5 Ways to Keep the Customers You Already Have

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Adapted from Tricia’s Customer Service Success Blog. Did you know that returning customers spend 33% more that new customers? How about that it costs six times more to sell something to a new prospect than to a current customer? Or what about that just a 5% reduction in the customer defection rate can increase profits by 25 to 85%? Learn how to retain customers and add significant value to your company.

Read more of Tricia's blogs at www.parature.com/blog.

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5 Ways to Keep the Customers You Already Have

  1. 1. 5 Ways to Keep theOriginally Posted onDecember 20, 2011 Customers Youby Tricia Morris Already Have
  2. 2. According to MarketingInsights from A to Z author, 70% ofDr. Philip Kotler, most marketingbusinesses spend budgetapproximately 70% of their spentmarketing budget on attractingattracting new clients rather new clientsthan investing in improvedrelationships with the onesthey already have.
  3. 3. BUT CONSIDER THE VALUE OF KEEPINGCURRENT CUSTOMERS HAPPY• Repeat customers spend 33% more than new ones.• It costs six times more to sell something to a new prospect than to a current customer.• Depending on the industry, just a 5% reduction in the customer defection rate can increase profits by 25 to 85%.
  4. 4. According to global consulting firm, Protiviti,the top business challenge for non-financialservice companies in 2012 will be improvingcustomer loyalty. Businesses have learnedthat no matter how great they think they are,their customers will be the ones to saywhether or not that’s true.
  5. 5. For companies with thousands or hundredsof thousands of clients, showing truecustomer care is no small task. Savvycustomers can detect insincere efforts,especially when customer appreciationefforts seem to coincide with contractrenewal dates.
  6. 6. Don’t wait until a client is halfway out the door beforeyou ask them to stay. Here are 5 ways to ensure yourcustomers remain where theyare, and realize that they’re in good company:
  7. 7. NUMBER ONELISTENListening is a must for both attracting and keepingclients, but it’s something businesses andorganizations often find challenging. Manycompanies have trained their sales staff and CSRsto reply with rehearsed answers when it comes toresponding to their customers’ commonchallenges. But to build customer affinity,companies must truly listen to each customer’sunique questions and conversations and reply witha custom response.
  8. 8. Organizations must also make an effort tolisten across more channels. As customersbecome more connected, so mustcompanies. Be a part of onlineconversations across a variety of venues,and proactively engage your customers withfeedback requests and customer servicesatisfaction surveys.
  9. 9. NUMBER TWORESPONDMake a concerted effort to effectivelyengage with customers across all 70% ofmajor touch points, including socialmedia. A 2011 Maritz Research study customershows that 70% of customer complaintscomplaints on Twitter go unanswered. on TwitterAn organization’s social media gopresence should involve two-way unanswered.conversations, especially wheninitiated by a customer complaint.
  10. 10. Go the extra mile to ensure customersreceive the most helpful answers possible.Involve all departments in customer service,because not every customer question onyour website or on Facebook can or shouldbe answered by marketing or your PR firm.
  11. 11. NUMBER THREEMAKE IT EASY TO BE A SATISFIED CUSTOMERGive your customers the information theyneed in clear and easy-to-understandlanguage. How-to videos are becomingincreasingly popular, as people no longerwant to spend time reading detaileddescriptions or instructions.
  12. 12. Provide more customer self-service options,and improve personal customer service bygiving customer service reps access toeach customer’s complete service history.When a CSR thanks a customer for stayingwith their company for five years, or knowsthat a customer has had service problemsbefore and needs extra TLC, that can makeall the difference when it comes to customerretention.
  13. 13. NUMBER FOURREACH OUTNurture your customers with an attitude ofgratitude and an exceptional customerservice experience every time they makecontact with your organization. Throughblogs, social media and e-newsletters,provide them with content and tips that theywill find interesting or helpful.
  14. 14. NUMBER FIVEKEEP IT REALAutomated responses are no longeracceptable. Real customers want to dobusiness with real people. Build customerrelationships through conversation andshowing the human aspect of yourorganization.
  15. 15. Through numerous studies, behavioral psychologists 70% of have shown that more thanconsumer and 70% of consumer loyalty and loyalty and spending decisions are spending based on emotional factors.decisions are based in In relation, a Core emotional Communications study found factors that consumers are more likely to be loyal to a brand based on the charities or causes it supports.
  16. 16. Even the biggest companies have begunfocusing on the human aspect of theirorganization, as witnessed by personal-care-centered ad campaigns such as Flofrom Progressive, Charles Schwab’s Talk toChuck, and State Farm’s friendly Jessica. Ina world focused on technology, customersstill need – and want – a human touch.
  17. 17. So in 2012, make a resolution tolisten, respond, reach out, keep it real, and make it easy for your currentcustomers to stay loyal to your brand. Appreciating and keeping the customers you have is the key to sustained success. Winning new clients (especially through customer referrals) is an added bonus.
  18. 18. MORE CUSTOMER CARE CONTENTYOU MAY BE INTERESTED IN• BuilderMT Success Story: Building Customer Satisfaction from 66% to 90%.• White Paper: Five Trends in Social Media for Response Management and Customer Engagement• 6 Simple Tips for Collecting Better Customer Feedback FIND THIS CONTENT AND MORE AT http://www.parature.com/blog/
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