Why Customers Leave …
• Use your best customer service people with them. Some banks segment their customers by profitability. When the phone rings from a profitable customer, their automatic call distributor uses automatic number identification technology to shift these calls to a specially selected “gold” customer service team.
• Build equity in the process. Provide rewards for volume business and for length of service. Make it expensive to leave.
• Don’t stress price. If your neighbor helps you carry a heavy item of furniture upstairs in your house, you would never think of offering him money. You will supply a beer or a cup of coffee and conversation. This is what your relationship buyers want. They want to be treated like a good neighbor—a good friend.
Arthur Middleton Hughes is vice president/solutions architect at KnowledgeBase Marketing in Richardson, Texas, which maintains databases, provides prospect names and conducts data processing, analytics and marketing strategy for clients. Hughes is the author of “Strategic Database Marketing,” 3rd ed. (McGraw-Hill 2005). He can be reached at email@example.com or at (954) 767-4558.