CLIENT RETENTION PROGRAMS
Realizing the Full Value of Financial Services Customer Relationships
Financial services marketing teams invest significant marketing resources on new customer acquisition and amazingly little on customer appreciation and customer retention efforts. Maintaining and leveraging existing client relationships is far less expensive and more productive than trying to acquire new customers—studies show that it costs five times more to sell a prospect than to sell a customer. In addition, retention rates are dramatically higher for multiple-product relationships. Customer value actually "appreciates" over time. Long-term clients provide referrals and often increase the amount and frequency of their purchases. We help financial services organizations develop effective retention and cross-sell programs that produce incremental business and provide an opportunity to build stronger customer ties. Within our client's environment, we persistently probe the logic of customer choice to gain a better understanding of how decisions can be influenced through systematic improvements in financial marketing and sales approaches.
This new financial services marketing book by Suasion president, Jay Nagdeman, offers a fresh perspective on the marketing issues that impact the success of any financial services business.
