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In This Issue
Maximizing Customer Retention

Handling Adversity

Events
I will be speaking at the FEI Canada annual conference in June in Winnipeg on the role of the finance executive in driving innovation. Click here to register and for details.

Tools and Resources

My colleague and friend Volkmar Volzke has been generous enough to offer his new free video series to my readers. His three videos on how to build and execute powerful business strategies will change the way you approach strategy and execution! Click here to sign up.

Take my assessment that will determine your organization's True Profit.

Click here to order my book, Redefining Operational Excellence: New Strategies for Maximizing Performance and Profits Across the Organization.

 

Edition 5, March 2015
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Andrew Miller

This newsletter will focus on providing insights on how to increase profit margins and performance without making any new capital investment. I call this finding your True Profit.

 

10 Factors to Maximize Customer Retention

When putting together strategies that will maximize your customer retention, remember these 10 factors:

  1. Consistency – offering customers the same experience regardless of with whom they speak or where they are.
  2. Loyalty – creating an emotional connection to your organizations and its products and services.
  3. Innovation – constantly bringing new offerings and ideas to customers
  4. Value – offering products and services that meet a customer need.
  5. Quality – offering products and services that meet the quality expectations of your customers.
  6. Convenience – being easily accessible.
  7. Prestige – customers feel good about being associated with your organization.
  8. Service – resolving customer issues quickly and effectively.
  9. Habit – customers buy from you because it’s become a part of their regular routine.
  10. Benefit – offering real or perceived benefit to customers.

How many of these 10 factors are you doing effectively? If you want to find out, download my free assessment. If you want to send me the results, I'd be happy to discuss them with you.

 

Handling Adversity

I recently spoke to a group of senior finance executives from the SGH chapter of FEI Canada. The topic was “How to turn a crisis into an opportunity.” I suggested that adversity and crisis in business is unavoidable, so it’s about how you react when adversity or crisis strikes. Do you view it as an opportunity, or do you shy away and play the victim? Here is the roadmap that I laid out for them.
First you have to identify the issue and its’ root cause. Then you develop a solution to resolve the issue. You then take steps to ensure it never happens again (preventative measures). Finally, you determine what impact you can make on the entire industry so that the same type of issue can be avoided in the future. Throughout the whole situation, you are communicating honestly and transparently, while staying at the forefront of the issue.
 
Legacies can be made or broken based on how leaders deal with adversity. You need to accumulate leadership currency by acting in a way that makes your employees, customers, shareholders, and business partners believe that you can handle the situation as effectively as possible. Often leaders can use these situations as an opportunity to become closer to customers, achieve new levels of performance, or create more loyal employees.
 
When you are presented with adversity, do you shy away or do you step forward and say ‘follow me’?

 

Have an Idea or Topic You Would Like to Hear More About? Send it to me.

I am always looking for new ideas and topics to cover so please don't hesitate to contact me with topics and themes you would like to read more about.

Please note that we grow our business through referrals and would never be too busy to speak with a friend, family member, acquaintance or colleague if you think we could be of assistance.

Please contact Andrew Miller at 416-480-1336 or visit our website at www.acmconsulting.ca

Please feel free to forward this newsletter to anyone to whom it might be of value.

© Andrew Miller. All rights reserved. 2015.