Growing Your Business From the Inside Out

That’s my way of suggesting that print providers focus more on retaining existing customers before looking for the latest and greatest way to acquire new ones.

Here are some stats to consider. I’ve added my thoughts after each one:

80% of companies believe they deliver a superior customer experience but only 8% of their customers agree. (1)

Great customer service requires a customer centric culture. It’s not easy to accomplish but it’s not impossible either.

68% of customers leave because they perceive you are indifferent to them. (2)

Everyone seeks recognition. Do your customers hear from your competitors more often than they hear from you?

50% of people appreciate the convenience of electronic interaction over face-to-face. (3)

How accessible are your email addresses from your website? Do you maintain contact with customers via social media? Are you present in their inbox with timely and relevant communications?

A 5% improvement in customer retention can increase business profits by 25 to 125%. (4)

Imagine how much more business you’d have today if you had retained just 5% more of your customers annually over the last four years!

The easiest way to lose a customer is to lose touch with them. Even a dissatisfied customer can be retained with proper engagement. Sales and retention are similar in that they both rely on strengthening relationships and fostering trust and credibility. The key is to continually engage and communicate.

(1) Bain & Company from Harvard Management Update
(2) http://www.retentionofcustomers.com/Customer_Retention_Ideas_Report_DC_Version.htm
(3) http://www.emarketer.com/Article.aspx?R=1007395
(4) Gartner Group and “Leading on the Edge of Chaos”

About Patrick Whelan

Patrick Whelan is President of Great Reach Communications Inc, the leading provider of high quality customer engagement newsletter programs for the printing industry. Patrick has spent the last 17 years providing marketing programs and advice to over 400 print providers throughout North America.

Leave a Reply