If 68% of customers leave because “they think you don’t care about them”, then why don’t we put more effort into caring. Have we forgotten how to make personal connections or are we so institutionalised by the desire to “BE PROFESSIONAL” that we forget we are dealing with real people, and at the heart of human kind is a simple but important fact, we all want to be seen and engaged.
In this new world of Digital, Digital, Digital where within seconds you can be on a supplier’s website, facebook, twitter or one of the ever increasing list of customer experience website allowing you to tell the world about your unpleasant experience 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 if you consider the below facts 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.
No matter the business, small or large a business who focuses on developing a customer engagement program will create many new opportunities, which in many cases won’t cost more than the time it takes to develop and implement the plan. It also has the added benefit that a happy and engaged customer is more likely to follow your Social Media and engage. Which in this new age of Digital is a vital element in brand development and could help you reduce your marketing spend.
Your customer engagement process is as important as you budget and forecast. Don’t risk your existing business on the “hope” the stay, create an engagement process and watch your business grow.