Building Enviable Customer Relationships

 

 

"Moving the Bar" – Getting Started

The theme of this professional development series is Building Enviable Customer Relationships. We encourage you to find ways to participate in this series either individually or with a group at your office. It is designed so that you can jump in at any time, and dive as deeply into the series as your time and interest allows. The resources below are for your use in your development of your skills in this area, whether you are an employee who wants to improve performance in a current job or a manager who is striving to get the best out of her team. 

Why focus on building enviable customer relationships?

• The
  probability of selling to an existing customer is 60 – 70%. The probability of
  selling to a new prospect is 5-20% – Marketing Metrics
• A
  2% increase in customer retention has the same effect as decreasing costs by
  10% – Leading on the Edge of Chaos, Emmet Murphy & Mark Murphy
• 
  An
  average company loses between 10 – 30% of its customers annually – McKinsey
• 70%
  of buying experiences are based on how the customer feels they are being
  treated – McKinsey
• 
  

  96% of unhappy customers don’t complain, however 91% of
  those will simply leave and never come back – 1Financial Training services

• 
  55%
  of customers would pay extra to guarantee a better service – Defaqto
  research
• 
  Customers
  who rate you 5 on a scale from 1 to 5 are six times more likely to buy from you
  again, compared to ‘only’ giving you a score of 4.8. – TeleFaction data
  research
• 
  It
  takes 12 positive experiences to make up for one unresolved negative experience
  – "Understanding Customers" by Ruby Newell-Legner

Building enviable customer relationships is easy to say…but very difficult to do. Most business owners and CEOs would tell you that this is a key objective and an important aspect of their company strategy, but they don’t do what it takes to actually achieve it. That’s because it can require significant time, resources, money, processes, technology, etc. as well as a passion for customer satisfaction that, quite honestly, many executives don’t possess. Nonetheless, customer loyalty is a critical element of building a sustainable company.

We look forward to you participating with us in this professional development series, and please contact us with your comments and questions – we’d love to hear from you. 

 

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	Articles Moments of Truth in the Customer Experience Loyalty and Staying in Touch. How Treating Your Clients Like Family Can Save Your Business The Simple Truths of Service Does your whole organization focus on your client all the time? Handling that Really Angry Customer Is a Repeat Customer a Loyal Customer?
	Recommended Reading Customers for Keeps, by Lois K. Geller The Customer Loyalty Playbook, by Jeri Quinn
	Practical Tools How do you create loyal customers? We believe that by consistently providing positive emotional experiences for your customers, you will impact customer loyalty and generate repeat business. In this resource, we introduce Points of Connection as a means to build emotional ties with your customers. First, read about How to Create and Execute a Customer Loyalty Strategy. Then, complete the Customer Walk Decision Matrix to evaluate YOUR Points of Connection and to establish your action plan. What is the Net Promoter System? How many companies do you know that announce ambitious growth targets, but then fail to achieve them? What is the difference between good profits and bad profits? Bad profits boost short-term earnings, but burn out employees and alienate customers. Ouch! What if you could instead turn customers into promoters who generate good profits and sustainable growth? In The Ultimate Question, author Fred Reichheld shows us how to do just that – by asking the simple question, "Would you recommend us to a friend?" Take a few minutes to watch the "Net Promoter System on a Napkin" video and start the work today to build enviable customer relationships!