Russ Vernon recently contributed a piece to the Ohio Journal that examined how you can focus keeping loyal customers throughout this hard time. It’s important that you stay relevant to your customer base, and keep your focus on your customer. You need to seek gaps that are in your market, in addition to you hiring processes, training and great customer service. So use all of these things not only to sell a product to your customer, but value as well.
In this article from Customer Think, Phil Dourado provides tips on how to keep customers when times are tough. When the economy is experiencing problems, it becomes imperative for organizations to retain their customer base and foster loyalty. Dourado mentions 6 main points on why this is so important that he has collected from a variety of sources. 1. Cutting service problems increases profit – “1% cut in customer service problems could generate an extra ??16m in profits for a medium size company over five years.” 2. Keep the ones you’ve got – “It can cost six times more to buy new customers than retain existing ones.” 3. Service leaders are more resilient in a downturn
4. Your bills get paid
5. Reducing customer defections improves profits
6. What did we say in Number 5? Here it is again – Points 1, 2, 5 and this one are all about keeping the customers you have and not losing them. Also bear in mind that in an economic downturn it’s far easier to win market share from the competition, so becoming defensive-minded is not always a sensible strategy.
In a recent post at Customers Rock!, Becky Carroll discusses how companies word out their customer strategy. The most companies have product strategies and marketing strategies, but most fail to have customer strategies. But in order to best appeal to the customer it is essential to be customer centric. This should consist of a way acquire, retain, and grow a customer base. This strategy should determine how we interact with those customers, and specify how customers are treated at every touch point possible. In order to have the best customer centric strategy, a company must agree to all points as well as show consistency in performing the tasks. So how do you approach your customer strategy?