Customer Retention: 7 Distinctive Methods To Extend Income
Regular feedback is a good way to know your clients’ evolving needs — and improve your product offering. To unlock alternatives within your existing buyer base, the business must establish and align on the metrics that indicate if a buyer is successfully utilizing (or not using) their solution. Gathering suggestions isn’t sufficient because 52% of customers believe that companies should also act on the feedback supplied by their prospects. When prospects see their input driving changes, it strengthens the emotional connection together with your brand. Book a demo to see Sprinklr in motion and uncover how it can improve your customer retention strategy.
Businesses should rethink their advertising strategies to match evolving expectations. Salesforce Starter Suite can help you understand your customers deeply. As it brings together knowledge across sales, advertising, service, and commerce — you’ll get precise insights on what works and what doesn’t on your customer. Retained prospects additionally provide a stable, predictable income stream that strengthens your small business planning. This creates a aggressive advantage by establishing loyalty obstacles competitors should overcome.
A company’s profitable development is determined by creating loyal prospects by following sure customer retention methods. This strategy permits companies to tailor their choices to fulfill the precise needs and expectations of their buyer base, considerably enhancing the client expertise and satisfaction. One of the best ways to enhance customer retention is to improve the customer experience. Be sure to ship high-level customer service training to your staff to permit them to deliver quick, professional, and attentive solutions to your customer’s wants. This allows businesses to intervene with focused, timely strategies designed to win back their loyalty. For instance, a telecommunications firm like Verizon might analyze usage patterns and name histories to predict which clients are more probably to swap providers.
They reward repeat purchases and referrals, maintaining prospects engaged with a model. An efficient technique utilized in loyalty programs can considerably improve buyer lifetime value. This is finished by offering exclusivity and tangible benefits beyond simply points.
Optimizing and personalizing experiences on your site and throughout all different communications (like e mail, social media, and name centers) reveals you care and boosts customer delight. And clients who feel valued usually tend to stick round for the lengthy haul. These companies set themselves as much as constantly change both toward things clients need and away from products or services it turns out customers don’t want.
By promptly addressing assist inquiries, you’ll be able to show your dedication to customers’ needs and improve their total expertise. When customers know they will get help how and after they need it, they’re more likely to keep loyal and engaged. In the beginning stage of your organization, you have a small variety of customers and buyer points.
For instance, if you start with 500 purchasers, acquire 50 new ones, and end with 520, your loyalty rate would be 94%. These insights reinforce the necessity for firms to prioritize customer retention strategies as a strategic imperative. A case examine on measuring client loyalty illustrates how to assess loyalty primarily based on consumer numbers at the beginning and finish of a interval, along with new shopper acquisitions. After segmenting your audience, you probably can customise each a half of their journey, from welcome messages to ongoing help. A software firm might adapt onboarding tutorials to match each consumer’s technical background, helping them get snug with the product instantly. These considerate details build emotional connections that hold customers loyal over time.
A realistic objective is decided by your industry, business model, and buyer lifecycle. For most companies, a retention price above 80% is considered sturdy. Newer corporations may aim decrease whereas refining their product and repair delivery. Feedback provides useful insights into how your prospects perceive your services or products, what they like and dislike, and what they should proceed doing enterprise with you.
Store stories help you spot who your regular shoppers are by how a lot they spend and how typically they order. You can even use automated reward apps, which give your customers points. New consumers typically think making an account is an excessive amount of work, which could stop them from buying. To fix this, let clients make an account after they purchase for the primary time. After they purchase and like what they received, they’ll be more prone to make an account.
It’s one of many first impressions the product makes on your clients. These over packaged avocado halves don’t do any of the above – most people would just suppose it’s extreme and pointless. Whether or not you decide to supply a public view of your roadmap and suggestions discussion board, you must nonetheless have a separate method for collating suggestions internally.
Creating a group round your small business is an effective way to attract in and retain clients. Robust communities foster loyalty, encourage repeat business, and switch customers into brand champions. Customers who take part in Lumin’s loyalty program, The Luminary League, obtain coins for his or her purchases and brand interplay. In addition to incomes one coin for every $1 spent, members can earn additional cash by doing issues like leaving critiques, following accounts on social media, or recommending friends. Coins may be exchanged for free delivery, reductions, or presents; 20 coins are normally price $1.
It’s meant to encourage retention and discourage churn, usually in multiple alternative ways. This helps you refine your methods, tailor your communications, and stay ahead of fixing buyer expectations. Customers who feel valued and engaged usually tend to stick along with your brand. Loyalty programs and personalised experiences help deepen connections, which may lead to increased referrals and word-of-mouth marketing. A robust emotional connection can flip clients into lifelong advocates. Many small and medium-sized companies utilizing the Shopify e-commerce platform have achieved remarkable improvements by implementing Klaviyo, a strong e mail automation tool.
This trend is only going to maintain rising as the benefits for both companies and customers are extremely interesting. Not only do they assist obtain a better CLV, however in addition they help reduce closing time and improve conversion rates. Manual intervention isn’t going to cut it to maintain up with your fast-paced prospects. Upselling is considered one of the most cost-effective and environment friendly methods of increasing your profitability and purchase charges. Here are some examples of corporations that found great ways to boost buyer engagement.
When you’re about to land the ending blow, a glitch disrupts your momentum. Instead of letting frustration take over, an intelligent in-game assist system swoops in, resolving the difficulty instantly so you will get again to leveling up. This seamless expertise isn’t only a gamer’s dream—it units the gold standard for buyer retention. Rapid technological changes and advancements in telecommunications can quickly make present companies obsolete. Customers may be tempted to switch to providers providing the most recent and most revolutionary companies, making it important for telecom corporations to continually improve and innovate to remain competitive. In a fast-paced world the place technology evolves at each flip, corporations are facing a troublesome challenge in telecom churn management– more and more clients are switching providers.
This strategy goes past conventional advertising through the use of data-driven strategies to reinforce customer expertise, encourage repeat purchases, and construct lasting connections. From personalised communication to loyalty applications, retention advertising helps brands keep relevant and priceless to their audience. Analyzing customer data helps companies understand customer behaviors, preferences, and patterns, which is important for effective customer retention methods. By gaining insights from information, businesses can personalize experiences, identify tendencies, and make data-driven choices to enhance customer satisfaction and loyalty.
By actively interacting together with your prospects through e mail, you also set up your model of their thoughts and create a long-lasting relationship. You can send personalised suggestions, follow-ups on abandoned carts, construct belief with high-quality content material, and more. Successfully personalizing your loyalty program can lead to a 5.2X carry in word of mouth mentions, and a 3.5 lift in spending brought on by the program17. Since you have not any point of reference or info on most lost prospects, you have to be proactive. To get insights into possible issues that might be inflicting churn, you should use mediums like surveys and monitor social platforms.
Merkle discovered that are likelier to do enterprise with a model because of its loyalty program. Referrals are one of the effective — and cost-efficient — methods for customer retention and acquisition. When customers advocate for your model, they reinforce their very own loyalty while introducing new people to your small business. Consider implementing a tiered rewards program or sending surprise perks to long-time prospects. Track participation to study what motivates your audience — and use that information to personalize rewards even additional. With the best strategy, loyalty programs not solely increase retention but additionally flip glad prospects into vocal advocates.
Moreover, these practices contribute to constructing strong, trust-based buyer relationships that are important for sustaining long-term success. Customer retention is crucial for any company seeking to keep competitive and worthwhile. Keeping clients engaged in your product or services and making certain they return is essential to the success of any enterprise. Providing quality customer service, clear communication, and ease of use are all important components to profitable buyer retention. Value-added providers improve customer retention by going past the core services or products.
With superior dashboards and customizable reviews, Konnect Insights empowers brands to remodel data into actionable insights, enabling smarter decisions and improved ROI. Businesses that leverage buyer segmentation and personalization see larger engagement and retention. Transparent and responsive evaluation management builds strong buyer relationships. The 4 C’s driving buyer loyalty are Consistency, Connection, Communication, and Customer Experience.
One of the simplest methods for retaining purchasers is rewarding loyalty. Customers appreciate when manufacturers acknowledge their loyalty and provide them incentives to stay loyal. Embrace an omnichannel support strategy that lets prospects join with you wherever they really feel most snug; e-mail, social media, chat, or even inside your app. Understanding the distinction between customer acquisition and retention is key to building a sustainable development strategy. Customer acquisition describes the procedure of or efforts to draw new customers to a company’s products or services.
This is especially true for firms seeking to retain their greatest clients and attract new ones. Communicating these upgrades in newsletters and on social media lets everyone know you’re staying related, and you’ll be seen as the go-to particular person for innovative services and merchandise. And after a project has ended, having this breadth helps with shopper retention. Unleashing the scarcity precept is an effective strategy for retaining prospects. When you might have routines in place for new and current customers, it permits everybody on the group to slide into a groove and jibe with the client instantly. Beardbrand is considered one of the most notable firms that has mastered content material creation.
But GTM AI is only one example of the many tools and assets obtainable to assist your retention efforts. From customer suggestions platforms to loyalty program software, there are numerous solutions designed to assist you have interaction and retain your clients extra effectively. At its core, customer retention is the ability of a company to maintain its prospects coming back for more.
In the period of dynamic client expectations, businesses are realizing the transformative potential of Personalized Customer Experiences (PCE). Service Cloud is constructed on trusted, secured data to securely maximize the power of AI. However, the metric alone doesn’t at all times offer you an entire picture. This makes planning and budgeting easier and has a long-term impact on progress and innovation.
The goal of a retention program is plainly to assist companies maintain as many purchasers as attainable. Judging success, therefore, begins with determining how many clients didn’t depart over a given interval. The result is a dollar worth, per customer, for use in future planning. It can show how much money you’re prone to make by growing your customer retention price. It also can show how much it’s worth spending on customer retention activities.
The Zendesk Agent Workspace, for example, provides agents customer context to guarantee that them to deliver a personalised experience. While gross sales and marketing efforts are essential, your corporation will truly shine whenever you prioritise customer retention. Explore end-to-end digital transformation, technique and expertise design companies to boost customer and worker engagement. There are a quantity of methods a corporation can monitor the well being of its buyer retention initiatives. Here are five key metrics that help organizations improve their buyer retention.
An evergreen instructional content material hub on your firm website, frequently updated with informative developments, helps you construct belief among customers and thought management in your industry. Also, post-purchase follow-up with clients opens avenues to introduce them to complementary services or products, potentially increasing income. Excellent service doesn’t just remedy issues; it creates advocates. When an organization goes above and beyond, it fosters an emotional connection that transcends a easy transaction. Customers who expertise proactive assist really feel valued and understood, making them considerably more more probably to return and suggest your model to others. According to a McKinsey survey, 71% of customers expect companies to ship personalised interactions, and 76% get frustrated when this doesn’t happen.
It’s essential to find ways to make your prospects really feel like VIPs, and that is one effective method to do this. If there’s a premium characteristic that isn’t a half of a customer’s present plan, permit them to try that extra advanced function at no cost. But that’s nearly impossible with no comprehensive, 360-degree view of every customer.
Through customer surveys and other types of suggestions, your audience will inform you the adjustments that have to be made to scale back churn. The payoff isn’t just preserving users — it’s constructing a product they won’t wish to reside with out. User retention is the lifeblood of a sustainable product development strategy.
After amassing feedback, analyze the results to determine tendencies in buyer conduct and areas the place you’ll have the ability to improve the consumer experience. You can share this info with the suitable groups to implement targeted enhancements. Although a 100 percent retention rate is ideal, realistic targets differ by business. For occasion, small businesses may aim for about 20% retention, while ecommerce corporations ought to purpose for over 35%. Great customer service can reduce friction when shoppers have an issue. Self-service choices, meanwhile, can nearly utterly eliminate this issue.
Some customers merely aren’t worthwhile by nature, some cost too much to retain, and – in the end – organizations have finite resources. So it’s about prioritizing investments appropriately quite than striving blindly for 100% retention. Measuring customer retention isn’t a ‘one-and-done’ exercise — it’s an always-on course of that wants cautious monitoring to make sure you’re shifting in the proper path. Example – Companies like TOMS and Warby Parker have a noble mission to give back, whereby customers could be part of something larger than the product they purchase.
IKEA empowers customers with knowledge, which not solely lessens meeting frustration but in addition builds brand loyalty and a sense of accomplishment. For our extra tech-savvy customers we are launching video push notifications, so they can be updated with new provides simply, as nicely as being reminded to make use of our service. We additionally use a number of other strategies to work on retention, as it really is as necessary as acquisition. The key’s implementing and maintaining monitor of all these strategies and that’s where CRM software can really assist.
No one likes being a face in a crowd when it comes to selecting where you spend your hard-earned cash. Personalization has been top-of-mind for companies, and it needs to remain there. Part of your customer retention methods should be to facilitate distinctive interactions along with your prospects and prospects. To assist, we have detailed 5 of the best buyer retention methods, prepared that will help you take your efforts to the following degree and improve your customer retention fee. Real-time personalization is crucial to this buyer retention strategy. The extra particular you can be concerning the value an individual gets from your product, the more partaking your messages shall be.
One of the largest challenges firms face right now in terms of customer loyalty and retention marketing is personalizing provides based mostly on behavior. To be able to deal with customers individually, companies must store lots of details about them. That is why, having a great buyer database that retains information of all interactions and transactions is key to building long-lasting customer relationships. Developing a well-planned buyer retention strategy might help retain some of these clients – consequently, lowering cash-burn on acquisition and resulting in sustainable growth. In quick, your buyer retention technique ought to concentrate on enhancing the initial experiences of the consumer to carry the curve.
But have you taken it into consideration along with your customer onboarding process? A solid onboarding process can make positive you and your customer are set for fulfillment, even for years to come – that’s why it should concentrate on removing as a lot friction for the customer as potential. Remember, customers will always remember their first expertise with your model, and if it was strikingly positive, they’ll stick round for the long run and perhaps even inform their pals about you. Customers who view their relationship with your brand as a friendship are more likely to see you as dependable, and genuine, and know what they want most. An important asset to keep your business afloat in unstable and unpredictable circumstances or markets.
To enhance buyer retention fee, all you have to do is focus on delivering excellent customer service, and it’s potential with an answer like DevRev. Using this platform, you probably can continually be there on your prospects and their issues. You can present prompt options, and all it will automatically impression the customer retention price. Service Recovery Excellence is a crucial customer retention technique that transforms unfavorable customer experiences into positive, loyalty-building alternatives. By implementing a robust service restoration strategy, you can not only retain prospects but also entice new ones by way of optimistic word-of-mouth.
Share their achievements on social media (with permission) or invite them to unique communities for high-value prospects. This may embrace first purchase, account creation, reaching a loyalty program tier, or completing a specific action. Celebrate buyer milestones like anniversaries or reaching specific utilization levels.
These incentives help acquire detailed buyer information which permits your small business to offer extra personalised experiences and messaging. Providing cost-effective services and products is a vital part of customer retention. An group that gives high-quality products or services at a cheaper price level than the competition will probably discover extremely high customer retention figures. While usually thought of as mainly a advertising operate, retention requires cooperation from multiple groups including sales, buyer success, product, and more.
By offering these self-service choices, telecom firms make transactions smoother and create a user-friendly ambiance, which is necessary for maintaining customers. Simplified porting processes and laws that make it simple for patrons to modify providers contribute to higher churn charges. Telecom companies need to focus on providing unique value propositions and incentives to discourage prospects from switching. Finding new prospects can be a problem, but so is keeping them pleased and dependable to the business.
Frequent and useful communications that put the client first show a genuine commitment to the relationship and consistently delight retained users over time. Train your assist team to hear actively and tackle customer considerations with understanding and care. For example, if a buyer is experiencing issue with your product, acknowledge their frustration, apologize for the inconvenience, and supply a clear and empathetic resolution. Use knowledge insights to tailor interactions based mostly on buyer habits, preferences, and needs. To show your prospects you actually understand them, leverage customer information to personalize the way in which you talk and make recommendations specific to them.
This requires brands to assume beyond the type of “buy five coffees, get one free” loyalty program. A study by Deloitte revealed that emotional connections drive buyer loyalty—and even outperform discount incentives like loyalty rewards. Canva often updates its knowledge base with content material tailor-made to where a consumer is within the customer journey. This consists of particular articles where a new buyer can discover tips for getting started in the course of the onboarding process. At Vimeo, support staff members are looped in earlier than every product launch.
Armed with this data, you possibly can tackle and alter issues about your small business primarily based on this feedback. All companies, subscription corporations included, have lots to study from obsessing in regards to the expertise that customers have when interacting with all levels of your answer. As talked about earlier, customer acquisition costs (CAC) have grown over the earlier few years. If you spend so much to get customers, that can be OK so lengthy as the money they generate via CLTV is worth it. The buyer payback interval is one other good metric that measures how lengthy it’s going to take for that initial funding to show into a revenue.
Automated NPS surveys, CRM integrations, segmented buyer assist, and loyalty tiers assist strike a balance between effectivity and buyer care. Small companies often depend on low-cost, high-touch approaches that build trust with out straining budgets. Track response charges, churn reduction, and applied product improvements. Customers stay longer when they see their feedback shaping the product. Establish continuous suggestions loops to spot customer churn dangers and present that buyer voices drive choices.
For example, when many people these days favor messaging to calls, leaving a cellphone quantity as an solely channel for helps service could be a major problem. Therefore, offering several handy strategies that your clientele can use to contact you without any concern is likely certainly one of the top retention marketing methods. By analyzing customer knowledge and understanding their preferences, businesses can identify upselling and cross-selling opportunities that align with buyer wants. 93% of customers are likely to make repeat purchases from manufacturers that offer wonderful experiences and providers.
Make positive your buyer assist group is pleasant, knowledgeable, and environment friendly at resolving points. They’re often the primary people your prospects interact with, and people interactions could make or break the expertise. That’s why it’s so essential to spend money on their coaching and give them the tools they should present top-notch customer service. To construct a powerful relationship along with your clients, you should genuinely care about their expertise together with your model. You should be keen to go above and past and give no matter they require to be happy with your products/services. Its ecosystem lock-in makes switching manufacturers a pain—your iPhone, AirPods, and MacBook work seamlessly collectively.
Everything from product packaging, and customer assist, to e-mail marketing, can be customized to manage customer retention. Customer retention refers back to the initiatives which a enterprise undertakes to convert first-time prospects into loyal prospects. It measures the number of customers that return to buy your brand’s offerings over a period of time. Using your existing customers’ names in communications is an effective start.
If polled, these dissatisfied consumers get asked about their decision earlier than departing; their answers ought to assist to improve lackluster service, making it easier to retain prospects sooner or later. A digital advertising agency can improve consumer retention by consistently delivering outcomes, providing strategic insights, and sustaining clear communication. From understanding native market nuances to employing efficient retention strategies, this playbook is invaluable for any subscription business looking to scale globally.
By adding gamification parts, achievement badges, or tier-level rewards, they incorporate an element of enjoyable and encouragement to remain loyal. Before diving into strategies, it’s important to grasp the why. Customer acquisition is dear, however customer retention offers compounding returns. Returning clients are 60-70% more likely to make a purchase order in comparison with new prospects, and so they are likely to spend more per transaction. There is another essential metric that should be thought of and that is – “customer retention rate” or simply what % of consumers are their repeat buyers. So far, we have talked about three other ways to maximise your buyer retention charges with the help of your CRM.
Clear, concise data, then again, may help improve customer retention. The CPA measures the fee a company incurs to accumulate one new customer (ideally, a new buyer who becomes loyal to the company’s brand). “Customer retention” refers to any effort to maintain a customer happy enough with you to keep them utilizing your services or products. Your employees are the front-liners interfacing together with your prospects. When your team believes in your brand’s imaginative and prescient and values, this positivity cascades to your prospects.
When not conducting business reviews or consulting shoppers’ efficiency, I love diving into data to uncover priceless insights from purchasers’ suggestions analyses. Proficient in measuring the impact of CX and EX on enterprise outcomes, I goal to offer our weblog readers a singular perspective. A prime example of Staffino’s impact is Orange, a number one telecom supplier that considerably improved its retention technique utilizing our tools. Apple, for example, has cultivated a strong community of users who advocate for the brand, provide peer-to-peer assist, and rejoice new product launches collectively. A well-structured onboarding process helps prospects perceive your product’s value as shortly as possible, decreasing frustration and churn.
It can be greatest if your small business shared the new function earlier than it requested the feature updates. This makes the client more satisfied as they get what they count on from your product. It is the best technique to satisfy the customers and enhance the consumer experience. CRR (Customer retention rate) indicates the share of customer retention over a particular time. It represents the proportion of customers the business lost over a selected period. Increasing your returning prospects is the most worthwhile way to run a business in the long term.
The lower it’s, the decrease are the probabilities of repeat purchases and long-term clients. Customer retention refers to a company’s capacity to convert first-time patrons into repeat clients, keeping them engaged with the corporate for a really long time. It includes taking deliberate steps to make current prospects joyful, so that they stick with your services or products. Prevent churn and cease them from switching over to a new competitor.
Maintaining relationships with current prospects brings in steady income, boosts income, and strengthens model loyalty. Net income retention (NRR) measures the proportion of recurring revenue retained from present customers over a particular period, bearing in mind upgrades, downgrades, and cancellations. A excessive NRR signifies strong buyer loyalty, your sales team’s capability to upsell, and the worth your product continues to ship. The best way to incorporate this technique is to introduce a point-based system where clients get rewards for making a purchase order, leaving a evaluate, and even referring or sharing on social media.
So, firms catering to enterprise prospects will have higher retention charges. That’s as a result of loyal customers have a a lot bigger buyer lifetime worth. They spend cash for longer and are extra probably to upgrade to larger plans. The ability to retain prospects is essential for sustainable progress. It’s difficult to imagine growing your buyer base while continuously dropping current clients. These metrics provide useful insights into how properly your group is retaining prospects and where enhancements could be made.
Customer retention is extra cost-efficient than customer acquisition. It’s considerably cheaper to keep the customers you have already got vs. trying to find new ones. They don’t have to put a buyer on hold or set up an extra meeting to troubleshoot a minor problem. This makes your team more versatile and retains clients pleased all through the purchasing expertise. Many folks compare the shopper relationship with the customer success supervisor (CSM) to dating — and this is not that far off. They’re additionally extra keen to engage with your corporation on social media, in turn elevating your brand’s profile.
Metrics present a clear picture of your business’s well being, particularly concerning customer retention. You can refine your methods to bolster buyer loyalty by understanding and tracking key metrics. The essence of any profitable brand lies in the relationships it forges with its customers. To sustain and develop, companies should prioritize attracting new clients and nurturing existing ones.
If your model doesn’t constantly present a novel value proposition, prospects could also be drawn away by rivals offering better offers, more convenience, or a stronger emotional connection. Variable rewards are particularly effective at maintaining customers engaged. That’s after they know the reward is coming but not when or what to do, to get it. When customers present negative feedback, it’s often too late to retain them. A excessive churn price indicates that prospects are dissatisfied with the product. Churn rate is the proportion of consumers who discontinue using your product within a given period.
The desk beneath exhibits you the means to easily calculate these key metrics. Tracking them will help determine if clients are staying with your business over time and producing ROI. It may also allow you to understand in case you are losing too many purchasers or getting little worth from those you do acquire. Companies with many repeat customers benefit from referrals and word of mouth.
For companies seeking skilled assist in creating and implementing effective customer retention strategies, Upcore Technologies provides progressive solutions and valuable insights. Discover how Upcore Technologies may help you improve your buyer retention efforts and drive long-term development. Companies can bolster their buyer retention by implementing a multifaceted strategy. First and foremost, they need to prioritize the shopper expertise as a strategic cornerstone. It entails understanding and mapping the shopper journey and ensuring seamless and pleasant interactions throughout touchpoints.
Research from Harvard Business School exhibits that growing customer retention rates by just 5% can develop a company’s earnings by 25% to 95%. For insurance carriers specifically, it prices 7-9X more to draw a new policyholder than to retain one, making it the very best customer acquisition value of any trade. So it’s no surprise that retention rates are what separates thriving insurance carriers from struggling ones.
Personalization by way of predictive analytics entails using knowledge to foretell customer behaviors and preferences. By analyzing past purchases, searching patterns, and different knowledge, companies can tailor their offerings to individual customers, making their buying experience more relevant and fascinating. Let’s study top customer retention methods and the way prime B2C firms within the Indian market are leveraging these methods. Community-building strengthens the emotional connection between brand and buyer.
Most most likely, a popularity for excellent customer service does considerably enhance the brand image and reputation. They gladly share optimistic experiences with friends and family as a type of digital advertising. Exceptional customer experiences assist businesses differentiate themselves from rivals and gain an edge. Loyal prospects usually become brand advocates, giving constructive word-of-mouth and bringing in new customers, which may result in increased market share and dominance of the brand. Insurance is an trade that has confirmed resistant to alter, making it challenging to embrace adjustments in customer preferences. Traditional insurance carriers are used to taking the one dimension suits all approach to product development and offering standardized products and services to their complete buyer base.