Fostering Solid Customer Retention

Don’t you hate it when you’ve found the coolest app, but then suddenly there’s a glitch. Or maybe you want a particular share function, and it doesn’t exist. To you, it seems like common sense. Surely you’re not the only person out there who has thought of this?

So, you submit your customer feedback and cross your fingers that when the update becomes available your desired function will be included.

The customer experience is all about how you respond to the very people who are using your service or product. Depending on how you roll out this function of your business, will also dictate how long your customers will hang around. 

Harvard Business School identified that by increasing customer retention by 5%, it’s possible to increase your profits from 25-95%. Most business comes from returning clients and so, if you’re thinking outside of the box, you ought to consider adding your customers into your inbound marketing strategy.

Key Benefits in Implementing a Customer Experience Strategy

Do you think your business is currently delivering extraordinary customer experience?
It’s one thing for you to believe you are, and it’s another for your clients to say that you are.

A study carried out by Bain & Company indicated that “80% of CEOs believe they deliver a superior customer experience, but only 8% of their customers agree.”

While customer experience can at times be seen as a new trend or new “marketing” initiative, it’s not. Customer experience is a plan to execute resource allocation and various other business activities that are needed to provide an extraordinary customer experience. And at the very least, meet their expectations for your product/service.

By being open to customer feedback and actively engaging with these individuals you are developing a healthy business relationship, gaining valuable product insights and building customer loyalty. All are the essential ingredients for innovating any brand.

Below are some rather impressive customer statistic findings.

  • By 2020, customer experience will overtake price and product as the key brand differentiator. (Walker)
  • 95% of dissatisfied customers tell others about their bad experience. (Dimensional Research)
  • 82% of buyers say the number one factor leading to a great customer service experience is having problems resolved quickly. (Econsultancy)
  • Oracle, CEI Survey noted that 86% of buyers would pay more for a better customer experience, but only 1% of customers feel that vendors are meeting their expectations

Develop a Customer Satisfaction Strategy

How much time does your business spend asking customers how likely they are to recommend you to friends, family, colleague or other company contacts?

A net promoter score survey is an excellent way to measure the likelihood of their recommendation. This process involves you asking your customers these two questions:

How likely are you to recommend [Insert your company name] to your friend or colleague?

What is the key reason for your rating?

When you seek feedback, don’t just keep it locked away on file. It’s important that you use this information in ironing any kinks you may have in your customer experience process.

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Whatever way your gathering data and feedback from your clients, Google forms, SurveyMonkey or the likes, much of your attention will fall to the consumers who say they wouldn’t recommend you.

Some good questions to consider asking this pool of individuals is:

What can we do to help?

How could we improve?

What could we offer that we haven’t provided you so far?

Leaving feedback unaddressed can sever any sense of customer loyalty. If feedback is provided and no one from your team bothers to follow up, this doesn’t position your company in a positive light. So as any good researcher would do, analyse your results and formulate an action plan.

The Happy Customers

You may have a tonne of happy clients, yet there might not be an avenue for them to leave a referral or glowing review. What process do you have in place for happy customers? If you do have one, be sure to make this known when your customers purchase from you, or with any follow-up communication.

Education is Key

You may be focusing on expanding the business, which is all well and good. The question is, what are you doing to keep your current clients on board. A lot of existing customers are lost in the process of acquiring new users.

Keep current product users engaged with regular educational updates. These can include webinars, how-to videos, podcasts or a monthly newsletter. Staying in touch keeps you at the forefront of their mind. If they like something you send out, they’ll be likely to look out for something similar shortly. It’s also an opportunity to educate them about new products and services that are coming out soon.

Or maybe you’re a software company. Does your website have a Support Section that can assist your buyers through the setup process? Do you have a virtual chat that can help them out with any troubleshooting issues in real-time?

You can also consider adopting a FAQ section. FAQ pages are a great way for the customer to find what they are looking for without having to call in. By publishing your frequently asked questions, you allow them to browse through the various issues, and you may answer a few other matters simultaneously.

This option gives your customers the answers they seek while saving them any hassles of having to get in touch with a team member.

What’s Your Customer Satisfaction Gauge?

If you are not actively engaging with both the happy and unsatisfied customers of your business, you’re not showing them that you care. You’ll be more likely to see them waving goodbye than bringing in their closest friends.

Retaining existing customers is much easier than attempting to acquire new customers. The statistics reveal that “The cost of acquiring a new customer costs five to ten times more than retaining an existing one. Not only that but repeat customers spend on average, 67% more.”

So how do you measure your customer satisfaction?

What strategies have you got in place?

It’s worthwhile sitting down with your team to revise old processes and come up with something that inspires you - and something that’s going to wow your customers. Stay connected with your clients, show them you care and you’ll see the results!

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