In today’s marketplace customer loyalty is everything. One of the biggest and most costly mistakes companies make is failing to recognize the difference between the value of a customer today and the long-term value of that customer.
Recently I was working with a client when the question of “what is a customer worth?” came up. A customer is worth more than just the order, more than any one transaction. The value of a loyal satisfied customer is repeat business, referrals and the source of positive word of mouth. At AnovickAssociates we say, “We only succeed when you do.” Check out our client’s comments; the results of our clients' business is our focus.
Research shows that 96% of customers who are not treated with respect just decide to never go back. Typically, customers will not complain because complaining just adds to the hassle of an already bad experience. Six out of ten customers will never return to an organization based on poor service…NOT poor products. They usually will not register a complaint with the organization, they just go elsewhere, and customers want a positive experience and want to deal with a service provider that has empathy.
The best way to grow your business is to create loyal, satisfied customers who will spend more time and money with you and refer you to other people who are interested in doing business with you because of the trust you have built. The most important element in building a successful business is your ability to develop and sustain a loyal customer base. “To be competitive in today’s global and ever-changing economy, businesses need to produce a distinctive personal and emotional experience for each of their Customers.” Barlow and Maul, Emotional Value: Creating Strong Bonds with Your Customers.
Developing Potential, Producing Results