Customer relationships are always important, yet many businesses continue to neglect them. In fact, a business typically loses one-fifth of its customers each year. However, some companies lose up to 80 percent of existing customers simply because they ignore them. Retaining customers is of great importance, as a company that only loses ten percent of its customer base in one year is ahead of the company that loses 20 percent. This is true even if both companies gain the same number of new customers the following year. Once a company falls behind, it is hard to catch up. How can a business keep existing customers happy?
Many businesses assume a transaction is complete when money exchanges hands. Successful companies in the area of customer retention, however, recognize this is not the case. They follow up with the customer to ensure the buyer is satisfied. Furthermore, they may choose to follow up at a later date to discuss any questions or concerns that may arise. This not only shows the company cares about its customers and their satisfaction but also keeps the business in the mind of the consumer. Establish a schedule for following up with possible leads and existing customers for great results.
People often hear the customer comes first and courtesy is always important to the customer relationship. However, employees also need to be courteous to each other. While it can be difficult to deal with a customer who isn’t satisfied regardless of what the company does, this does not give an employee the right to hang up with this customer and take out his or her frustration on coworkers.
Emphasize courteous relationships between employees and accept nothing less. When a company implements this policy, it improves the workplace environment and customers recognize this, although they may not be able to explain what has changed or why. They simply know their contacts with the company have changed for the better.
Cane Bay Partners can be of help when it comes to offering other customer retention strategies. It takes less time and costs less to retain an existing customer than it does to find a new one. Remember this at all times and make customer relationships a priority for outstanding results.