Is there anyone that doesn’t want to grow their customer base? Maybe some hobbits in the magic forest, but in the real world, it’s easier and often more cost-effective to retain and grow your existing customers than add new ones. By some estimates, it’s 6 to 7 times more costly to acquire new accounts than to retain and grow your existing ones.
No matter what industry you’re in or region you serve, keeping and growing business within your existing bases relies on delivering great customer service and maintaining high satisfaction levels. Loyal customers can even give you a competitive edge in the market.
Making Customer Service Accessible with Enterprise Apps
It is often very high since we not only lose the revenue, but also the reference and the ability to bring in organic revenue through cross- and up-sale opportunities. It can also have a negative overall impact on customer loyalty and market perception of the company.
It’s not hard to find stats on the impact of attrition*:
- 71% of consumers have ended a relationship with a provider due to poor customer service.
- 61% of consumers take their business to a competitor when they switch provider.
- The average wronged customer will tell 8 to 16 people (about 10 percent will tell more then 20 people).
- 91 percent of unhappy customers will never purchase good or services from you again.
- If you make an effort to remedy customer’s complaints, 82 to 95 percent of them will stay with you.
Customer Service is Everyone’s Job
Your sales teams commit the company on several dimensions – price, quality, delivery, and service after the sale. It is up to the company to deliver on this commitment, making customer retention everybody’s job. And to some extent, if we are in a B2B environment, it is even your responsibility to ensure the loyalty of your customer’s customer. In other words, consider it your job to make them look good.
You and your customers’ businesses face unique challenges every day. Frequent changes in product lines, division responsibilities, and geographical requirements, along with distribution, billing, and contract specifics are all impacting customer service and satisfaction. With this constant flow of external pressures and internal changes, Customer Relationship Management has grown even more important during the past decade. CRM has moved back into the ‘mission critical’ realm.
As new business opportunities and requirements emerge daily, the “need for speed” is critical. Most of your customer-facing groups in your organization rely on their mobile devices to give them the speed and anytime access required to provide the levels of service their customer’s demand. However, the needs among these groups very drastically and meeting them all can seem daunting.
Meeting the Diverse Needs of Your Organization
If you ask a person in sales what they need to close a deal, you’ll get many answers. Some need past performance data, others need real-time pricing and contract options, and list goes on.
With extended supply chains and international operations, the group responsible for timely, accurate delivery needs visibility to exception data to help notify customers of potential delivery disruptions and the ability to seek resolution to customer deliveries.
Field service teams generally have the service order information, but often need revised product configuration data, alternate parts information, equipment calibration specifications and available inventory to keep the customer satisfaction engine running smoothly.
One construction management firm on the forefront of mobile applications even has a vision to improve project management performance metrics by energizing the entire thread of architects, engineers, and construction personnel with clever, smart mobile technology.
Do the leaders in your company sleep well knowing that all customer needs are being met and that retention and loyalty are fully intact? Probably not!