For small and medium-sized businesses, retaining existing customers matters more than growing the number of new ones, because acquiring a new customer costs 5 times more than keeping an existing one. That's why you should continuously monitor and improve your customer experience. Loyal customers may make up only 20% of your total customer base, yet they can generate 80% of your total revenue.
- 73% of customers switch to a competitor because of poor customer experience.
Are your customers leaving you for competitors? Then the first thing to check is your customer experience. If customers find it hard to contact you or your process is confusing, they'll naturally choose another company. So put yourself in your customers' shoes and assess your service honestly. In many cases this fails because you know your own product processes too well. So run an NPS (Net Promoter Score) survey or engage a professional research firm to assess your organization from the outside.
- The better the service, the more willing customers are to pay more.
Some customers keep choosing a product or service even when it costs twice the market price. Because they receive satisfying service, they don't mind paying twice as much. Research shows that in most industries, customers are willing to pay 10% more when the customer experience is good. This helps reduce risk when "prices rise due to inflation and other costs" or "a competitor offers a lower price."
- Customer-centric companies are 60% more profitable than other companies. So start listening to your customers today.
According to a Salesforce survey of 6,000+ organizations, 66% of customers want "companies to act on our feedback and improve their products and services." So the first priority is to listen to customer feedback and respond to it. That's why you need to be able to reach customers through omnichannel, or multiple channels. We offer a service that lets you collect and analyze data from all your channels, no matter which channel your customers use to contact you. If you're looking for a communications solution for your organization, click here and book a meeting with our advisor right now.
On e-commerce platforms, customers can rate your organization's products and services. Now that ordering everyday goods from online stores is commonplace, product reviews, meaning customer ratings and comments, have become crucial. Some customers only choose businesses rated 4 stars or higher, so keeping your customer experience strong and raising your rating can open up more opportunities.
- Employees who love their work have a direct impact on sales revenue.
According to an Indeed survey of 1,073 organizations, the vast majority, 79%, reported that employees who are dissatisfied with their jobs lose up to 75% of their productivity and eventually quit. Employee satisfaction is a key foundation of success, and naturally, employees who aren't satisfied with the products and services themselves won't recommend them to the next customer. So beyond maintaining product and service quality and a good customer experience, it's important to pay attention to the employees who deal directly with customers.
