Happy Customers are Brilliant for Business
It turns out that regardless of which category your business operates in, the best way to grow your bottom line is client/customer retention. According to the book ‘Leading On The Edge Of Chaos’; reducing your customer turnover by just 5% leads to an increase of between 25% and 125% profit. It’s no coincidence that the fastest growing challenger brands along with those who have enjoyed long-term market dominance are typically those that put the highest value on building client and customer relationships with a mindset of ongoing engagement. With so much time, effort and energy invested in new client acquisition, these statistics remind us that customer relationship management needs to be given equal, if not greater priority.
The big brand question for today is: ‘What are you doing today to keep your clients and customers engaged that stands head and shoulders above the efforts of your competition?’