You’ve probably heard it said that the customer is always right. This statement stems from the premise that customers are the most important people for any business or organization. Without customers, there would be no organization. It is customers who drive business success. Therefore, it is essential for organizations to focus on their customers, both current and future. This focus involves ensuring that customer satisfaction comes first in all aspects of the operation.
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The Cost of Attracting Customers
According to one industry estimate, it costs five times more to attract a new customer than it does to maintain an existing one. Given this, it makes good business sense to develop a strategy that focuses on the customer or client. A customer-focused strategy involves:
· Identifying target customers
Who are the people that your business is seeking to attract? What is the strategy to do so? Business decisions should be made with those target customers in mind.
· Listening to customers
This may entail customer surveys, feedback forms, and focus groups. It also includes monitoring internet and social media activity. Even complaints should be analyzed and appropriate corrective actions taken.
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· Building relationships with customers
It is crucial to engage customers personally and not to view them simply as means of revenue. Building relationships helps the business to better understand customer wants and needs.
· Providing ongoing customer service
Customer service has been shown to be one of the most important factors for maintaining existing customers. Meeting and exceeding expectations should be the goal of the service program.
· Establishing customer loyalty
Loyal customers spend more frequently, are willing to pay higher prices, refer new customers, and cost less to do business with. Loyalty can be established through incentives and promotions, but it ultimately comes from customer satisfaction.
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Relationships Are Key
The relationship between the customer and the organization is an important one, and should be prioritized for the maximum success of the business.
Point of Clarity Quote:
“Who cares about winning? We should focus on serving.”
– Justin Trudeau
– Justin Trudeau
