CitiXsys conducted a webinar on 5 ways to manage and enhance customer loyalty on 29th Sept. and it was a resounding success.
The topic and discussion on Customer Loyalty is quite pertinent – more so after the businesses, especially retail have come out of serious recessionary times. As much important is to acquire new customers, it is equally important, if not more to retain the existing ones. Cost and the time value of money required to acquire a new customer is over 6 times more than what is required to retain an existing one.
Customers who are loyal are happy customers. In today’s world where Social Media is an integral part of one’s being; it very soon transforms into evangelism. A happy customer narrates his experience on his social network and soon the experience/testimonial becomes viral.
The webinar also discussed different techniques and ways by which customer retention can be managed and enhanced. The one important building block is to have an integrated loyalty and customer management system – A system that is tightly integrated with the other operational processes for example retail, customer support, finance, sales and logistics.