Key points for customer retention

Last week, I hosted a group of executives at the Four Seasons hotel in Toronto to discuss the importance of customer retention and how it impacts company profitability and growth. Executives from some of the most iconic and successful companies in Canada were in attendance.

Some of the key points we discussed were:

•    There are four key elements to realizing the exponential value of customer retention; Stratification, cultivation, experience, and metrics.

•    There is a direct link between employee empowerment and customer retention. The more you empower employees, the better customer retention will be.

•    Creating a culture focused on customer retention requires removing organizational silos and focusing on the depth of customer relationships, not just the number of customers.

•    Many organizations struggle with tying brand awareness to bottom line results.

It was a unique forum for this kind of discussion because most executives don’t have the opportunity to engage with peers outside of their industry around a specific area like customer retention. And usually not in an intimate setting that fosters good conversations. The comment from almost all the participants was the value of learning what has worked and what hasn’t from colleagues in other industries and collaborating on better ways of operating.

I have hosted many successful events such as this for both industry associations as well as for my own networks, and will be hosting more in 2014.