So your customer interaction needs to be an on-going and active dialogue, building a relationship between you and your customers.
In other words, your current customer base is worth more to your business than it cost to acquire it.
Further, the same research points out that it is x more expensive to acquire a new customer than to keep a current one. Firstly, there is no doubt that the current economic climate across Europe is pushing the limits of loyalty. This is what recurring revenue is all about. What is your business strategy for improving customer retention?
Sales teams just could not — and had not — historically communicated with those customers to find out how their service was performing, or was being used. They need to have gained value from past usage of your service; they need to believe there will be value in future usage; but most importantly, they need to be contacted and given the opportunity to re-purchase.
However, what is changing before our eyes is the relationship between customers and companies. This is a challenge that some businesses are addressing by ensuring that their systems are robust enough to deliver critical customer data when they need it, so that they are one step ahead of client challenges — and one step ahead of the competition.
Customers now expect not only to be equal partners with those with whom they do business, but also to have their voices heard and heeded in driving product and service evolution.
In the case of the recurring revenue, the communications journey is markedly different to new business outreach. Startlingly, this research found that in 54 per cent of cases where a customer has left, or failed to renew a contract, this was simply due to an inability to reach that customer.
Do you even know what your recurring revenue track record truly is? The issue of loyalty is one that has been compounded by a number of factors.
However, research from the White House Office of Consumer Affairs shows, on average, loyal customers are worth up to 10x as much as their first purchase. However, with the right tools and right understanding of customer needs and lifecycles, communication breeds loyalty.
Others are concerting efforts into new business.
They therefore also did not know how it could be improved, adjusted and, critically how they could have ensured a renewed relationship.1 - Yes, it's absolutely correct.
But only allegorically, because every company in the world has a lot of customers, and this is normal, when from the customers, company has 1,2,3 or other number of dissatisfied customers. It isn't possible to please everybody, to please every client or customer.
"There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else." - Sam Walton quotes from billsimas.com "There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.
-Sam Walton Part P.T. Barnum, part Billy Graham, Sam Walton single-handedly built Wal-Mart into the biggest retailer in the world, transforming the way America shopped and making himself one of the world's richest men in the process. Discuss Sam S Statement That Only The Customer Can Fire Us All Sam Walton: Entrepreneurial Genius and Creator of Wal-Mart Dedication, risk-taking, empire-building, and world shaking; words that describe a man that changed this world.
5) There is only one boss – the customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.
6) Commit to your business. Discuss Sam's Walton's statement that "only the customer can fire us all." Do you agree with this statement, and how do you relate consumer behavior Discuss Sam’s Walton’s statement that “only the customer can fire us all.”.Download