Every business struggles with creating new clients. Whole departments and countless resources focus on selling – on finding and persuading prospects that your company can satisfy a given need, solve specific problems, and that your value proposition is a “fair exchange.”
Whether your business is small or large, or you are selling to consumers or other businesses, the challenge is constant. Create more customers.
But, then the big challenge is to keep the newly onboarded customer. This challenge is frequently underserved, with less resources assigned to assure customer retention. Given the cost and extreme effort required to land a new customer, focus on delivering heightened customer experiences that emotionally connect your new customer to their initial decision to give you their business.
Improved customer retention is about meeting … and even exceeding customer expectations. Beyond the actual delivery of a service or product, it is about how the customer perceives the interaction with your company. It is about consistently creating a positive emotional connection with your brand promise.
How Is This Accomplished?
First, it takes a commitment from leadership that customer retention is a top priority. Second, there must be a candid assessment of customer-facing processes and points of contact, either direct or via an employee’s work product. An independent third party typically best accomplishes this, to assure truthful feedback and objective analysis. Fourth, get candid input from your customers. Again, this requires third party objectivity. Finally, a strategic customer retention plan is then devised, dedicating resources to move forward a variety of initiatives that address specific priorities.
As each company is different, retention initiatives will be different in each company. Often, the changes are simple and exceedingly low in cost – from small changes in customer-facing processes that give a greater voice to minor or major shortfalls in customer service, to training employees to better understand that their individual behaviors can have a negative or positive impact – providing them a clear understanding of company expectations and how best to elevate performance.
The ultimate business goal goes beyond achieving customer retention. It is to achieve customer advocacy, wherein your customers are so thrilled with your company that they actively recommend and support the ongoing success of your business to other prospective customers.