Lack of Interest
Chances are, you are amongst the many businesses who look to allocate the lion’s share of their marketing spend on customer acquisition. Yet the average business continues to experience a loss of around 20% of its customers each year by failing to attend to their basic needs. In some cases, this fall out is a high as 80%
Research carried out by University of Sydney concluded that 67% of customers left their supplier due to perceived indifference. Simply put, a lack of Interest or care shown in them as a customer.
With the cost of customer acquisition on the rise, together with the added consideration of GDPR compliance, there has never been a better time to legitimately build your business from within. It’s easy to get out of sync with your customers and lose sight of what is important to them. Regular, relevant communication allows you to keep in touch with your customers and more importantly, be present to provide them with what they need, when they need it.
So, here are 9 quick fix steps to take, that require little or no expenditure to get your relationship back on track with your customers and your revenue rising.
1. Limit Attrition
After the considerable financial and physical investment made to attract a new customer, the effort to remain engaged with that customer often drops dramatically. In some cases, interest is lost as soon as the sale been made. Even worse, the customer is side-lined once an easily remedied problem occurs. Not surprisingly this often results in a breakdown of trust and ultimately a lost customer. The easiest way to grow your business is to plug this gap in your process and eliminate the risk of early attrition. By fixing the leaky bucket in this part of your process, you can focus on increasing business with that customer without the urgent need to make up lost ground by finding new customers, just to stand still.
2. Win the Right to Sell More
Why not capitalise on the excellent job you made of bringing a new customer through your door in the first place?
The initial purchase is just the start of the sales cycle with your customer, not the end, as so many suppliers view it as. This first transaction allows the customer to test the water with you. Dropping communication with them at this stage will open the door to buyer’s remorse, the period where your customer starts to question the value of their decision to do business with you. By creating a clear communication strategy, you can stop customers from falling through the cracks in your business at this stage and focus on increasing worthwhile interaction with them, to cement the initial sale and create the opportunity for future referrals and repeat business. Prove to your customer that they have made the right decision to deal with you and make it easy for them to do more business with you, by having a system in place to stay connected.
3. Bring Customers in from the Cold
Reactivating dormant customers who already know you and your product is one of the easiest and quickest ways to generate new business. Re-contact them and find out why they are no longer buying from you. Most businesses express a desire to create quick wins. This is one of the most effective ways to increase revenue within the shortest time possible.
4. Have a Complete K.I.T. List
Keep In Touch by setting up a programme of scheduled and varied communication. From letters and postcards to a quick phone call to ask how they are. Thoughtful, personalised communication will let your customer know they are valued and important to you. It provides positive recognition and reinforces the reason they are doing business with you. By helping customers to feel part of your business, their emotional investment in you will grow and they will want to continue to work with you.
5. Take Customer Experience to a Whole New Level
How many companies have you met who list their key differentiator as great customer service, yet, how often have you experienced truly great customer service?
Despite all the current publicity around the importance of customer experience, surprisingly few companies are managing to make the transition from promise to practice.
Start by looking at the source of your own operation, your team. Do they feel valued and important? Are they treated, and do they treat others with courtesy and respect? Understand the approach to customer satisfaction by every employee. Look at their attitude to queries or complaints. Are these seen as issues or opportunities? Consider response methods used and timing; ownership of an issue or temptation to pass the buck; going above and beyond the call of duty; consistency in approach and ability to fulfil on company promises. Your employees attitude to their role, their colleagues, the business and the customer is pivotal to delivering customer excellence. Ultimately people buy people and everyone in your business has a responsibility to look after your customer, whether directly or indirectly. Shared values and goals in your business will make it easier for your customers to understand what type of company you are and your ability to take care of them and provide them with an exceptional customer experience.
The result of a cohesive, respectful team with shared values and goals? An open relationship with your customer that fosters longer term relationships and loyalty.
6. Consistency and Integrity
Customers expect to see total consistency between what you say and do. They expect your product or service to deliver at every level promised. Genuine integrity is demonstrated by the way you choose to respond to every issue, whether large or small. Customer buy-in is built on open and honest interaction, the ability to meet obligations and not letting anyone down.
7. Measure lifetime value
There is likely to be a big hike in the profit a one-off transaction will provide, and the total aggregate value your average customer over the lifetime of their business relationship with you. Once you recognise how much combined profit a long-term active customer contributes to your business, you will appreciate the importance of customer engagement. You will understand just how much time, effort and expense you can afford to invest in retaining that customer and, be in much better control of your marketing spend.
8. The Gift of Complaints
How many customers have walked away from your business without you knowing why? Addressing complaints properly provides an excellent opportunity to develop a deeper relationship with your customer. By giving customers the chance to talk through their issue, you can help them return to a state of satisfaction and even delight in your business. The approach you take with your customer provides an opportunity to authenticate your position as a valuable supplier and create even greater customer loyalty.
9. Ask for Help
As a professional business with your customer in mind, you will be looking at ways to deliver excellent customer engagement across all areas of your operation. However, transforming what you want to do into what you can do can be a real challenge. Especially if you are struggling for time or the right cost-effective resources to provide the sort of customer experience you ideally want to deliver. With our 30 years focusing purely on direct customer communications, we can really help you attain and retain valuable customers in a way that reaches your expectations.
Free Data Audit
Getting it right is important and high quality, appropriate contact information allows you to not only provide a targeted approach to customer acquisition and retention, it significantly reduces marketing cost and increases positive results for you.
To get you started on the right track, let us help by providing you with a free audit of your own customer and contact data. This report will give you the information needed to get your own customer contact working in your favour. Of course, if you need any extra help or advice to put a workable and effective plan in place, we can help there too.
To enquire about a free data audit or any other service we can help you with click here