.