Customer Retention: The forgotten domain? Part – II

By | May 12, 2014

In the last post Customer Retention: The forgotten domain? Part – I, we saw how most companies goof-up on their customer service practices. Now let’s take a look at how companies can save millions of dollars just by taking proper care of their current customers.

Do Customers really like to leave their current service providers? (Source : Shankman Honig).

  • 85% of customers who have quit a business say they would have remained customers if the business had acted differently to prevent them from switching.
  • 67% of customers who have quit a business say they would have remained customers if their issue was resolved during their first contact with the business.

Your most unhappy customers are your greatest source of learning – Bill Gates

What customers expect (besides competitively priced products and services which work flawlessly)

  • 46% want to speak with a real person on the phone for difficult inquiries.
  • 73% want ease of access to customer service.
  • 69% want access to faster customer service.
  • 50% feel it’s extremely important that customer service representatives know their client history based on previous interactions.
  • 38% are satisfied with clear information posted to company websites for simple inquiries.

What ever you do, do it well. Do it so well that when people see you do it they will want to come back and see you do it again and they will want to bring others and show them how well you do what you do
– Walt Disney

Here are a few more reasons to make client servicing a regular topic of your weekly meetings.

  • 66% of customers are willing to spend more with a company they believe provides excellent customer service.
  • 41% of customers willing to spend more with a company providing excellent customer service prefer to support smaller companies.
  • It costs 5 times as much to acquire new customers as it does to keep those you already have.

Hope this post was helpful in giving you some new insights about the way you look at your customers and how you can earn more money by keeping your current customers happy. To get more such updates about giving quality customer service, follow our twitter handle @selfservicecrm.
We will sign off with another gem…

131125.acquisitionThis post is brought to you by Greytrix’s upcoming Self Service portal.
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