Did you know:
- 70% of buying experiences are based on how the customer feels they are being treated (IndustryAnalysts.com)
- Price is not the main reason for customer churn, it is actually due to the overall poor quality of customer service (Accenture)
- While 96% of unhappy customers don’t complain, 91% of those will simply leave and never come back (1st Financial Training Services)
- A dissatisfied customer will typically tell between 9-15 people about their negative experience (White House Office of Consumer Affairs)
Growing an aligned client service program that keeps clients engaged with your business is critical to success. However, in order to align with them, you must first understand them and what makes them tick.
Certainly, we all know that clients are at the heart of business sustainability and development, shareholder value, and revenue generation. Nevertheless, how many businesses actually put the customer at the head of the table, at the heart of service delivery and priority, of product strategy or employee incentive programs?
In black and white, no clients mean no business value. Even the leading product or service means small without someone to buy it. An increasing number of businesses are realising this: in the face of large-scale commoditisation, rising competitive markets, expanded buyer choice (and discern) and a changing buyer landscape, customers are finally being given their rightful place on the business agenda.
Hence, why all this to-do about customers? Well…
- It commonly costs 5x more to attract a new client than it does to retain an existing one
- A 5% development in customer retention can increase profit by more than 25%
- Existing clients are 50% more likely to try a new product or service from you.
Now, are you prepared to pay more attention to your clients?
A strategic approach to client service
At Marketing for CEOs, one of our 9 Boxes™ is dedicated to Client Service, that’s how highly we rate customer value. In our Growthology’s viewpoint, it is crucial that our CEOs have a clear picture of how their businesses service different client groups, and how their operational plans contribute to client satisfaction, repeat business, and referrals. For, these are the lifeblood of a growing business.
Growthology believes that customer insight is fundamental to attracting and retaining them. Having a client service program is substantial, yet do you know what switches them on or off? As a matter of fact, when did you last ask them what switches them on or off?
Regularly review your client engagement program – make sure what you’re doing is still relevant to them, take a look at what your competitors are doing, review new trends or opportunities. In essence, try to stay ahead of the pack.
Ask your clients:
- What do they like / don’t like about dealing with your business?
- What do you do well?
- What could you do better?
- What could you offer them that you currently don’t?
In addition to that, reviewing your own business practices, looking at what your competitors are doing (and how they feel about them) can bring valuable business improvement ideas.