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Best Practice Customer Retention - Cost effective strategies to maximise Residential customer loyaltyProduct Type: Market Research ReportPublished by: Datamonitor Published: July 2003 Product Code: R313-5853 Description IntroductionIncreasing costs of replacing customers and the strategic need to develop the customer base has placed greater focus upon delivering best practice in retaining customers to improve lifetime value. As direct sales tactics continue to win even those customers who are satisfied with their utility, new strategies need to be employed if customer value and margins are to be preserved. Scope Stage 1: Consistent Service Competency - how to eliminate dissatisfaction through the provision of reliable and consistent levels of service. Stage 2: Customer Lock-In - building barriers to switching or creating positive reasons for the customer to stay - current and best practices Stage 3: The Safety Net - ongoing efforts by utilities to identify and catch customers in difficulty, thereby improving satisfaction. Stage 4: Crisis Point - Emergency efforts to retain customers in danger including home moving and winback strategies used in Europe. Report Highlights The Future of Customer Retention chapter provides a jigsaw of identified best practices from Europe, America, and Australia to improve customer loyalty from an optimistic 10% in 2003 to 30% by 2006. Case studies of 26 companies across all retention-influencing aspects of contact and the proposition in general provide an excellent overview of where utilities can improve. This includes 9 detailed case studies that can be used as a model for emulation. Analysis of the key drivers for retention in 2003, plus how these can be expected to change to 2006. This involves an assessment of the role of perceptions, expectations, and the management of these factors by the utility. Reasons to Purchase Learn how to improve customer loyalty by up to a factor of three by 2006 by following best practice examples. Understand how to build a powerful brand by first eliminating the underlying dissatisfaction with the customer proposition. Achieve business and product uptake objectives by retaining customers for development -retention is now a more important priority than acquisition. Table of Contents CHAPTER 1 EXECUTIVE SUMMARY Introduction Stage 1: Consistent Service Competency Stage 2: Customer Lock-in Stage 3: The Safety Net Stage 4: Crisis Point The Future of Customer Retention CHAPTER 2 JUSTIFYING A BUDGET FOR CUSTOMER RETENTION Introduction Key findings Relative costs - retention versus sales & marketing budgets Customer retention in the service context Customer apathy Switching and retention Fast returns - limiting dissatisfaction Long-term benefit - developing customer loyalty Methodology for best practice STAGE ONE: CONSISTENT SERVICE COMPETENCY Introduction Key findings Eliminating customer dissatisfaction - the utility today The role of the call centre in building satisfaction Speed and consistency of query resolution Complaint management - trouble or treasure trove? Payment methods: pull and push strategies Risk scoring at Exelon Corp. for debt collection Customer acquisition - start as you mean to go on Eliminating customer dissatisfaction - best practices STAGE 2: CUSTOMER LOCK-IN Introduction Key findings Building customer loyalty - utilities today Customer communications - from the tariff to the bill Self-service - empowering the customer Credit Union Australia - Automatic Speech Recognition Self-service at Eneco - low cost and customer satisfaction Developing the proposition - the role of bundled services The emotional brand - building a customer connection Building customer lock-in - best practices Conclusions STAGE 3: THE SAFETY NET Introduction Key findings The customer message - front of mind awareness Price and value for money Best practice safety nets STAGE 4: CRISIS POINT Introduction Key findings Reactionary tactics - utilities today CSR flexibility Direct contact - saving the existing customer Winning back the leaving customer The home mover Understanding customer motivations - exit interviews Cost of retaining the customer - the retention budget Best practice crisis management CHAPTER 5 THE FUTURE OF CUSTOMER RETENTION Introduction Customer retention in 2003 Customer retention in 2006 The jigsaw of best practices Dangers ahead - the non-utility player Conclusions CHAPTER 6 APPENDIX Definitions Future readings SPP writing team |
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