Engaged customers buy more often, spend more money on their purchases and afford you a higher margin on the products you sell. Developing and keeping engaged customers is all about developing your business in the emotional economy. Having engaged customers is the key to growing your business organically.
In the business community you hear so much about managing your business by the financial numbers. There is no question about it, financial measurements are important. But they are a lagging indicator. They also may not tell you what caused the decline or what caused the improvement. As a lagging indicator, they only tell you what's wrong or what went right after it's happened.
Some may think that my customer satisfaction survey will be the tool that I use to make sure that things are going well with my customer. It will help to let me know what is going on with my business apart from my financial statements. We need to know how satisfied our customers are or not with our service, there's no mistake about that. But customer satisfaction by itself is not going to stop customers from leaving your business and going to a competitor, if there is no emotional connection. It is only customers who are very satisfied and have an emotional connection with your firm or brand that is going to make the difference.
An international Marketing Research firm did a study for a retail banking client on the impact of customer engagement on client retention. What they found was that the customers of their retail banking client who were very satisfied and with whom they had an emotional connection had a retention rate that was 37% higher. If this were done throughout their business, revenues and profits would be significantly higher.
Do you know how engaged your customers are?
To discuss or request a talk be given about this topic, call
Amos B Robinson, Practice Leader (Article Author)
“We help work places become more profitable, productive and happy”
(804)651-5400
www.robinsonbc.com
