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Pillar 2 - Coggle Diagram
Pillar 2
Customer Rentention
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not all customers are equally important. Companies should not aim to retain all customers as some customers may be too costly to serve or are constant switchers
customer retention rate= (customers at end of period-new customers acquired during period/customers at beginning of period) x 100%
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Customer Acquisition
Customer Loyalty Ladder
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suspect
someone who fits the customer profile, but limited information is available
For example, Artfriends, the art store's customer profile would be artists, or aspiring artists, or people who are thinking of starting artsy hobbies
3 phases of CRM
Acquire new customers
suspects, prospect, and first time customer
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