Customer Relationship Management
It’s just as crucial to have a strategy in place for customer engagement and loyalty as it is for acquisition and awareness. Everyone’s familiar with the fact that it can cost 10 times as much to acquire a new customer than to retain an existing customer. Truer words were never spoken. Most businesses have a habit of ignoring their existing customers…big mistake. If you don’t build an on-going loyal relationship with your customers, they will likely leave and may never come back. Research company Access Development reported that 79% of customers would take their business to a competitor within a week of experiencing poor customer service, while the estimated cost of customers switching their choice of businesses due to poor service is $1.6 trillion. This may not have been the case just 10 years ago, however with the onset of social media and fierce competition, it’s now a fact that customer sentiment is constantly shifting and consumers have more options than ever before as to where to spend their money. The good news is that you can do something about it.