Chances are you already know that it costs about 5 times more to acquire a new customer than it does to generate new business from an existing customer. Could be that you have also come across the findings from Harvard Business School that show that by increasing customer retention rates by 5 percent profits increase by 25 to 95 percent. And perhaps you have also come to realize that happy customers are the ones who will refer you new business which obviously is a cost efficient method of lead generation.
But do also you know why customers often leave? The answer is – perhaps surprising – because of lack of attention!
So isn’t it surprising – and even disappointing – that so many companies have a sales and marketing strategy that brings new customers through the door while they lack a successful customer loyalty and retention plan that will keep current customers coming back for more?
You can actually do a lot to hold on to your customers, but – apart from great products and excellent service - the most important thing is to be your customers’ trusted advisor. The world is getting increasingly complicated and that goes for your customers as well – so help them by being the company that continually provides new knowledge and advice.
It doesn’t come easy. Being a trusted advisor takes time and a real focus on becoming an integrated part of our client’s businesses, but here’s a very simple thing you can do: If you read an article, see a new book, or hear about an organization that a customer might be interested in, drop a note or make a quick call to let them know.
For much more inspiration on how to keep your customers download the slides (in English) presented at the webinar or see the one hour long recording (in Danish).
Do you want to be inspired about how to make successful innovation? Join for free our next webinar live: “Innovation is more about heart than head”. Sure you need bright minds and strong processes to innovate. But did you know that in reality empathy is the most powerful engine of innovation? In order to innovate you need to care at least as much as you think. And definitely in that sequence. The webinar is in Danish and takes place on May 17 at 13.00 CET. Sign up here.