“We Run After New Business But Leave Old Customers Always Satisfied.” – amusingfun.com
It would seem that the key to stop customers from abandoning your company would be to do what the quote says – get new business, but never forget about existing customers and their needs. The fact is that many dissatisfied customers may never let the company know, but would leave as soon as they have a better ‘deal’. Unless a company is paying close attention, and proactively ensuring that customers do not leave, the problem of ‘abandonment’ could become more pronounced with time. The customer-company relationship is certainly worth keeping and a company must make every effort to sustain and nurture it – ensuring that customers never think of leaving. With so many options, it is not hard for customers to find ‘someone’ who will care about their needs and ensure that the company meets and exceeds every expectation they have. We know that it is at least 7 times harder to attract new customers than it is to retain the current ones – and it takes much longer to get new customers to become profitable.
Most companies forget to monitor data and information that customers may be ‘leaving’ behind. When a customer is actively using the company’s offerings, a company would know that they would not abandon it. However, failure to notice that usage may have dropped or stopped – meaning that the customer has decided to go elsewhere – could leave your company wondering why the customer / customers left without saying anything. Without knowing the reasons for customer churn, it would be very hard for a company to address the situation and get the customers back. It would therefore be imperative for companies to measure the customer engagement levels first in order to stop customers from abandoning them for competition. Monitoring customer data will ensure that any changes in customer behaviour such as drop in usage of products will help a company to connect immediately with the customer to ascertain the reasons and remedy any problems before the customer leaves for good.
When customers are ‘engaged’ with a company, they tend to login to their accounts more often and buy from the company. Without monitoring a company would not know whether the customer’s ‘activity’ on the account has reduced – an indication of customer dissatisfaction or worse still, possible churn. It would be essential to find out the reasons for the drop in customer engagement and check back as to what the company can do to rectify the problem. Constant encouragement is required for customers to stay – they get far too much attention to stay with a company that seemingly ignores them for long periods. Contact customers directly to show them your commitment and interest in their business and that your company values them. Getting the customer’s time and attention back to your company is one of the ways to stop customers from abandoning your company and giving their business to your competitor.
The worst mistake that companies make is to wait until customers bail out or show signs of frustration. There seems to be a lack of proactive thinking and acting on the part of companies to monitor and address issues, which could easily be the cause of customer churn. For example – a customer, who regularly uses a company’s credit card, suddenly stops using it or does not check back closer to the time of card expiration, could mean that the customer is probably unwilling to continue with the ‘subscription’. Failure to check back with the customer could deepen their resolve not to stay with the company – such behaviour on the part of the company tells customers that they are not important or valued.
It should be the responsibility of the company to let customers know when expiration of the card is nearing and check on how it can improve services to them.
It is a lot easier for customers to get what they want now. Companies must always be on ‘their feet’ to ensure that their hard earned customers do not ‘stray’ away but rather continually buy the company’s offerings. Providing incomparable customer service will stop customers from abandoning the company – products and services may be similar all around, but top class service has now become the new differentiator and customers love feeling pampered. Put together strategies and processes that noticeable cut down customer time and effort and will allow them to conduct their business uninterrupted – this will tell your customers that they are the focus of your company and will ensure that they never leave. Just like your company, customers too are constantly on the path of growth and a company that can keep pace with the scalability of its customers is more likely to be the preferred partner. Allow customers to choose the pace and move with it – sure way to stop customers from abandoning your company.
The goal of a company should be to provide the best of everything a customer can get in the market to ensure their success. Conducting business in a manner that allows a customer to succeed is the not so secret but tough method to ensure that customers do not seek out another partner. Selling and remaining aggressive in meeting business profitability targets is every company’s responsibility too – it keeps them competitive and on edge. This in turn goads them towards innovation and getting better – which is great news for every customer as it translates to better products and customer service for them, at the most competitive pricing. When customers get everything they need ‘under one roof’, it is unlikely that they would want to undertake the hassle of seeking a new ‘partner’ and for a company this means long-term customers with high profitability. A win-win situation for both.
Everything that a customer experiences with your company will determine whether they stay or leave. It is the onus of the company to better its processes, communication, customer service, timely delivery and responses, buying and returning processes, pricing, and everything else that has anything to do with how customers interact with the company. The idea is to increase purchases and convert every customer to a loyal brand ambassador – attracting more business for it without the effort or costs required for promotions and marketing. We know that customer service is a highly subjective topic – every customer has their own view of what it should look like based on their expectations and needs, and it is the duty of the company to customize their responses and service to suit every need and customer expectation. It would not be too hard to stop customers from abandoning your company, when you know exactly what they want and are able to deliver it with speed and efficiency.
Frenzied and harried customers tend to seek out company partners who would make things easy and speedy for them. This for companies would mean remaining accessible to their customers through round the clock customer service – this could be the difference between a frustrated customer staying on or leaving for another company because they were accessible when the customer had a problem. A company must make every effort to stay relevant and meaningful to their customers – through active listening, constant communication, and using customer insights to make improvements in the company that would benefit the customer directly. Loyalty and profitability from customers does not just happen – it is a relentless process, which companies must follow to build trust and confidence in customers. Customers who respect a company will ensure that they stand by it and do whatever they can to help the company succeed. Building a strong brand and a company that can be trusted are most definitely the way to, not only stop customers from abandoning your company, but also contributing to its bottom line and long-term success.