S2-E4. Relationships To Experience: The Secret Sauce To Retain Your Customers Be Empactful podcast

Welcome to Season 2 of the Be Empactful Podcast.

This is Episode 4 of this season where we are exploring how to build Sustainable Businesses.

Business leaders have always focussed on how customers are the ‘reason for being’ for any company.

Companies and Businesses often focus on providing the best customer service to keep them satisfied. This is more reactive to customer actions and looks to satisfy the customer after they have been expressed.

With the advent of more digital tools and technology in business, the focus is now shifted to predicting customer requirements and building deep customer relationships - based on past actions and activity.

With the ubiquity and omnichannel coming into purview, we are now moving into delivering Customer Experiences, every touchpoint - offline, online, digital, or physical. The upcoming need is now to shape customer requirements - influence them into looking beyond their current buying patterns.

From personal experiences at a favorite restaurant to the Holiday Inn Group, we share examples of businesses that understand customer patterns and provide services before the customer asks for them.

Businesses like Decathalon, a sporting goods chain, and Apple are taking this forward to provide a unique experience to every client who interacts with them - ensuring that the customer has all the information they need to make a decision and are comfortable asking for more.

The customer today is part of a larger community, which is adding to the overall buying experience and in turn the customer satisfaction - resulting in better business for the company. Native Place and Hubspot are examples of companies that have used the community to understand, shape, influence, and deliver what the customer needs - making them very sustainable in the long run.

To sum up, Companies need to move from Customer Service, where they react to customer needs, to Building strong Customer Relationships, where they predict customer needs to finally deliver fantastic Customer Experiences, where they influence Customer Needs - finally delivering Customer Satisfaction - the secret sauce to retaining them and building a sustainable business.

If you are still looking to jump onto the bandwagon of Customer Experiences - here are 3 statistics that a satisfied and retained customer can deliver to your company’s bottom line:

The cost of retaining a customer is 1/5th the cost of getting a new customer.
A 5% increase in customer retention can result in a 25-95% increase in profits - depending on your focus and customer size.
Upsell/Cross-sell success rate for a retained and satisfied customer is 60-70%.

So, let us know how you are engaging and retaining your customers to build your business. Reach out to us if you want to discuss, just share a thought or even a cup of coffee.

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See with your Heart, Listen with your Mind. Spread your wings far and wide...

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