Stats from the White House Office of Consumer Affairs suggests that it is six to seven times more expensive to attract a new customer than it is to keep an existing one. Plus, in the competitive business environment of today, there are lots of businesses who offer similar goods and services. Because of that, making customers feel special in order to stand out is a wise decision for owners and managers who want to thrive. Though providing quality customer care provides a unique set of challenges, doing so can be a great for businesses to set themselves apart and build a larger, and more loyal, customer base.
One of the important things in today’s marketplace that businesses have to work on is positioning themselves against their competition. Though gaining customers is the most important thing when it comes to success, finding ways to keep them away from the competition can also be fruitful. Bain and Co. found that a consumer is four times as likely to head to a competing company if they experience a service related problem so working to build customer loyalty is important for any company that wants to gain steady footing in their industry.
Online shopping has become a popular choice for all kinds of consumers who want to avoid the hassle of going to the mall and dealing with long lines and crowds. However, making customers feel special is always important, even for business who focus on internet sales. In fact, 45% of American consumers will abandon an online purchase if their questions or concerns are not addressed and handled quickly, according to Forrester. So though the perception might be that focusing on online shopping means worrying less about the customer experience, the reality is far from that idea.
Though there are likely to be several reasons why businesses don’t place an emphasis on creating and maintaining customer loyalty, cost certainly plays a part. It takes time, and therefore money, to make sure every customer gets the treatment and troubleshooting that they need when a problem arises, and small businesses in particular might struggle with that. But Defaqto Research says that consumers are willing to pay 55% more for better customer service, so higher prices might be able to mitigate the costs of providing an improve consumer experience.
Providing good customer care often gets overlooked by businesses looking to run as efficiently and quickly as they possibly can in today’s hectic business world. However, slowing down a bit and making customers feel special can prove to be the key to success and longevity.
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