Growing Excellence Over Time
In business today, customer loyalty is the strategic competitive edge. Customer satisfaction is no longer enough. The difference is: loyal customers always come back. A satisfied customer may or may not come back, thereby becoming a one-time opportunity.
It costs 5 times more to obtain a new customer than it does to retain an existing customer. An organization that has disloyal customers must continually get new customers, typically spending 4 to 5 times more in advertising and other expenses. A loyal customer base has the advantage of providing on-going word-of-mouth advertising. Loyal customers are unlikely to be swayed by incentives from the competition.
Loyal customers brag about your service, are willing to pay more for your product and are more forgiving when a mistake is made. A 5% improvement in customer retention translates into a doubling of margins.
There are three key components for enhancing customer loyalty. They are:
Customer service providers need to:
Developing your staff in these areas will make a significant difference in the growth and success of your organization.
Critical Issues Addressed in this Process:
Outcomes from this Program include:
If you would like more information about howGE/T Consulting Group can help you please contact us.
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