You’ve won the business! Now what?
Winning new business is a key priority for most organisations. You set aside budgets and put measures in place specifically to attract and win new customers. You develop creative and compelling adverting campaigns and create striking marketing material and sales collateral to win the customer. And once you’ve won the business what do you do about retaining customers?
According to White House Office on Consumer Affairs, it is six to seven times more expensive to acquire a new customer rather than to keep an existing one. This is supported by McKinsey & Co. which states that retained customers deliver significantly greater profitability than newly acquired customers over a two year period.
With this in mind, retaining customers should be a key priority for businesses of all sizes. Attention needs to be placed on how companies can retain their customers rather than just winning the new business. This requires taking a view of the organisation from a customer’s perspective.
According to the Oracle Customer Experience Impact Report, 9 out of 10 consumers admitted that they would pay more to ensure a superior customer experience. This means that customer experience is a priority for your customers and as such it needs to be a key priority for your organisation. In addition the Customers: The Future of B2B Customer Experience report finds that in 2020 customer experience will overtake price and product as a key brand differentiator.
To meet your customer’s expectations it is important that the company assess its brand and ensure that it is delivering a consistent brand experience at every single customer touchpoint. While brand consistency sounds simple enough, achieving consistency requires that an organisation take stock of the brand experience it is delivering, understand what is important to your customers in terms of their expectations and identify the pitfalls to address them.
Only once a company is aware of where the brand experience doesn’t live up to its brand promise can a company put measures in place to overcome these challenges. It is about getting the basics right first. By delivering a consistent brand experience across every customer touchpoint, it reflects accountability and demonstrates that the company is committed to meeting its customer’s most basic needs.
This is particularly important today when customers have had a taste of what superior customer experience is. Disruptive technologies have changed the way in which customers want to be engaged and companies are no longer competing against similar offerings in the market, they are competing against experiences across various industries. For example companies such as Uber have changed the way customers want to interact with businesses, they have shown customers that there are better ways to do things and these customers are demanding similar experiences from other companies they interact with regardless of the industry.
As such customer experience is critical to your success and by delivering a consistent brand experience at every customer touchpoint, you are reinforcing why the customer chose your brand in the first place and establishing brand trust. By delivering a consistent brand experience at every touchpoint you are able to meet your customer’s expectations, build trust, demonstrate that even the basics matter to you and ultimately improve your customer satisfaction and your company’s bottom line.
For more information about BrandQuantum and our solutions, please visit www.BrandQuantum.com