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Woodstock, Ontario – The hunt for new business is often more exciting and in many cases more incentivized than the nurturing of existing relationships, but a new customer costs six to ten times as much to acquire as it costs to keep an existing one; the key to financial stability and sustained growth is customer retention.
The Dunvegan Group is a marketing research consulting firm specializing in customer relationship management. Lead by its president and founding partner Anne Miner, the Dunvegan Group collaborates with clients all over the world to turn their business into a customer-focused organization, helping them keep, grow and find ideal customers
“We are specialists in customer care and customer retention,” says Miner. “We help predominantly business-to-business companies better understand their customers to generate more revenue by better serving their customers.”
According to Miner, when it comes to customer retention, one can never overstate the importance of communication. Businesses often assume their existing customer relationships are quite strong when in fact they haven’t truly secured the relationship.
As part of their comprehensive approach, the Dunvegan team conducts annual customer satisfaction evaluation interviews with their clients’ customers to assess what the customer values about their relationship as well as what they would like done differently. Once completed, a prescription for action is recommended to strengthen their relationships and leverage those relationships to generate referrals.
“Each company will have some fundamentals, which we call good business practices, as well as specific practices unique to their industry,” explains Miner. “While the prescription is unique to each individual client, we use the Platinum Rule as our foundation: treat other people the way they want to be treated.”
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