How to Create a Strategy to Retain Existing Clients


吳彩麗 
Jacqueline Vivi
D0732325 

Link: https://channels.theinnovationenterprise.com/articles/how-to-create-a-strategy-to-retain-your-existing-clients

 
As a business student, I know for a fact that existing customers may be twice as important to focus on rather than new customers. This is because loyal customers will buy your products or service no matter what, unlike new customers that may come and go. In this article, the writer explains ways to create a strategy to retain existing clients using data.

With your data, you have all the information you need about your customers (what they like, their age, annual spending, etc). The next step is to use math, statistics, and probability, machine learning to generate a plan on personalizing each and every individual and cater to them to what product interests them. If they constantly like our products that means we succeed in retaining our customers. In case your employees are not the most skilled at machine learning, you can hire someone outside your company to analyze the data and suggest practical solutions.

The article also tells about the outline of how our plan should look like:
  • Setting your KPIs (key performance indicators) the right way (automated, repeatable, and scalable).
  • Identify three main challenges to deal with. Decide on the urgency and prioritize.
  • Classify data and system issues so as to know how to approach them.
  • Do reevaluation of your program is needed every 3 months.
  • Educate your employees.
All in all, we should be smart in using the advancement of big data and technology nowadays to benefit our business. I personally think that if we have more loyal customers than newer ones, we can be a threat to our competitors as we have a stable income with every product releases.
 

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