“79 percent of customers would take their business to a competitor within a week of experiencing poor customer service”
– As per a report by Access Development
Various factors contribute to the fate of a business, and it turns out that customer satisfaction is one of them. Businesses thrive when their customers are happy to have a long-term association. Loyal customers play the role of influencers, and popularize your products or services with the word of mouth. But, is it entirely the choice of customers whether they want to stick to your brand or not? Well, not really! And if you believe so, you are likely to lose them soon. The catastrophe of customers forgetting about your brand can spread even more if you are committing any of these mistakes.
Brands tend to believe that customers associate with them because of their good market reputation. But more than that, customers connect with a brand when its employees understand their needs and provide outstanding service. For any concerns, queries or requests, customers reach out to the support team of a brand. An emotional connection develops between a company and its customers, when the employees are ready to go an extra mile for fulfilling every request. As your employees are busy forging a relationship with customers that can foster with time, why break the momentum by replacing them all of a sudden? Don’t shuffle your customer service representatives in short intervals, as it negatively impacts the business relationship with customers.
Are you saving all the perks for new customers, and ignoring the existing ones? If so, then it’s time to reconsider your approach towards repeated customers. Customer loyalty programs can play a major role in making existing customers feel valued. By rewarding those who have made frequent purchase in a given period, you can expect more revenue from them in the future. Also, the interest of customers in loyalty programs is soaring.
According to a study by Accenture, 77 percent of customers engage in a retail loyalty program, 46 percent have joined the hotel loyalty program, 40 percent of the customers are a part of an airline loyalty program.
So, your business can also benefit from adopting an approach that is already a hit amongst customers!
Offer discounts and other perks to new customers, but don’t forget to reward those who are picking your brand every time. Remember that while sales to new customers are adding up to your revenue, existing customers are helping you find your niche in the market.
If you are a low-cost provider of a particular product or service, you definitely have a competitive advantage. But, there is always a chance of another player stealing your advantageous position in the market by offering the same product/service at even lower prices. So, rather than focusing too heavily on the price factor, strive towards providing the best value. You can maintain an advantage over competitors by offering a combination of lower price and outstanding quality.
Every customer is unique in terms of buying preferences. While pitching a product to customers, if you forget to demonstrate the care for their likings and needs, you are likely to fail.
A study by Wunderman revealed that around 79% of consumers are loyal towards the brands which care about them.
Customers consider purchasing a product only when they are satisfied with the brand’s efforts to understand their specific needs. Don’t push customers to buy more, rather direct your marketing campaigns towards targeted customers to drive maximum sales.
According to a study by Accenture, 52 percent of consumers had moved from one provider to another in the year 2015 due to poor customer service. This customer behavior had led to the loss of $1.6 trillion for different brands in the U.S.
Every brand wants to drive ongoing engagement from customers, but repeat purchases can happen only when customers have a pleasing first-time buying experience. After-sales service can play a vital role in shaping the experience of first-time buyers. You can establish a strong customer relationship by resolving their queries related to the use or installation of a product in real-time.
According to customer loyalty statistics provided by Annex Cloud, “82 percent of companies agree that retention is cheaper to execute than acquisition”.
If you offer incentives for bringing new customers, but give no reward for forging the business relationship with existing ones, then you are inadvertently promoting a wrong employee behavior. In this case, your sales team would direct all its efforts towards making new customers than maintaining the existing ones. You need to set goals for your sales team in a way that it pays equal attention towards new customers and the existing ones. Also, you can ask your salespersons to make a list of key customers whom you just can’t afford to lose, and figure out what they prefer to buy. Accordingly, you can devise strategies to keep them satisfied.
Your customers want to hear from you. It makes them feel associated with your brand as a valuable member. Through newsletters, discount vouchers and invitations for promotional events, you can maintain regular communication with your customers. Also by responding to customers’ feedback in real time, you can create a communication loop. So, keep exploring different ways of reaching out to your customers, if you don’t want them to forget you.
Why give customers any reason to forget you when they can have a positive impact on the bottom line of your business? Even if you have been successful in retaining your loyal customers till now, you have the scope to do more for complete customer satisfaction.
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