The Numbers Don’t Lie
Bet you’ve heard that:
- 70% of buying experiences are based on how the customer feels they are being treated (McKinsey)
- Overall poor quality of customer service is the main reason for churn, not price (Accenture)
- While 96% of unhappy customers don’t complain, 91% of those will simply leaveand never come back (1st Financial Training Services)
- A dissatisfied customer will typically tell between 9-15 peopleabout their negative experience (White House Office of Consumer Affairs)
An Aligned Customer Program Is Crucial
If you want to succeed in business these days, developing an aligned customer program is crucial. But don’t take the inside-out view: reframe and see your business through the customer’s eyes. You won’t be sorry.
We all know that customers are at the core of business growth (depending on what you mean), shareholder value, profitability… blah blah blah.
But how many of us actually put the customer at the head of the table? At the heart of service delivery and priority? Of product strategy or employee incentive programs?
(Look! A tumbleweed….)
No Customers Means No Business
Even the best product or service means little without someone to buy it. More and more businesses are realising this (but many are not).
In the face of large-scale commoditisation, increasingly competitive markets, increased buyer choice (and discern) and a changing buyer landscape, customers are finally being given their rightful place on the business agenda.
And we know you would have heard these:
- It typically costs 5 times more to attract a new customer than it does to retain an existing one
- A 5% improvement in customer retention can increase profit by more than 25%
- Existing customers are 50% more likely to try a new product or service from you
So, are you ready to pay more attention to your customers?
