– Peter F. Drucker
Developing loyal customers—not just satisfied customers—is the critical difference in creating sustainable organizational success. Companies sometimes settle for a fraction of the growth and profitability that they could enjoy by missing opportunities to turn satisfied customers into loyal customers.
Would you describe your customers as loyal? The benefits of loyal, repeat customers can hardly be overstated. It has been estimated that it can cost 5 times more to acquire a new customer than to keep a current one. And a 5% improvement in customer retention has been estimated to increase profits by 25% to 125%. Loyal customers are much more likely to:
- Profitably buy and re-buy
- Actively interact with your messaging and branding
- Recommend your product or service to others
- Be uninfluenced by your competitors’ appeals
- Be a bit more forgiving when a problem arises
The marketplace is dynamic and the customer is more powerful, more informed, and has more choices than ever before. Customer loyalty brings a compelling competitive advantage to the enterprises that can foster that loyalty.
Customer Loyalty Process
How would you rate your organization’s ability to:
- Have honest and constructive feedback among your customer service team members?
- Showcase your product or service at every point of connection?
- Simply make your customer happy?
- Make an emotional connection by showing empathy to your customers?
- Empower your customer service professionals to make sure your customer has an exceptional experience?
Our Customer Loyalty process recognizes that customers make decisions with both their rational and, more importantly, their emotional selves. The process focuses on a participant’s ability to understand and manage his/her own emotions, recognize the emotions of others, and develop the ability to turn points of connection with a customer into loyalty building opportunities. Our process focuses participants on each point of connection – when it happens, why it happens, and how to ensure relationship building is the outcome of each customer touch.
Critical Issues Covered Within this Process
- What do customers really want?
- The value of customer loyalty versus customer satisfaction
- The role of empathy and effective listening
- Identifying critical “Points of Connection” in the customer interaction
- Developing trust with the customer
- Managing emotions in the customer experience
- Effectively managing stress and impulses
- Developing actionable goals
- Creating a powerful “Connection” with the customer