Since customer loyalty is a treasure, so it’s going to be inferno if you fail to retain your clients. Therefore, you’ve got to do all you can to get around it. Losing an existing customer meansthat you’re actually comingclose to losing another, and then you might get caught in a vicious circle that leads to nowhere.
But how to do it? Is this done via rewards programs, customer loyalty programs, a loyalty app, or what?
The answer is you just have to exert all efforts tokeepyour clients happy, hold on to them and always regard them as your most precious asset, which, I think, they are.
However, it might be wise for us tolook at some informative statistics to get to know who is who when it comes to the eternal business-customer relation. Top on all facts is that any business that ignores customer feedback, thusfails to put in place the right loyalty program, and subsequently fails to nurture existing customer relations,will certainly lose about 20% of their customers– more or less.
Moreover, the total customer loss, with some businesses, might sometimes exceed 70% or probably 80%, which is a serious disaster. We even can call it utter failure, especially if the tragic situation lingers on.
Now let’s see things in real life away from theories and figures. Let us ask experts about what would happen when we compare two companies, the first one able to retain 90% of its clients, whereas the second company can retain only 80%?
According to customer loyalty program specialists, if each one of the two companies is able to broaden its customer base at the rate of, say, 20% each year, chances are the first company will achieve 10 percent in net growth in customers per year, while the other will achieve no growth.Besides, the mere 10% advantage in customer retention is estimated to result in a doubling of clients every seven years without doing anything else!
Therefore, the process of retainingcustomers will always have serious repercussionsfor the whole business over time, and, in some cases, it might develop inunforeseen ways. Due to its importance and far-reaching sway, any smallchange in customer loyaltyis expected to positively or negatively affect the whole business system over time, with a remarkable impact on the company’s margins.
Yet, it seems we should end with reversing the logic bybluntly asking: what if we do not lose our clients? In other words, what if we have a satisfied customer whose needs are met, desires respected, and concerns addressed?
Besides, can weget a little more cynical and add2other questionsby asking: How can we know if the customer is happy in the first place? Moreover, what are the factors, if any, that determine whether your customers are satisfied with your company, your brand, your products, your services and your everything?!
Apart from using any customer loyalty app, such as the maverick DD App, which is provided by Dual Directions, http://beta.dualdirections.com/, or using the free software tools that keep an eye on who says what about us on the internet, and also aside from the vast array of directories and communities that lie here and there on the internet, don’t you ever feel there’s something missing?!
Definitely yes– I’d say. Who can ignore the famous Harris Interactive study, which quoted,a few years ago, 92% of consumers as saying that they would be willing to go back to a company after a negative experience?
Now, does this sound like music to your ears? Oh good. Please don’t rush into premature jubilation, as the goal has not been scored yet. Customer satisfaction, believe me, is a long walkdown the road, and only smart businesses could find their way through thebaffling maze of narrow streets!