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Focus on retaining existing customers to reduce your costs! 

Acquiring new customers is expensive. Which is why it makes sense to retain existing ones. Focusing on customer satisfaction and building loyalty is key to cutting costs. But how? Firstly, listen to your customers! Put in place a continual improvement process, collect feedback and deliver the best possible customer experience.

 

After all, an optimal experience builds loyalty! 91% of dissatisfied customers don’t buy again from brands who haven’t met their needs and expectations (Source: Lee Ressources). So, dissatisfaction has a direct impact on your brand image and revenue. 

  • What are "customer costs"?

    “Customer costs” refer mainly to the cost of acquiring a customer. In other words, the average amount spent to convert a lead into a customer.

     

    The customer acquisition cost is an indicator used to measure the effectiveness and efficiency of marketing acquisition levers. Of course, there are several ways to reduce the cost of acquiring new customers, including a retention strategy by measuring satisfaction.

     

    Indeed, customer costs are closely linked to satisfaction. For example, if a dissatisfied customer posts a negative review, you will have to spend more to convince and convert your leads. Whereas, if your customers are satisfied, they will post positive reviews and acquiring new customers will require less investment.

  • How can you build brand loyalty?

    Building loyalty is key to reducing both acquisition and customer service costs. But this is easier said than done!

     

    How do you build loyalty? By improving your customer journey and therefore overall satisfaction with your brand’s buying experience.

     

    Customer journeys have become more complex with companies’ digital transformation and the creation of phygital journeys. Consumers expect more authenticity and interaction with brands.

     

    They want personalized journeys and communications. Your brand needs to meet these new demands to satisfy and enchant them. 

Implement a Voice of the Customer program

Collecting customer feedback is key to reducing acquisition costs and building customer loyalty. 

 

Implement a Voice of the Customer program by deploying smart surveys and satisfaction studies at key moments of the customer journey across all channels (website, email, chat, mobile apps, SMS, social media, etc.). The most advanced brands in terms of customer experience are those who ask their customers about their level of satisfaction, the products and the services. 

  • Insight & Feedback Management

    Maintaining a good customer relationship is crucial: send smart surveys and collect their feedback! Our Insight & Feedback Management solution allows you to deploy surveys at every key moment of the customer experience. Strengthen your customer relationship and redesign and optimize your products and services to better satisfy them!
  • Reconnect with your customers

    Customer satisfaction and retention has gained momentum over the past twenty years. Previously, companies would focus on the product rather than the customer. But this has changed, and many businesses have now adopted a customer-centric approach. This means that decisions are taken by assessing their impact on customers. How? By collecting customer feedback through personalized surveys at every stage of the customer journey. This allows to assess the quality and satisfaction of your customer experience and to continuously improve it, based on feedback.
  • Reenchant the customer experience with feedback

    What better way to improve your customer experience than by asking customers what they think? Use their feedback to optimize your buying journey and satisfy as many people as possible! Analyzing the Voice of the Customer enables to: Measure customer satisfaction levels Identify the moments that generate the most satisfaction Detect irritants and friction points on your customer journey, which generate dissatisfaction Collect suggestions to improve your products and services so that they better meet your customers’ needs
  • 15%

    of the most loyal customers represent on average 60% of a company’s total sales.

    Trusteam Finance

  • 24%

    Buyers return 24% of products ordered on the Internet.

    Fevad

  • 5 to 25

    Acquiring a B2B lead costs 5 to 25 times more than retaining a customer.

    Harvard Review

  • 72%

    of customers share a positive experience with 6 or more people. Whereas 13% of dissatisfied customers share their opinion with 15 or more people!

    SlideShare

5 reasons to build customer loyalty to reduce costs:

  • Customer acquisition costs more than retention. 
  • You’ll be able to respond more precisely to your customers’ needs and preferences. 
  • You’ll easily be able to transform loyal customers into brand ambassadors. 
  • Loyal customers are more likely to help you improve your products and services. 
  • Loyal customers require less assistance, which reduces your customer service costs. 

Our ressources

Blog articles, case studies, e-books… We have plenty of resources to help you reduce your customer costs!

 

Want to find out more? Check out our articles !

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