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Customer
retention (Part 2 of 4)
Last month we discussed the
importance of customer retention. To fully implement a
customer retention strategy it is important that we
understand why customers leave in the first place. There are
several reasons that may cause a customer to stop doing
business with a merchant, some we cannot do anything about,
others are a direct result of the merchants actions.
There are five main reasons
that cause a customer to leave:
1. Approximately 4% of
customers move away or die. There isn't much we can do about
the latter but with current technology many businesses can
take advantage of their website to continue serving a customer
who has moved.
2. 5% leave due to a
friendship within another company. There is often nothing we
can do to prevent this, besides, wouldn't we like our friends
and family to do business with us even if they previously
worked with another company.
3. 9% leave due to or
are lured away by competition. Each of you know best how to
compete within your own business or industry. Remember
however, that the longer your relationship with a customer the
less likely it becomes that competition can draw them away.
4. 15% leave due to
Product Dissatisfaction. This one is largely in our hands,
even if a product is defective it is how we deal with the
customers dissatisfaction that determines whether they stay
loyal to our brand.
5. 67% leave due to No
Contact. Now here is something that we can do something about.
Regardless of our industry, staying in touch is a crucial part
of retaining valued customers.
Next month we will discuss strategies to
retain our valued customers and create a win-win situation for both business
and customer.
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Crawford County Coupons
Last month we announced the
rollout of Crawford County Coupons. The site has been actively
promoted for less than 20 days and has had almost a thousand
visitors. Although it is still in it's infancy, the site
appears to be off to a great start!
Crawford
County Coupons
Is Vinyl Making a Comeback?
Digital audio enthusiasts have been predicting the death of vinyl for more than 20 years. Yet reports indicate sales of LPs and singles have actually gone up in 2005.
A lively secondhand market and manufacturers continuing to produce new turntables, are largely responsible for the increase.
New Digital, Portable Turntables are making
it easier to connect vinyl with a computer.
For audiophiles who demand the finest equipment, there are turntables featuring new technology and designs. Check out the
ELP Laser
Turntable. At $15,000 to $19,000 a turntable you may be better off settling for the hiss and pop of that
stereo stored in the attic.
At least we know there is still a market for those old LP's, 78's and 45's.
Check Buysellcommunity.com
for 1000's of hard to find LP's and 45's.
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