Why you should retain your customers

The simple truth about long-term customers is that they buy more, take less of the company's time, fret less about price, and bring in new customers. Reducing customer defections by as little as 5% can double profits. Successful financial institutions take an active approach to customer retention. They know the key to retaining customers is more than providing customer "satisfaction" or competing on price. It means an all-out effort to ensure that your customers have an intimate knowledge of your bank, its products, and services. This intimacy can be accomplished by implementing targeted, direct marketing campaigns for value-added membership programs, aimed at precisely defined market segments.