Would you believe a staggering 68% of customers leave because they think you or your business “don’t care about them”?
It’s an interesting statistic. And one that has got us talking!
We whipped around the BRANDiT office asking our crew why businesses don’t put more effort into caring. Their answers?
There have been huge shifts in technology and working styles in recent years. Our businesses, and our customers, are much more screen focused. Many businesses are also moving away from human-led services to technology-driven processes (helloooo AI).
These have led to an all-round general decline in the skill of making personal connections with your customer base.
How to keep customers?
Modern businesses operate in a digital-driven world, where within seconds a customer can be on your website, social media, or diving into a customer experience website.
On these platforms, customers can readily share their experiences, both good and bad. So why are we not placing a more conscious effort on creating a consistent, caring and rewarding interaction with our customers?
In business we regularly review the P&L, focus on targets or growth opportunities but forget about the equally important Customer Engagement process.
If you don’t create an engaging customer experience, you leave your customers no reason to stay let alone become sticky and develop loyalty. And this can have a dramatic impact on your bottom line:
The probability of selling to an existing customer is 60-70%, while selling to a new one is between 5-20%. A 5% increase in customer retention increases profits up to 125%. It costs 6 times more to attract a new customer than it does to keep an old one.
It doesn’t matter if your business is small, medium or large. Focusing on developing a customer engagement program will create new opportunities. And in most instances, this doesn’t cost more than the time it takes to develop and implement the plan.
Plus! It has the added benefit that a happy and engaged customer is more likely to follow your social media and engage with you positively. Which in this digital age is a vital element in brand development (and could help you reduce your marketing spend)!
Your customer engagement process is as important as your annual budget and business forecast. Don’t risk your existing business on the “hope” that clients stay. Instead, commit to creating an engagement process and watch your business grow!
Engagement is the 2nd step in our 3 Steps to Business Success program. Need a hand with your Customer Engagement plans? Give BRANDiT a call!
