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Customer service is directly tied to customer retention. Do you know how many clients you are losing every year and what it is costing your bottom line?
Research by Bain & Company suggests that the average company loses 10-15% of their patron base every year. When you integrate this customer service data with the following:
Cost 6 to 7 times more to acquire new clients (Bain & Company)
Increase customer loyalty by 5% boosts profits from 25% to 100% (Fred Reichheld)
Customer retention through customer development has just moved to the top of your business priorities.
What I know to be true is that most businesses cannot quickly identify their customer acquisition costs less alone know how many patrons that they lost. For these businesses are so busy chasing new business relationships that they have forgotten to maintain existing business ones.
However some companies truly understand the value of customer retention such as Ritz Carlton Hotels. This organization provides each employee with a budge to resolve guests problems to the guests’ expectations. For they know the value of customer loyalty and how critical it is not to lose a single patron.
Another reason why businesses do not truly value customer retention is that they (executive management team) are no longer connected to the customer experience. Through the use of surveys to secret shoppers they have become disengaged specific to what their clients are experiencing through what are called Points of Connection. These points are what your clients both external and internal see, hear, touch, smell, taste and feel.
The executive management team truly needs to walk in the shoes of their customers. To not only experience the Points of Connection, but the Points of Potential (operating systems) as well. By taking this action, they will begin to understand the what of customer development
and retention. Also, these walks will provide this team the opportunity to create Points of Innovation.
If you want to grow your business, then own this customer service coaching tip. Do not let a single patron leave your data base. Build customer retention through your customer loyalty action plan and watch your profits soar.
What other areas of customer service do you need to think about? This free audit looks to how you can build customer loyalty
.
Are you looking for some additional business coaching training services? Why not visit business coaching training
gym that is designed to help you become better at business building including customer service to self leadership.
Leanne Hoagland-Smith, chief customer officer with offices in Chicago & Indianapolis, helps organizations through business coaching training services to return to the purpose of business that being building ravings fans while increasing productivity and profitability. She can help double business results and secure your competitive advantage.
Call 219.759.5601 to schedule a free business coaching consultation or schedule her new keynote of Yes You Can Grow A Business in a Down Economy .
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