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Learn to Advertise to the Medium

Customer Retention

iStock_000014748418_LargeOne of the greatest strengths of having an online presence is creating a dialog between you and your customers. This is a facet of digital marketing you can’t get anywhere else. In real time you can speak with your clients about their experience and get direct one on one market research.

Sadly, many businesses build their websites and then walk away from them.

Looking up “Customer Retention Statistics” will give you a foray of information, but to save you the time, let’s add a few of them here:

  • 68% of customers leave because they perceive you are indifferent.
  • A 2% increase in customer retention has the same effect on profits as cutting costs by 10%.
  • According to Forrest Research it costs 5 times more to acquire new customers than it does to keep current ones.
  • Companies that prioritize the customer experience generate 60% higher profits than their competitors.
  • 89% of consumers have stopped doing business with a company after experiencing poor customer service.
  • 55% of consumers would pay more for a better customer experience.

The point being this dialog is very important to your overall profits and brand recognition. Building rapport with current clients is more important than generating new sales.

Marketers Cherish Feedback

A customer is 2 times more likely to give feedback on a negative experience than a positive one. It can be easy to get consumed in frustration at negative feedback, but I implore you, cherish it. Marketing companies spend good money to get this kind of information and here you have clients just handing it to you for free. A customer that has an issue is a customer that cares and this is your opportunity to shine. If you can resolve their issue, not only are you retaining them as a current client, but they’re more likely to talk to the people they know about how you handled their problem.

Your website can facilitate this type of communication. Give your clients every avenue to be able to discuss things with you – many sites don’t even list a phone number! Email, phone, live chat, forms, carrier pigeon; no method is inconsequential. Utilize your online medium to its fullest potential. Create a conversation with your clients, take the effort to treat them well and they’ll treat you well.