Did you know that businesses spend 90% of their marketing budgets attracting new customers rather than engaging and customizing the experience of their current customers in an effort to keep them? In this economy of shrinking resources the key to being successful is utilizing your limited resources to your best advantage.
Progressive companies are implementing the following strategies:
- Asking their current customers how they can better serve them and implementing the change
- Making their customer’s interaction an unforgettable experience for them
- Develop staff focused on delivering a customized customer experience
- Invest in coaching of organization leaders and staff.
Why are these good strategies to implement? Replacing a lost customer will cost your business ten times more than the expense of attracting a new customer. On the other hand the value of a repeat customer is twenty times their annual revenue over the life of that customer. This means that your limited resources are best spent in developing a focused customer service culture that highly values your current customers. Providing your current customers with a customized experience that leads them to tell others about your business is the ultimate goal.
In this time of aster spending you may find that the best business investment that can be made is in the training and development of your leadership and staff. An analysis of the processes and encounters customers experience by a process improvement expert can provide a clear and open prospective to areas for improvement and customization. Businesses which focus on customizing their customer‘s experiences, will differentiate themselves from the competition. When you stand out from the crowd you get noticed. Consider these strategies when looking to improve client loyalty and the customer service culture in your business. If you are looking for help to accelerate the implementations of these strategies please complete the contact form and we will schedule a meeting. Here is to your continued success.