How do you maintain or increase customer retention rates?

"Customer retention is so important! In my last financial course, I learned that the average cost to acquire a new customer in our industry is 200. I would focus first on building and maintaining customer relationships by reaching out to each of them to check in and see how they were doing, what needs were being met, and what needs they felt were not being met and offering to set up a time to review their accounts and financial goals with them. If someone expressed dissatisfaction, I would take the time to understand the root cause. For example, maybe they are frustrated by having to come to the bank in person for certain tasks. I would make sure they are aware of our online and mobile banking options to see if there would be an opportunity to take away some of the burdens they are feeling. Creative problem-solving is a key technique I will use to retain customers!"

"Every six months, my bank sends a satisfaction survey to our clients. My branch manager and I review those results in depth, and we try to understand the feedback better and analyze where we're missing the mark. If someone provides their contact information and has submitted a poor survey, I reach out immediately to see how we can resolve the problem. I make myself personally available to my clients, and they can access me via phone, text, email, and virtual or in-person meetings. I truly understand the value of happy customers, and I rely heavily on those happy customers to refer new business!"