Everybody wants happy customers. How do happy customers actually impact your bottom line? Let’s explore what happy customers can do for your business without costing you a dime.
Cost Savings Associated with Customer Retention
In the business world, it all comes down to money. The idea is to make more than you spend. According to the Harvard Business Review, "Acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one."
That's a bold statement, and it's backed up by plenty of data. You have to spend marketing dollars to attract new customers. If you have happy customers, you've already invested in the acquisition cost; now you just have to keep them satisfied.
Once you've achieved this goal, you're far more likely to receive positive customer experience reviews, ratings, and referrals, which will likely lead to more business without your company spending additional cash on customer outreach.
Positive Experiences are the Best Way to Market Your Business
The idea is simple: people want to spend their money with reputable companies who they feel like they can trust. Sure, a business can talk about how amazing it is all it wants, but if there aren't any real people backing up these amazing claims, potential customers will move on to your competitors.
Happy customers are the foundation for strong marketing.
- Case Studies. Say your company was hired to turn things around for a big client. After months of research, meetings, and data dives, you were able to deliver everything they wanted on time and with great satisfaction. You have everything you need to back it up. Now all you need to do is write about it and post it on your website. Case studies legitimize your claims and help consumers understand how powerful your business is.
- Quotes. No matter what type of marketing collateral you're talking about, direct customer quotes have a positive impact. You can use them on your website, mailers, surveys, and traditional ad spots. They give validity to the products and services you offer.
- Referrals. An awesome network of industry-relative professionals can be your best friend. If you have happy customers who enjoyed your services, they'll likely listen to your advice when they have other problems that need solutions. Of course, that's a two-way street, and your network should be a champion for your company as well. Creating relationships with other companies that have similar customers is a great way to stretch marketing money.
Embrace Happy Customers as Marketing Tools
Let them speak for themselves. It's all about presenting their opinions of your customer service, support, and quality of products in their own words. Consider sending surveys so you can receive feedback (be sure to ask if it's okay to use their testimonials!) Offer referral bonuses to incentivize your happy customers to spread the word about your business. Don't forget to thank people on social media and review sites! Potential customers pay attention to this type of interaction.
