Without customers you do not have a business; repeating custom is the backbone of most businesses. Repeating custom is either different customers buying the same product or the same customer buying the same product or the same customer buying different product offers in your business. For repeating custom: your business needs to develop and maintain good customer relationships and satisfy the needs of the customer, developing loyalty from your customers. Customers make it possible for businesses to exist and grow.
Loss of Focus is Business Suicide
It is estimated that it costs five times more to win a new customer as it does to keep an existing customer. If your business does not look after your customers and they look elsewhere, it will not only cost your business five times as must to attracts a replacement customer but your business has lost the lifetime value of the departing customer. Loss of customer focus is commercial suicide.
Bob Lucas, author of Customer Service: Skills for Success, gives 6 reasons why business lose customers:
- Losing Customer Focus. Not investing the time and money to hire and train efficient and professional service providers.
- Taking a One-Size-Fits-All Approach. Today’s customer base is far more complex and diverse with specific preferences and needs…
- Failing to Allow Front-Line Problem Resolution. Empowered to handle instances in which the traditional approach or policy does not work.
- Using a Situational Approach to Service. Offering customer incentives to stimulate short-term sales goals without tying it to a long-term effort to market products and services in a manner that will encourage continued customer loyalty.
- Forgetting to Measure Service Levels. You must regularly gauge how well your service initiatives are doing.
- Ignoring Your Service Providers. Give opportunities to be involved in decision-making and discussions about issues that impact them and their customers personally. http://bit.ly/13PRjqb
What is the Solution?
Businesses that focus on their customers consistently outperform their competition. Customer’s make it possible for businesses to exist and grow. Make your customer the centre of your business:
- Analyse your customers and understand their similarities and differences to segment them with care.
- Create offers that will develop the long term relationship and satisfy the differing needs of each segment.
- Create opportunities to exchange information with your customer.
The core to customer focus in business is to understand your customer and their expectations and consistently deliver an outstanding customer experience.
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Janice B Gordon: The Problem Solver Business Growth Consultant, Mentor, Speaker and Author. Business Evolution – Creating Growth in a Rapidly Changing World will give you the guidance you need to evolve you and your business and exceed your customers wants and needs.