How to Retain your Revenue by Enhancing Customer Experience
Did you know that according to a study, 52 percent of organizations that have Customer Experience programs in place have customer retention rates higher than 75 percent? It’s obvious that you should focus on customer experience if you want to retain and expand your revenue.
Loyal customers are ultra-valuable
I’ve often asked this very question: In a perfectly competitive business world, how can we keep our customers from going to our competitors without resorting to price wars?
There are some possible answers, but if you asked me, my answer would be customer experience.
While I’m not a marketing or customer service expert, I’m a practitioner in the area of customer retention through enhancing customer experience. To me, it’s the only way to keep existing employees, as I’m fully aware that it’s more resource-intensive to acquire new customers than retaining existing one. It’s not an exaggeration when I say that loyal customers are ultra-valuable.
While some experts insist that delivering as promised/expected is the best way to go, in my experience, over-delivering goes a long way. Let me explain.
I’m a true believer of “under promise, over deliver.” Why? Because most of my customers are mainly agents, marketers or any other B2B people. They work with a (tight) deadline, and whenever we can give something that’s exceeding their expectation (read: better quality, faster), everyone wins: They can deliver their projects to their clients in a timely manner, while I get the repeat orders.
And yes, I keep myself from getting caught in price wars; I charge a premium for my service, in exchange for an attractive value for money and an assurance that the clients’ projects are well-taken-care-of.
What are the results of hustling and grinding in an effort to exceed expectations? Recurring business, larger order size, and referrals – to name a few.
So, how to make customer experience work?
Four benefits achieved via stellar customer experience
According to Primary Intelligence, there are four pillars of customer experience:
- Customer retention: Can we renew existing customers’ contract?
- Revenue realized: How much are customers spending?
- Revenue retention: Are customers spending the same this year compared to last year?
- Revenue expansion: Can we upsell with the existing customers?
In essence, a successful customer experience should be able to deliver all of the above for your company. The big question is: How?
The answer lies in customer experience analysis – understanding how to retain customers. Check out this infographic to give you some ideas on how to utilize customer experience analysis for retaining your customer – and your revenue.
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