{"id":3315,"date":"2020-11-06T07:22:46","date_gmt":"2020-11-06T07:22:46","guid":{"rendered":"https:\/\/www.acefone.com\/blog\/?p=3315"},"modified":"2024-10-15T06:28:51","modified_gmt":"2024-10-15T06:28:51","slug":"customer-retention-strategies-global-crisis","status":"publish","type":"post","link":"https:\/\/www.acefone.com\/blog\/customer-retention-strategies-global-crisis\/","title":{"rendered":"5 Tips To Retain Customers During A Global Crisis"},"content":{"rendered":"

Let\u2019s begin with an example: Suppose there is a bucket with several holes in its base and walls.<\/span><\/p>\n

A hose is put into the bucket to fill it with water.<\/span><\/p>\n

Since the bucket has holes, the water will leak.<\/span><\/p>\n

Here, the water going into the bucket represents <\/span>new customers<\/i><\/b> that are acquired by a brand.<\/span><\/p>\n

While the water that is lost represents the <\/span>customers lost<\/i><\/b> by the firm.<\/span><\/p>\n

The amount of water in the bucket represents the total<\/span> customer base <\/i><\/b>of the brand at a given time.<\/span><\/p>\n

\"Leaky<\/p>\n

Image Credit: MarketingStudyGuide<\/a><\/p>\n

This is quite an apt analogy to understand the dynamism of customer influx. Businesses are constantly gaining and losing customers; the size of the customer base is never constant.<\/span><\/p>\n

Additionally, this analogy also highlights the two approaches a firm can adopt to maximise the amount of water in the bucket, that is, maximise the size of its customer base:\u00a0<\/span><\/p>\n