When it comes down to it, customers are what keeps businesses thriving. Because of this, it is absolutely crucial to maintain healthy client relationships in order to achieve success in your business. Although forming and maintaining these relationships require a lot of time and dedication, it well worth it in the long run. As you continue to read, you will discover why nurturing customer relationships correlates directly to the health of your business.
Reduced Churn Rate
More often than not, customers leave businesses, not because of the price of the service or product but because of the poor customer care they received. With each client that walks away happy, you will find that your churn rate will dramatically decrease. Try going out of your way and exceed your customers’ expectations.
Sets You Apart From Competitors
You’ll find that in today’s marketplace, the competition is high. What can really set you apart from your competitors are the relationships you have established. A company may have a better product or service than you, but if they lack a meaningful customer relationship, they are less likely to come back around.
It’s More Affordable to Retain
It costs twice as much to get new clients then maintaining current clients. When acquiring new customers, you have to go through numerous steps, from capturing their attention to following leads to selling to them. It takes a lot of energy out of your team when providing satisfying customer service to your current clients is more cost-effective.
Establish New Connections
To keep your current customers happy, you will find ways to provide information to them, whether that is by providing information on deals and events through emails or updating your website or social media with posts. Connecting with your clients through these channels opens your business to a wider range of users. Not only do you get to connect with your current client base, but you can reach others.
Experience Less Market Rejection
When a customer is unhappy and has had a particularly nasty experience, they are likely to tell about 15 people about their experience, and about 13% of dissatisfied customers will tell more than 20 people. Bad word of mouth can negatively affect business more than what you may think. When in combination with online review forums like Yelp or Glassdoor, bad reviews can turn away potential customers fast. To ensure that you are customer relations are strong, be sure to track the satisfaction of your customers.