Consulting + Research

being ontarget

thoughts + ideas to speed business success

Customers Seldom Tell You They're Leaving…

Customers seldom tell you they're leaving…unless you're listening. The importance of having satisfied and loyal customers is critical! It can take up to 10 new customers to replace the lost revenue from one existing customer.  Sixty percent of lost customers report leaving because they did not feel cared for by the company they stopped doing business with.

Unfortunately, the overwhelming focus of many company leaders is disproportionately centered on getting new customers rather than taking steps to listen, care for and nurture existing customers. Far too many leaders take existing customers for granted. 

Following are some customer loyalty tools and actions that we have found to be successful for our clients:

  • Coordinate customer retention efforts with all parts of your company that engage your customers.
  • Assure that all business-building efforts include a customer retention focus.
  • Conduct annual customer satisfaction assessments.
  • Conduct new customer satisfaction assessments.
  • Continually look for ways to surprise your customers to show them how important they are.

Both disgruntled and satisfied customers will tell you how well you are serving them and meeting their needs. The key is regularly and pro-actively asking them.  Doing so will have an expanding positive impact on both revenue and profit growth.

Don Gregory