When thinking about what actually drives business, customer experience may not be the first thing that comes to mind. Yet, with the radically evolving online landscape making it easier and easier for customers to voice their opinions, it’s important to consider that the voice of your customer is quickly taking over as the voice of your brand. In other words, the more unhappy your current customers are, the harder it will be for you to acquire new ones. Still, many businesses continue to pour the majority of their respective budgets into marketing/acquisition costs, paying little-to-no mind to the experience of existing customers. Of course, marketing will always be important, but the most successful heavy equipment dealers are the ones who focus on the customers they do have, knowing that those customers will not only come back, but spread the good word to others who are in the market for what you have to offer. Let’s look at some of the common objections to focusing on customer experience, and why it’s important not fall into this way of thinking. It’s not worth the cost It’s easy to assume so (and common), but running the numbers might give you a new perspective. Even saving just one customer per year can have a major positive impact on your overall ROI. As an example, estimating that an average customer spends $75,000 with you each year – If you save that one customer and they come back nine more years after that, that’s an extra $750,000 on the table. The next year, if you save another, there’s another $675,000 at that 10-year mark. Fast-forward 10 years after saving just one customer each year, and you’ve made yourself $4,125,000. Add in the fact that it costs approximately 5x more to acquire a new customer vs. retain an existing one, and we’ve got ourselves a busted myth. You can read more about the cost of your customers and budgeting for customer experience here. READ FULL ARTICLE>>
