Become more valuable to your customers. Increase the value of each and every transaction.
All of the business growth consultants will tout strategies and tools to get NEW clients. But what about your current base? They’re MUCH more likely to purchase than new clients are.
“80% of your company’s future revenue will come from just 20% of your existing customers.” – Gartner
“It can cost 5 times more to acquire new customers than it does to keep current ones. ” – The National Law Review
“A 2% increase in customer retention has the same effect as decreasing costs by 10%.” – Leading on the Edge of Chaos
That’s the key. Fortune 1000 companies know this. They dedicate millions in order to learn how:
Leverage communication channels to receive feedback from clients.
Analyze insight, make changes to best serve clients’ needs and wants.
Package products differently, make operational changes to better serve clients with higher value.
Listen to clients, learn what they do and do not want. Deliver more value per transaction.
Businesses surveyed said that ‘creating better customer experiences’ was their 2nd priority, only behind more revenue – Business Insider
89% of marketing leaders expect to compete primarily on the basis of customer experience by 2016, compared to just 36% four years ago – Gartner
85% of consumers churn because of poor service that could have been prevented- Kolsky
Over your business relationship, loyal customers are worth up to 10x as much as their first purchase.
Not offering alternative-products…
Clients will stray to competitors to find their solution.
Not packaging and bundling for clients’ needs…
Clients’ needs are not addressed and do not spend more.
Not knowing or understanding what your clients dislike…
Continued sub-par service and non-optimized transactions.
Delivering more value to clients means they stick around for longer and spend more over the lifetime of the relationship.
Product Bundling/Product Development.
Train Staff To Offer Upsells/ Cross-sells.
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