Customer Retention Strategies from Jeff Hurt On average, U.S. corporations lose 50% of their customers every five years says business researcher Frederick Reichheld. An average company has a defection rate of 10%-30% of their customers each year, he says. Raising your customer retention by 5% can increase the lifetime value of your average customer by 25% - 100%. So how you do that? Seven Strategies To Use To Create Customer Loyalty And Retention Here are seven strategies from my … [Read more...]
Four Ways Data Mining Is Going To Change Associations
Fundamentally, the only competitive advantage one has is customer knowledge. ~ Thomas Karlaris, CEO, Barclays. CEOs are building and investing in analytic muscle more than any other functional area. They want to connect with their customers as individuals and get to know them better. According to a 2012 IBM study of face to face interviews with more than 1,700 CEOs in 64 countries, 73% of CEOs are making substantial investments to draw more meaningful customer insights from available … [Read more...]
Reasons Why Members Recommend Association Membership To Colleagues
What influences someone to join a nonprofit association? According to a 2012 association study, recommendations from advisors, colleagues, experts, families and friends has the most influence on a person's decision to join an association. 32% of association members state that they joined based on the recommendation of another person. 14% received recommendations from families and friends. 14% from colleagues and 6% from advisors and experts. 5 Drivers That Causes Members To Recommend … [Read more...]
Are Millennials And Associations The Oil And Water Of Today?
It's an association migraine of the worst kind. The tension is as thick as a dense fog. It's at an all time record threat level. It's like mixing oil and water. Some try to label this tension as one of two traditional categories: threat or opportunity. Others say it requires more than identification. This dynamic tension is not temporal. Nor can it be relieved with aspirin or the massage of forward thinking strategic planning. It is the evolving model of how member-based advocacy … [Read more...]
