A business is only as healthy as its client relationships. Happy customers are loyal customers, which provide stability and referrals. Unhappy or indifferent clients, or even worse angry and disappointed clients result bad publicity and possibly create a bad reputation for your brand. For a marketing agency, one unhealthy relationship can poison its overall stability.
Think of customer (or brand) relationships as a symbolic organism. It needs regular checkups to maintain the health of the relationship. And believe it or not, it is possible to build happy customer relationships that are both profitable and happy. Once you know what makes a healthy customer relationship, you’ll then be able to retain your current clients and secure new ones with ease.
But first, what’s more important: acquisition or retention?
Retention vs Acquisition
If you were to step back and think about it, would you say it’s cheaper to retain the customers you currently have or acquire new ones, particularly industries where lifetime value of your customer is more than the profit from individual sales?
Every business owner wants to understand the journey customers take to reach them in order to make the process and easier for future customers. There are key insights that will help digital marketers, brands and even brick-and mortar shops owners understand the customer’s journey, from branding building to the transaction.
Consumers Spending Habits
A lot has changed over the last decade, People are used to constantly being connected to the Internet. If we want something, all we need to do is look to our computer or smartphone and this has a tremendous influence on how people’s buying behavior. Companies have realized the consumers no longer need them to provide information; it’s accessible 24/7 online. What does this mean for businesses? To be an integral part of your costumer’s journey, you need to be present and readily available when they are conducting their research. This means personalization. Just as no two snowflakes are the same, neither are your clients. Current customers and new prospects want to know they are important. They want to be part of the conversation. Above all, they don’t want to be sold to. If they choose to buy your product or service, it needs to be their choice.
Business owners and marketers alike need to take consumers’ increase purchasing power more seriously. Your customers don’t want stock, automated answers; they want to see your humanistic side, the side that genuinely care whether they are satisfied. And in the unfortunate event they’re not, what will you do to ensure they walk away content? Personalization goes a long way when it comes to the customers’ journey.
To build a sustainable business with loyal customers, you need a strong culture and brand, a great customer experience and an open mind that allows for regular experimentation and improvements.