Investing in your current customer base is more important now than ever before.
Really reaching back into the ole memory files with that phrase aren't we? As I heard my 3 year old humming the tune (ok, who are we kidding, screaming it at the top of his lungs) I thought...wow, those old words could not be more true in today's climate!
We are in the age of the customer. The age where customers hold more untapped potential than ever before. How are you tapping into it?
Why do Happy Customers Matter?
I could go on all day about CAC (cost of acquisition) vs retention (which by the way is on average 5X higher than retaining...but that's a different topic for another time). The real focus here is the unlimited value a customer brings if they are empowered by your product. Customers matter....here is why.
Buyers crave AUTHENTICITY
I'll try to give you the spark notes version on this: Gone are the days of traditional marketing by businesses. Sure, the business is still in charge of promoting brand recognition...but that is basically it. Consumers are plagued by feelings of distrust and skepticism due to the internet era. Anyone can sell or say anything these days with little to no validation needed (#terrifying).
So how are consumers making purchasing decisions?
Answer: REVIEWS
Now we can dissect that further into, customer reviews, peer recommendations, word of mouth, success stories etc....but the point is, people purchase based on other's experiences.
The Value of a Happy Customer
Traditional value of a Customer:
Recurring Revenue - happy customers continue to renew
Upsell - happy customers continue to buy
Referral - happy customers tell their friends
Ok, we all know the traditional ROI of happy customers, but have you thought about diving further?
How else can a customer have a positive impact for your business?
Reviews - good reviews are worth their weight in gold
Success Stories - if a customer is having success, use them as an example....elevate their success through your brand. It's a win-win for everyone involved!
Advocacy - if they are truly an empowered user, they will advocate for your brand.
How to Invest in Your Customers
*Hot Tip: everyone wants to be seen as the smartest person in the room....what can you do to make them feel that way?
Step 1: Understand your customers
Step 2: Create a customer journey with less friction and shortened time to value
Step 3: Breakdown internal siloes and implement CX strategies with smooth transitions
Step 4: Provide resources to enable the user to become a product expert
Step 5: Invest in your customer's success beyond your product, elevate their career
Step 6: BE AUTHENTIC, BE GENUINE, BE SUPPORTIVE
Now let's repeat step 6 one more time for the people in the back!
BE AUTHENTIC, BE GENUINE, BE SUPPORTIVE
It's not difficult to incorporate those characteristics into your customer journey, and doing so will elevate your brand image in the eyes of the consumer. Just like the old saying,
...these are the characteristics of being a good friend, a good business partner, and the characteristics that cultivate empowered advocates.
Treat your current customers like gold, and watch your ROI (Return on Investment) increase and growth ensue. Don't know where to get started? We're here to help.
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