5 ways to increase rentention - 4/18/16
TRANSCRIPT
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5 WAYS TO INCREASE CUSTOMER RETENTION
Millennium Systems International
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Irena MenaAssistant Learning Manager
Millennium Systems International
Irena Mena has a background in Secondary Education. As an Assistant Learning Manager, she is responsible for the internal and external education of the company. This includes creating and administrating the curriculum and
testing, as well as training businesses on Millennium and Meevo.
YOUR PRESENTER
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GOTOWEBINAR OVERVIEW
• All attendees are muted upon entry to the webinar
• The webinar is in “listen only” mode for attendees
• If you have questions for the presenter(s) or host, please enter them into the
“Questions” box in the panel on the right hand side of your screen
• At the end of this webinar, please take some time to fill out the brief survey
that will be sent to you via e-mail
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5 WAYS TO INCREASE RETENTION
Did you know that the average new client retention is only 35%, a shortcoming of over half to the ideal of 60-80%! Learn 5 simple ways you can increase your customer retention and improve your bottom line!
• Educating Your Team• Motivating Your Team• Growth Indicators• Economics of
Retention• Automation
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WHAT DOES RETENTION MEAN TO YOU?
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CLIENT RETENTION IS THE LIVELIHOOD OF YOUR BUSINESS
By definition, customer retention is the activity a company undertakes to prevent customers from defecting to alternative
companies.
Successful customer retention starts with the first contact and continues throughout
the entire lifetime of the relationship.
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Build a Culture1. EDUCATE YOUR TEAM
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1. EDUCATE YOUR TEAM
New Guests
per Month
New Guest
Retention
Repeat Guest
RetentionFrequency
of VisitAverageTicket
Productivity
6 Growth Indicators
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What Growth Means to Them(Commission)
1. EDUCATE YOUR TEAM
A 5% increase in customer retention can increase business profits by 25% - 125%
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Goals2. MOTIVATE YOUR SERVICE PROVIDERS TO RETAIN CLIENTS
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Goals2. SERVICE PROVIDER MOTIVATION
Set Goals on the Growth Indicators,
Not Sales!
Offer Commission and Pay Increase
Opportunities
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Goals3. FRONT DESK MOTIVATION
Pair the Front Desk up with Service Providers & Set-
Goals on Pre-book, FOV, Average Ticket, ETC.
Have Contests on PKG/Series,
Memberships, Pre-Booking, etc.
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3. FRONT DESK MOTIVATION
Make It a Career Opportunity – Incentivize ThemCreate new positions with multiple levels
Receptionist – Entry Level$8 an hour
Front Desk Specialist$10 an hour
Front Desk Professionals$15 an hour & up
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What Makes You Stand Out?
4. PROVIDE AN EXCEPTIONAL EXPERIENCE
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Companies that prioritize the customer experience generate 60% higher profits than their competitors
4. PROVIDE AN EXCEPTIONAL EXPERIENCE
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A commitment to customer experience results in up to 25% more customer retention and revenue than sales or
marketing initiatives
4. PROVIDE AN EXCEPTIONAL EXPERIENCE
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80% of your future profits come from just 20% of your existing
customers
4. PROVIDE AN EXCEPTIONAL EXPERIENCE
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Repeat customers spend 33% more than new customers
4. PROVIDE AN EXCEPTIONAL EXPERIENCE
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Listen – Give them what they want – NOT what you wantSet the Mood – No phones, Gossip, Form Relationships
UDF – Know What They Like (Drink, Candy, etc)Formulas – Document EVERYTHING (Vacations, Family, etc.)
New Client Welcome – Tour, Goody-Bags, Client Loyalty Program Birthday/Anniversary/Job – Offer Discounts, Celebrate!
Specific Marketing – Children, Interest/Hobbies, Married?, Hair InfoNon-Requests – Educate Your Front Desk on How to Handle This
It’s the EXPERIENCE more than the SERVICE #dearhairstylist
4. PROVIDE AN EXCEPTIONAL EXPERIENCE
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5. EDUCATE THE TEAM ON HOW TO RETAIN CLIENTS & ITS IMPACT
New Guests
per Month
New Guest
Retention
Repeat Guest
RetentionFrequency
of VisitAverageTicket
Productivity
6 Growth Indicators
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NEW GUESTS PER MONTH
Marketing
1
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NEW GUESTS PER MONTH
Referrals
1
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New Guests
per Month
New Guest
Retention
Repeat Guest
RetentionFrequency
of VisitAverageTicket
Productivity
6 Growth Indicators5. EDUCATE THE TEAM ON HOW TO RETAIN CLIENTS & ITS IMPACT
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NEW GUEST RETENTION
Exceptional Experience
2
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NEW GUEST RETENTION
Follow-up to Verify Experience
2
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NEW GUEST RETENTION
Sell Series & Book Standing
2
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NEW GUEST RETENTION
Sell Memberships
2
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NEW GUEST RETENTION
Pre-book
2
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NEW GUEST RETENTION
Make them Aware of Client Loyalty Promotions
• Offer Points for Prebooking• Offer Points for Trying a New Service
• Offer Points for Referrals
2
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NEW GUEST RETENTION
Call Guests Due in
2
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New Guests
per Month
New Guest
Retention
Repeat Guest
RetentionFrequency
of VisitAverageTicket
Productivity
6 Growth Indicators5. EDUCATE THE TEAM ON HOW TO RETAIN CLIENTS & ITS IMPACT
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REPEAT GUEST RETENTION
Offer Client Loyalty
3
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REPEAT GUEST RETENTION
Offer Custom Packages
3
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REPEAT GUEST RETENTION
Sell Series and Book Standings
3
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REPEAT GUEST RETENTION
Pre-Book
3
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REPEAT GUEST RETENTION
Sell Memberships
3
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REPEAT GUEST RETENTION
Call Guests Due in
3
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REPEAT GUEST RETENTION
Follow-up on No Shows, Cancellations, Pendings
3
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REPEAT GUEST RETENTION
Contact Clients with Outstanding Liabilities
(Every opportunity a client walks through the door is an opportunity to up-sell, cross-sell, add-on, and sell retail! Turn them into a core-
client!)
3
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New Guests
per Month
New Guest
Retention
Repeat Guest
RetentionFrequency
of VisitAverageTicket
Productivity
6 Growth Indicators5. EDUCATE THE TEAM ON HOW TO RETAIN CLIENTS & ITS IMPACT
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FREQUENCY OF VISIT
Sell Series and Book Standings
4
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FREQUENCY OF VISIT
Pre-Book
4
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FREQUENCY OF VISIT
Follow-up on No Shows, Cancellations,& Pendings
4
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6 Growth IndicatorsEDUCATE YOUR TEAM
New Guests
per Month
New Guest
Retention
Repeat Guest
RetentionFrequency
of VisitAverageTicket
Productivity
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AVERAGE TICKET
Up-Sell, Cross-Sell, Add-on
5
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6 Growth IndicatorsEDUCATE YOUR TEAM
New Guests
per Month
New Guest
Retention
Repeat Guest
RetentionFrequency
of VisitAverageTicket
Productivity
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PRODUCTIVITY
Mask the Book
6
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PRODUCTIVITY
Increase Prices if Above 85%
6
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APPLIES TO RETENTION & ALL GROWTH INDICATORS
Automated Marketing
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ECONOMICS OF RETENTION
5 Chair Salon doing $450,000 a year with an average service ticket
of $60, and 1,700 active clients
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ECONOMICS OF RETENTION
FOV increases from 4.5 to 6 =
$153,000 increase
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ECONOMICS OF RETENTION
Retail sales increase from 10% to 15%=
$45,450 increase
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ECONOMICS OF RETENTION
New total=
$648,400 (44% gain)
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NO TIME TO DO ALL THIS?
Automate it!
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Online BookingAUTOMATION & TOOLS
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Millennium eGiftAUTOMATION & TOOLS
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MillenniumGO™
AUTOMATION & TOOLS
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• Educate Your Team on Growth Indicators• Create Your Benchmarks for Retention (Use
Reports to Analyze Your Business-MA200)• Set Goals, Bonuses, & Contests to Increase
Retention
ACTION PLAN
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CONTACT USFor Information about Millennium or Meevo
For questions about today’s [email protected]
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