5 Questions Retailers Must Tackle to Attract and Retain Customers

Zane's Cycles is an example of a company that really does embrace managing customers as a true asset. You can go into its Branford, Conn. store and ask to take a $4,000 bike out for a test ride, and all they say to you is, "Have a great ride." It doesn't ask you for any collateral, your identification. Zane's wants you to have a great ride because it knows that a customer, if the relationship is managed properly, is worth $12,500 over their lifecycle to the brand. Now that's a lot of bikes and parts. Zane's doesn't want to get in the way of starting that relationship — and very profitable revenue chain — by questioning a customer's integrity. This policy has served Zane's well. It's grown to be a very profitable company and, most importantly, it only loses about three bikes a year.