But Why Are You Treating Them Like They Are?
You’ve done it.
You’ve gotten a sale.
You do your little celebratory dance as you see your ‘sales today’ numbers climb.
You go back to work, hoping they will be ‘wow-ed’ by your product enough to warrant a repeat purchase.
Quick question — what are you doing on the back-end for an enhanced customer experience? If absolutely nothing is your answer, you might want to reconsider…
It takes a bank approximately $300 per account to acquire a new customer.
However, the CEB report states that 32% of new customers who join a bank leave before their first year anniversary! (It takes a bank roughly 2 years to re-coop that $300)
Here are some additional stats
- 20% of bank customers who leave within the first year do so without a single transaction
- 50% do so in the first 100 days
- 60–70% of car owners never go to an auto repair shop after the first try due to their horrendous first experience
Did you know that across a wide range of industries, a 5% improvement in customer retention rates yield a 25–100% increase in profits? (Frederick Reichheld, Loyalty Effect)
With such a disproportionate rate of return, why are you not putting more effort into providing a kick-ass customer experience?
Don’t settle. Build a brand experience so amazing that your competitors have no choice but to call you king.
Join our Facebook Group where we talk about tips and tricks on customer retention, as well as automation you can put into place to diversify your marketing channels.
I’d love to bounce ideas with you.