Conquering a new customer costs you 5 to 25 times more than keeping an existing customer.
According to a series of studies compiled by the Harvard Business Review , this ratio is easily explained. Finding new customers is expensive for your teams, time for your promotional campaigns and budget to try to spend the money at the right time.
Should we abandon prospecting for as much?
Not at all.
Above all, it is necessary to rebalance efforts between acquisition and preservation. Between prospecting and reinsurance .
There is sometimes a tendency to underestimate the impact and potential of existing customers. But if they are satisfied, they are your best ambassadors.
Keeping your loyal customers is a strategic and economic challenge for e-commerce sites, but things are not so simple: it’s easier to fall in love for the first time than to cultivate passion in the long run.
Raise your level of requirement
Ensuring the loyalty of your customers is not just a problem for the marketing department.
It is a value that must be shared by all employees of the company, regardless of the department or department in which they work, regardless of whether they are in direct contact with customers or not. Indeed, all have a role to play at one time or another.
It’s up to you to have the spirit of a 5-star palace: put the customer at the center of your daily concerns. This does not only mean answering questions, complaints, doubts and questions in the shortest possible time and by all possible channels of communication.
It means being able to anticipate them.
Measure your loss rate
The loss rate is a ratio of the number of customers you lose from your customer base. It is easy to measure with a churn if you offer online services, but it can be more technical to define in the context of punctual sales. Each company has its own formula, but in the latter case, it may correspond, for example, to customers who permanently abandon an online shopping cart not completed, or to customers who purchase a product or service from your competitor. .
This loss rate can be measured on a monthly, quarterly or yearly basis and is one of the KPIs to watch very closely to try to keep your customers in your sales cycles for as long as possible.
Evaluate customer satisfaction
To set up an effective strategy, a brand must be able to evaluate the satisfaction of its customers. For an e-commerce site, it is crucial to be well referenced, but even more important to be well noted. Because a business relationship is based on trust, if a product or service experiences the wrath of its customers — be it in B2B or B2C — the consequences can be dramatic.
According to a study by consultant Ruby Newell-Legner , a bad comment requires 12 good comments not to impact the decision-making process of a client. Clearly, 12 satisfied and loyal customers have as much impact as one discontented customer. All the more reason to make sure you do not have dissatisfied customers!
Besides, traditionally, satisfied customers are unlikely to leave positive comments online, while conversely, a bad experience will soon be shared on social networks.
Evaluating customer satisfaction therefore requires a set of tools and studies to ensure that your services are aligned with the changing needs of your customers.
Stay connected with your customers
On the web, the loyalty of your customers is an approach that may seem impossible as the diversity of behaviors, choices and actions is immense. Yet by harvesting and exploiting the right data, you could make it easy.
Whether you are talking about Onboarding to reconnect your offline CRM data with your online customer profiles, marketing automation to keep in touch with your customers before, during and after receiving a product, or omnichannel marketing for Track your customers on all platforms, current technologies offer many options to stay connected with your customers.
This approach also involves direct marketing actions once your customers are identified and segmented: invitation to a VIP event, demonstration of a new product in connection with their purchase history, sending discount coupons or gift cards to some key moments of their purchase journey or their personal life (marriage, child, move), personalized storytelling … innovations are numerous to not lose the link.
If a customer leaves you, you have to take the time to contact him and listen to him. Understand what has not been to improve your services and maybe even bring you new ideas. Sometimes the reasons are beyond your control. Make sure you leave on good terms. Sometimes you are responsible for this choice.
It’s time to go through a process of listening, apology and reparation. Much more than simply “limiting the breakage” your customer support could even entice your lost customer to retry his luck a little later.