While most of our clients contact us in search of new customers, it is imperative to remember that continued investment in your existing customers will create good customer experience and will promote higher rates of loyalty. It costs dramatically more (i.e., 5-7 times) to campaign for new clients than to simply retain existing clients. So, no matter how potent and effective one’s marketing strategies may be, without the ability to retain customers, you will have a very inefficient system. Client retention tactics are therefore an integral part of a successful marketing arsenal.
Organizations that consistently deliver excellent experiences for their clients are far more successful than those that do not. Esteban Kolsky, a leading Client Experience Management (CXM) researcher, extensively studied the effects of negative experiences on consumers. His research shows that 67% of ex-customers named a poor experience as their reason for leaving. Furthermore, 91% of dissatisfied customers simply shift to another solution without even voicing their grievances.
These statistics show how intertwined the client’s experience is to the likelihood that they will return, stay, or leave. Thus it is absolutely crucial to your success, especially in this modern age of technology. If a customer has a bad experience, not only are they likely to leave, but they may also vent their frustration through word of mouth or various social media platforms. This can easily spoil an otherwise exceptional reputation that you have managed to build.
Benefits of Excellent Customer Experience Through the Marketer’s Lens
- Strive to demonstrate to clients that you consider their state of mind, and focus on exceeding their expectations in every interaction. Your goal is to ensure that, regardless of their opinion on the product/service itself, their takeaway from each interaction is nothing but positive. Through these actions, customers will see that you genuinely care and their satisfaction levels will extend beyond tangible benefits for you.
- Satisfied clients can act as advocates to new prospective clients which will allow you to broaden your client base significantly. Clients may reflect their satisfaction with your organization through word of mouth and social media channels-, a very beneficial form of organic marketing.
- Personal recommendations from friends and professional acquaintances seem more trustworthy than a traditional “one-size-fits-all” advertising approach. Consider what would happen if each of your clients advocated for your service/product to even just one other person. This surpasses the reach of many marketing campaigns and quickly establishes a high level of trust for your future customers, thus creating an opportunity to shorten your sales cycle.
- Ensuring your clients consistently receive the best treatment allows you to stand out from the competition. Customers notice when their needs are being met. If you acknowledge these needs and continue delivering the best experience possible, they will consistently choose you over the alternative options.
- An often overlooked benefit is the way that positive customer experiences impact revenue. Kolsky’s study on CXM also found that 55% of surveyed customers would be happy to pay more for a better experience. That means that over half of your customers don’t mind giving your organization more of their hard-earned money if it means they are guaranteed better treatment.
- Finally, great customer relations allow you to devote fewer of your precious resources to crisis management. By prioritizing the customer’s experience, you can anticipate potential crises before they happen. Dissolving customer concerns produces a positive interaction, which may turn into additional purchases from the same client.
- Strive to demonstrate to clients that you consider their state of mind, and focus on exceeding their expectations in every interaction. Your goal is to ensure that, regardless of their opinion on the product/service itself, their takeaway from each interaction is nothing but positive. Through these actions, customers will see that you genuinely care and their satisfaction levels will extend beyond tangible benefits for you.
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Employing the Best Client Experience Strategies
Direct Objective Consulting has over 20 years of experience in implementing marketing tactics and will be happy to help your organization realize its full potential.
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