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How To Keep Customers Invested In Your Business - Carol Evenson - Blog

How To Keep Customers Invested In Your Business

Marketing, sales and customer service, even IT and human resources, at the end of the day, every department of your business is about your customers. Without customers, the best product in the world sits on the shelf. Business gurus will tell you that having a customer-centric business model is the key to finding and maintaining customers, but what does that actually look like? Here are three ways to implement a customer-centric practice that will keep your customers invested in your business.


Focus on Customer Retention

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The first key to keeping customers invested in your business is understanding the value that existing customers bring. You want to always be working to bring in new customers with lead generation and prospecting but your existing customers are the bread and butter of your revenue. The "Harvard Business Review" notes that existing studies show acquiring a new customer can cost up to 25 times more than maintaining your relationship with an existing customer. New customers are more expensive and they don't buy as much on a first purchase. When you increase customer retention by as little as 5 percent you can increase your profits exponentially, by up to 95 percent. Existing customers shop more often and spend more with each purchase. When your business keeps these details in focus it is easier to build a customer-centric business culture.


Build Trust With Your Customers

Once you have your focus on customer retention, it's time to implement a strategy that makes retention a reality. Your business has to focus on building trust with your customers. Trust is ability, reliability, honesty and longevity. Trust takes time to build but can be broken in a single instant. You have to show your customers that your company is reliable and honest with every interaction. Start by making sure your marketing campaign aligns with the values that your company embodies. Your social media is a strong tool for building your branding and telling your business story. Share your core values. Put a face with a name by interviewing your employees. Let your customers get to know the people they are working with. You can also work with influencers that fit your brand image to spread the word about your products. Influencers have developed trust with their audiences and you can benefit from that existing trust; their recommendations are already trusted by their audience so you gain a measure of trust without selling a single thing.


Offer Great Customer Service

Of course, the first rule of being customer-centric is offering great customer service. The first step here is realigning the customer service team goals. Too many customer service departments create metrics that are all about getting off the call quickly instead of resolving the problem in a way that gives the customer a superb experience. You can't tell your team that the customer comes first and then create ratings based on the number of calls it can get through in a day. Instead, use metrics like customer satisfaction. Just as trust with your customers is important, it is just as important to build trust with your employees. When you trust your employees to do the right thing, they'll be able to provide the kind of customer service that gets talked about in the right way. Here are the basic customer service models for three companies known for their exceptional service:

  • Nordstrom: "Use good judgment in all situations."
  • Zappos: "Always do what's right for the customer."
  • Trader Joe's doesn't have a one-sentence model, but they also don't have a dedicated customer service line. Their employees are trained to take care of any issue in the store, giving the customer the best experience. 


Ask for Customer Feedback

Finally, actively look for customer feedback not only about your service but about the products you provide. When you find out customer pain points, you can develop the products and services that alleviate that pain. Become a company that embraces not only the customer but innovation by listening and responding to what your customer really wants. Set up an automatic way to get feedback by sending an email requesting a review within a few weeks of purchase. Keep your feedback short and sweet, taking no longer than two minutes total. When you're trying to build reviews on your website, offering incentives for feedback makes customers feel like they are getting a benefit for the time it takes to provide the review. Offer a percentage off the next purchase or include a code for a free item with their next purchases.  


Take the time to actively focus on the customer and customers will respond with loyalty.

Publish Date: September 1, 2021 1:35 AM

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