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It costs between 4 and 10 times more to acquire a new customer than to keep an existing one, according to The Chartered Institute of Marketing.
Kevin thought he was a successful businessman. He was making money and his staff was happy. However, his company was “leaking money” because he was losing customers while finding new ones. Kevin didn’t realize the money he was losing because he wasn’t tracking customers – he didn’t know why existing customers were leaving.
With some sources saying that it costs 30 times more to get a new client than to keep one, what can you do to keep existing customers?
Walk a mile in their shoes: Don’t assume you are meeting their needs. Follow an existing client’s journey from complaint to solution. How were they treated? How long were they left waiting? Were they satisfied were the resolution?
Use information: Gather common questions & complaints. Review numbers and surveys.
Ask: Surveys are fine but listening to customers goes further. Have regular conversations with customers to ensure they are getting what they really want. Ask them what changes they want in your products and services.
It costs considerably less to keep an existing customer than to find a new one. As a leader, you must get past “knowing” customers to “understanding.” What are your customers’ values and concerns? How do they use your product? What problems does your product or service solve? What do your customers want next?
What do you do to keep satisfied customers? Contact me Valerie.MacLeod@HainesCentre.com
Photo by Valerie MacLeod
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