Most companies are focused on generating leads to obtain new customers. But how much time, energy, and strategy are you investing in keeping your existing client base? Are you customer obsessed?
Make New Friends but Keep the Old
Retaining customers has become more important than obtaining new ones. Consider that the dollar you invest in keeping a client is worth more than the one invested in going after a new one. Why? Because the clients you already have become your biggest fans if you treat them right.
First, remember that these customers pay your bills. Second, existing customers always have the potential to buy more of your products and services if you wow them with what they’re already using. Last, a customer treated like gold will become a brand ambassador, do your marketing for you, and send many prospects your way.
Holding onto these brand ambassadors requires an obsesive level of quality in every interaction or delivery of a product or service. You must treat these clients as partners, and not only respond to their requests on time, but anticipate their future needs too.
Quality vs. Quantity
Another way to look at customer retention and acquisition is to focus on quality rather than quantity. Here are some questions to ask, in this order:
- Are the relationships with your existing clients good?
- Are those clients getting the most our of your products and services?
- Which clients are a good fit for your company, culturally and financially?
- Which clients are bringing you the most new opportunities?
- Are you obsessively nurturing quality relationships with clients who are both:
- a good fit for your company
- and bringing you the most opportunities
- Are there some clients (or new opportunities) it makes sense to let go so you can focus on ones that align best with your culture and financial goals?
Remember that when you focus on incrasing your client numbers to the detriment of your existing clients, the valuable relationships you already have will suffer.
Smart companies that are customer-obsessed meet customers where they are, providing the tools they need to improve their experience. Along these lines, digital transformation is facilitating obsession.
Companies who have chosen to prioritixe client relationships benefit from software that aligns with and advances those initiatives. To be customer obsessed, you need technology with an omni-channel approach to meeting and serving you brand ambassadors wherever they are.
If you’re invested in keeping great customers and want to create meaningful relationships with them, check out SAP Hybris and contact our experts.