Journey of a Lifetime

Lost confused sign mega 300x248 Journey of a Lifetime

Employing the Voice of the Customer for Lifetime Value

Think that once a customer does business with you, they are yours forever? Think again! In fact, the average company loses anywhere from ten to 15% of their client base per year.

Take a minute to chew on these facts recently published in a survey from Deloitte:

  • It costs five to six times more to attract a new customer than to retain an existing relationship
  • By retaining an additional five percent of their existing client base, companies can realize a 25% – 125% increase in profits

Even with these astounding facts, many companies foolishly disregard the importance of their current clientele to pursue new business opportunities. And though growing your customer base is a vital part of a company’s continued health,  you risk throwing away a tremendous potential for recurrent business by turning your back on past customers and “hoping” they will return. This approach makes no financial or business sense – you have already invested the time and money to attract and secure these clients and a relationship of some degree has been forged. Don’t stop there! Turn your attention to these valuable, yet often overlooked, business opportunities in order to gather a wealth of consumer insight as well as strengthen the relationship while adding value to your product and service offerings.

According to a Grant Thornton survey, 80% of respondents cited their strong market and customer relationships as the competitive advantage in promoting their brand. The question is how can you solidify and take your customer relationships to the next level? If you are waiting on your search presence and website to keep consumers coming back for more, you are missing the boat. These channels have facilitated initial interest and sales and established an expectation of customer experience, but to drop the ball after that point can destroy any loyalty previously instituted.

 To create a customer experience that brings long-term success, take a holistic approach designed to improve every B2C touchpoint. Initiating E-Mail correspondence with your customer base is an excellent way to continue the relationship while building trust as a foundation for future business transactions.

Get Personal With Your Customers

Assuredly, you have received E-Mail marketing offers of some sort delivered to your inbox. How do you respond? Do you click-through a one-size-fits-all mail that really doesn’t pertain to any of your interests or simply delete? On the other hand, is your interest piqued by an E-Mail that uses your first name to address you personally or perhaps includes an offer directly associated to your past buying behavior? Seeing communications specifically directed toward you and a company’s efforts to take your interests into consideration creates that warm, fuzzy feeling. You feel like a person, not just a number, and that inspires a deeper connection – a connection that will lead you back to their waiting arms.


Gain Insight Through Feedback

The voice of the customer – an invaluable tool in bettering your online reputation. E-Mail is a terrific vehicle for conducting customer surveys and garnering feedback associated with their reactions to and interaction with your brand. Gaining an objective look at your customer experience can provide an eye-opening view at what you are doing right as well as where you are failing. If you genuinely listen to the customer’s perspective and then actively seek ways to incorporate their ideas into your processes, you have significantly increased the chances to realize repeat business as well as send a message loud and clear to your client base: Their opinions matter and their business is appreciated.

Use Cross-Selling Techniques to Increase Revenue

It’s easy to create a win-win situation for your company and its customers while displaying the highest standards of quality service. Take previous purchase behaviors into account and then devise specialized promotional offerings on related products and services. Not only will you suggest new must-have items to bring the customer back in to your site but you’ll always convey value by offering them helpful suggestions and discounts.

Reiterate Brand Identity Through Constant Communication

Proactively communicate with your clientele. Whether sending product reviews, promotional offers or educational whitepapers, continued E-Mail communication is appreciated when it delivers interesting, relevant and informative content. Pretty soon, customers will find your name synonymous with quality, accountability and helpfulness – all the qualities of a company with a desirable reputation for business integrity. By adding a constant stream of value, your company name will always be in the forefront of their mind, and when the need arises, who do you think they’ll call?

E-Mail opens up a direct line of communication with your customers and provides a consistent vehicle through which you can continue to build your relationship and add value to the union. Solicit feedback on a regularly scheduled basis to gain unique visibility into their mindset and then customize your communications and service offerings to precisely fit their needs. Incorporate the customer voice into your every action and you will realize higher business retention rates and, ultimately, increased revenues.

0 Comment   |   Posted in Blog May 29, 2010