Many of those businesses fail to realize that customer retention usually has more profound impacts than efforts to acquire new customers, and neglecting customer retention can lead to the untimely demise of business. Give your customer service teams more autonomy to resolve customers issues, own the resolutions. Get more involved in delighting clients Create focus groups or survey your current customers for feedback on how customer service can be improved to meet or exceed their expectations Use customer feedback to uncover common friction points; adapt products, services, and information to eliminate those friction points or help customers overcome them.
- Every business needs a steady stream of new leads coming in the door. New business is crucial for survival.
- On average, your loyal customers are worth a great deal more than a new customer. If you keep them happy, you can expect a much higher lifetime value for your average customer.
- Even if you only make small changes intended to delight your customers, you might see a massive shift in revenue as a result of increased loyalty toward your brand.
“Every business needs a steady stream of new leads coming in the door. New business is crucial for survival. If you’re not feeding your funnel, then you’ll limit your capacity for growth and eventually tank.”