Customer Retention Formula
S.E.R.V. =
Serve + Engage + Relate + Verify

Customer retention formula = S.E.R.V. – No, it’s not a misprint. These are the four letters that are the basis for this article, and the key points that will keep your phones ringing and your revenues rising.

The customer must know that they are going to walk through your doors and consistently receive the "WOW" experience.

A consistently positive customer experience will not only have customers returning, but will have them referring their friends and family.

Next, let’s break down and explore each part of the customer retention formula.

ENGAGE your customers. Connect with them whenever possible. Make the effort to reach out to your customers at every opportunity.

Know the names of your customers. Know their likes/dislikes and know a little about what is happening in their lives. It’s not difficult, it just takes a moment of actually speaking, listening and paying attention to what they say.

This part of the customer retention formula is clear about the importance of building a connection with your customers. This connection will be what keeps customer loyal to you and your company.

RELATE to your customers. Let them know that you understand their needs. Showing indifference to your customers will only have them quickly turning to your competitors for reassurance.

Ensure your customers know how much you appreciate their business. People want to be wanted. If they feel taken for granted and unappreciated, they will be an easy target for your competition.

VERIFY that what you are doing is working. There cannot be too much follow up. Send out customer service surveys. Drop in for courtesy calls - do whatever is necessary to keep the communication flowing.

Inspect what you expect when it comes to customer service.

The principles of our customer retention formula are actually very simple. Bottom line, without customer service, there are no customers to serve.

In order to keep your current customers and constantly gather new ones, you have to keep your customer service standards at the highest level possible.

It’s a fact that many customers will go where they feel the most “cared for”. Despite what you might think, price is NOT the most important thing in the minds of many consumers.

Take care of your customers and they, in return, will take care of you.

Never allow your organization to lose sight of the customer retention formula. Success in customer retention is very basic - it will always be the little things that make all the difference.

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