Customer retention crucial for next 5 to 10 years
Those in sales jobs are being advised to prioritise customer retention over acquisition when developing their business approach.
Editor-in-chief of E-consultancy.com Chris Lake claims in the near-term, businesses must emphasise customer relationships, especially those engaged in multi-channel models.
"Customer experience and customer engagement are the two big phrases for the future," he predicts.
Identifying examples of strong multi-channel customer service techniques, he suggests firms which secure purchases online but allow returns in person will receive "brownie points" for it, improving retention.
"Multi-channel companies are the best full stop in terms of delivering service and experience," Mr Lake claims.
In recent surveys by the Internet Advertising Bureau online spend in this area reached £1.7 billion for the first half of this year, an increase of 21 per cent in the previous years.
Those in sales jobs might be interested to know advertising as a whole fell by 0.7 per cent in this period.
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Filed: 13-10-2008