Alongside controlling costs and gaining competitive advantage, retaining customers is a business prerequisite. Yet despite this, many companies devote most of their resources to finding new business.
Growing a user or customer base is clearly important but that base will grow much faster if the number of clients dropping out the bottom means your company has to run faster and faster just to stand still. The benefits of customer retention come from:
- It’s cheaper than acquisition.
- Loyal customers are more profitable.
- Your brand will stand out from the crowd.
- You’ll earn more word of mouth referrals.
- Engaged customers provide more feedback.
- Customers will explore your brand.
- Loyal customers are more forgiving.
- Customers will welcome your marketing.
Today, businesses and organisations world-wide are recognising the need to have a customer-first, client-led ethos, not just for customer retention and future customer acquisition but to also mitigate against the possibilities of being disrupted in their own markets by new entrants.
Share Information More Easily
Many organisations are turning to technology to assist in this process and undertaking digital transformations of their operations with a key and constituent part of that transformation process being the introduction of Unified Communications (UC) and collaborative working applications.
Whether internally collaborating with other employees or dealing externally with customers, organisations benefit from a fully unified ICT environment. By effectively connecting people, applications, clouds and networks, you can transform how quickly and efficiently information is shared, thereby satisfying your customer’s increasing demands as well as improving employee productivity and boosting your bottom line.
This transformation process is now a maturing market and one that is equally available and equally applicable to organisations of any size. Furthermore these solutions are readily available in a cost effective and scalable cloud-based delivery model.
With Alfonica’s Collaborate, services such as instant messaging and presence, voice, video, desktop and application sharing, and document sharing are driven through a set of end user applications for Windows, MAC, Android and iOS.
This enables users to access business communications and collaboration services from their favourite devices – wherever they are.
Understanding your customers – what they like and dislike about your products and services and what they are looking for from new applications places any organisation at an advantage. Being able to make current offerings more attractive and developing new products your customers actually want are fast tracks to monetisation and customer retention.
Is Customer Loyalty And Retention Worth The Effort?
Well not only is loyalty cheaper, it has better returns. According to the Access Development research report of December 2018, engaged consumers buy 90% more frequently, spend 60% more per transaction and are five times more likely to indicate it is the only brand they would purchase in the future. On average, they’re delivering 23% more revenue and profitability over the average customer lifetime.