Customers Are Your Prospects, Too: Unlock the Secrets to Keeping Customers Happy and Coming Back for More

Customers Are Your Prospects, Too: Unlock the Secrets to Keeping Customers Happy and Coming Back for More

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  Customers Are Your Prospects,Too Unlock the Secrets to Keeping Customers Happy and Coming Back for More
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  The core ofany business lies in revenue. For long-term revenue growth, your brand must focus on the customer. Despite the known benefits of converting net-new sales, there are huge repercussions to losing a customer—which is why customer retention, loyalty, and advocacy, should be every marketer's biggest focus. Engage Your Customer
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  Sources: “Avoiding CX FailureFallout,” 2016, SDL “The $6 Trillion Opportunity: How Digital Improves Customer Experience,” 2016, Accenture For every customer experience failure, brands lose an average of 65% of the revenue they would have earned from the affected customer during the following year. (SDL) 65% LOSS OF REVENUE Marketing doesn’t end at the sale. Based on the Pareto principle, which states that 80% of your revenue comes from 20% of your clients, marketers need to focus their activities beyond acquisition and engagement and onto retention as well. With $1.6 trillion in potential revenue up for grabs due to changes in consumer spending and switching among brands and providers (ACCENTURE), losing a customer is reason to worry. If You Don't, It'll Cost You 03
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  Source: “Avoiding CX FailureFallout,” 2016, SDL Due to the rise of digital marketing and the proliferation of marketing messages, consumers are more likely than ever to switch brands. Worth the Work 04 49% of U.S. consumers say they’re more likely to switch providers now than they were 10 years ago. Just 28% of consumers are loyal to their providers and brands, so you need to really put in the work. 28%49%
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  05 What customer service-relatedissues lead customers to switch brands? Source: “Customer-Centricity: The Rules of Engagement,” 2015, Verint Systems Inc. Businesses and consumers are both more likely to switch brands after a bad service experience than because of a bad product. Every Interaction is an Opportunity 31% CHEAPER PRICING 18% RUDE STAFF 16% TOO MANY MISTAKES
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  Source: “2015 Global Data-DrivenMarketing Survey,” Teradata of marketers say their biggest challenge in 2015 was improving customer acquisition and retention. 36% 06 Although many marketers understand customer acquisition and retention are crucial to their business, the majority still struggle with it. Learning Curve
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  Failure to quickly resolvean issue Customers are most frustrated by: Products that are difficult to use or adapt Lengthy hold times Poor product design or experience Interactions with representatives who cannot provide a solution Source: “The $6 Trillion Opportunity: How Digital Improves Customer Experience,” 2016, Accenture 07 With most customer frustrations stemming from their experience with your brand or product, minimizing their wait time is vital. Top 3 Customers Griefs
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  Know what youraudience is thinking and understand their interests in order to develop meaningful relationships. So, what can marketers do to retain customers? UNDERSTAND YOUR COMMUNITY. When connecting with your customers, whether just to say thank you or while addressing a complaint, treat every interaction as a priority and with respect. BE CONSIDERATE. 08 Maintaining customer relationships extends beyond acquisition and conversion. To keep your customers coming back, you must continue to invest in them. It’s Not Just Business; It’s Personal
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  09Sources: “The Millennial Mind:How Content Drives Brand Loyalty,” 2014, NewsCred “The Influence of Frequency & Delight on Loyalty,” 2015, Strativity Group 62% of Millennials say online content drives their brand loyalty. (NEWSCRED) A strong social media presence is one of the best ways to interact with customers. 80% of customers who shared their disappointment with a company on social media indicated that amends were made. (STRATIVITY) Customers may test your character, so do your best to always respond promptly to their comments and needs. Just like in any other relationship, transparency is a critical element to winning over customers. The more they know about your brand, the more likely they are to stick with you. Communication is Critical 62% 80%
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  10 Millennials are 44%more likely to permanently disengage with brands after receiving high volumes of mass generic email communications. (AIMIA INSTITUTE) Frequency of interaction builds loyalty and brand advocacy. (Strativity) Customer Loyalty Based on Level of Interaction Just make sure not to cross the line. Daily 87% Weekly 64% Monthly 49% Minimally, few times/year 33% There’s a fine line between communicating and disrupting. Without enough interaction, customers won’t bother. But with too much interaction, they’ll drop you and never come back. Understand what works for your audience by looking at your metrics and determining a preference center. Connect, but Don’t Spam Sources: “The Influence of Frequency and Delight on Loyalty,” 2015, Strativity Group “2014 Digital Research Report: How to Create More Effective Brand Communication,” Aimia Institute
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  Source: “2015 Global Data-DrivenMarketing Survey,” Teradata of consumers say they’d tell friends and family about their experiences, and 27% reported that they’d sign up for a company's loyalty program. 61% 11 You know how everyone rallies when they hear “free food”? If you want your customers to stay happy with your brand, reward them simply for being customers. They’ll only love you more, leading to more recommendations and referrals from them. A Little Kindness Goes a Long Way
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  12 • ReadyTalk SummitClub • Marketo Purple Select B2B Prime members spend $1,500 per year, on average, compared with the $625 per year spent by Amazon customers who don’t use Prime. • Birchbox • Amazon Prime B2C Whether you’re in the business-to-business or business-to-consumer space, customer loyalty programs positively impact retention. Who’s Doing It Best? Brands Leading the Charge: Members have a higher retention and engagement rate compared to the average customer base.
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  Source: “Customer, Serve ThySelf: New Study Reveals Millennials' Desire for Self Service, Digital Interaction to Change Customer Service Forever,” 2015, Aspect say they feel good about themselves and the companies they do business with when they are able to resolve problems without talking to customer service. (ASPECT SOFTWARE) 69% OF MILLENNIALS 13 Even if you already have an awesome customer service system in place, customers are happiest when they don’t have to contact you for help. In fact, the utopian customer service situation would provide such an extensive initial customer experience that there would be no need for additional support. The Right Service at the Right Time
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  But there issome hope: Many people value transparency and are willing to give brands a second chance if they think things have changed. 14Source: “Avoiding CX Failure Fallout,” 2016, SDL Once a customer experiences something he or she considers a major customer experience failure, it’s game over. One Shot, One Opportunity in this situation will stop recommending a brand, start looking for an alternative brand, or actively disparage a company via word of mouth, social media, or other online channels. 64% OF CONSUMERS say they will go back to a brand after seeing how business has improved. 30% OF CONSUMERS
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  Brands with thebest customer service and most loyal customers: 3 things these brands are doing right: • Apple • AT&T Quick responses Post-experience follow-up Rapid resolutions • Avis • Google • Ford • NFL Source: “2015’s Brands with the Most Loyal Customers,” Forbes 28% increase in customer service expectations in 2015 15 28% Unsurprisingly, brands that provide the best customer experience and service have the highest customer retention rates. High Returns for Service Done Right
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  16Sources: “10 New FindingsAbout the Millennial Consumer,” 2015, Forbes “Millennials Surpass Gen Xers as the Largest Generation in U.S. Workforce,” 2015, Pew Research Center “Shopping Trends Among 18–25-Year-Olds,” 2015, LIM College 55% of Millennials are willing to stick with a brand. How can you win over Millennials to remain their brand of choice? (LIM COLLEGE) Develop innovative new products and services 80% 74% Improve design/style to reflect uniqueness 67% Improve product quality 63% Engage in causes, philanthropy, or endeavors that reflect beliefs/values 54% Limit distribution to maintain the brand's exclusivity Representing $30 billion (FORBES) in spending and 34% of the U.S. workforce (PEW RESEARCH), Millennials are a big target audience. But they’re also the most picky and don’t always conform to other customers’ behaviors. Winning Millennials & Influencing Behavior 55%
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  Some Generations AreLess Forgiving Than Others % Won’t Try Resolving a Customer Experience Failure, by Generation (SDL) But know that Millennials are still most likely than any other generation to vouch for your brand. % Spread Word Face-to-Face About Favorite Products and Services, by Generation (CROWDTWIST) Millennials and Gen Xers are 24.1% more loyal than Baby Boomers to their favorite brands. (CROWDTWIST) Millennials Baby Boomers Millennials 53% 52% Gen Xers 49.9% Baby Boomers 13% Sources: “Avoiding CX Failure Fallout,” 2016, SDL “The 2015 CrowdTwist Loyalty Program Report,” CrowdTwist, Inc. 17 Just remember: Break Millennials’ hearts once, and they won’t hesitate to leave. 27%
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  For the greatestimpact on your bottom line, invest your efforts in strong customer engagement. The brands with the happiest, most loyal customers ultimately retain them and win in the end. Click here to learn more about deepening your customer relationships.
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  Sources “Avoiding CX FailureFallout,” 2016, SDL “The $6 Trillion Opportunity: How Digital Improves Customer Experience,” 2016, Accenture “Customer-Centricity: The Rules of Engagement,” 2015, Verint Systems Inc. “2015 Global Data-Driven Marketing Survey,” Teradata “The Millennial Mind: How Content Drives Brand Loyalty,” 2014, NewsCred “The Influence of Frequency & Delight on Loyalty,” 2015, Strativity Group “2014 Digital Research Report: How to Create More Effective Brand Communication,” Aima Institute “Customer, Serve Thy Self: New Study Reveals Millennials' Desire for Self Service, Digital Interaction to Change Customer Service Forever,” 2015, Aspect “2015’s Brands with the Most Loyal Customers,” Forbes “Shopping Trends Among 18–25-Year-Olds,” 2015, LIM College “10 New Findings About the Millennial Consumer,” 2015, Forbes “Millennials Surpass Gen Xers as the Largest Generation in U.S. Workforce,” 2015, Pew Research Center “The 2015 CrowdTwist Loyalty Program Report,” CrowdTwist, Inc.