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.
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.
It is evident why successful organizations focus on delivering outstanding client experiences and why retaining existing customers is just as important as recruiting new ones. If you are seeking advice on how to create, implement, and solidify retention techniques to give your clients a memorable customer experience, contact us today!
“Ranking our Web site high on search engines results, designing a professional Web site look and developing engaging relevant content for a heavy technology company like us resulted in a dramatic increase in client leads that we receive from our Web site.”Simon Robin CEO, Hardent