The traditional marketing model has changed. No longer do smart marketers tell customers what they want them to hear, they provide information of value that will build a trusted relationship with the prospect or customer.
Trusted relationships are key to having satisfied customers. They are even more important for having loyal customers who are far more valuable than satisfied customers.
So what can you do to be more customer-focused and improve customer relationships?
- Change the way you do research. Have a dialogue with your customers and prospects – online, in-person, on the phone. Ask them what they like and don’t like. Find out why they have an emotional connection to your brand or to your competitor’s brand.
- Increase spending on customer service and the customer experience. Ensure your customer facing employees know their value to your firm and empower them to provide a consistently outstanding customer experience. That will drive customer loyalty. If you don’t your competitor will and will take your customers.
- Change your sales strategy. Focus on increasing share of wallet and referrals. According to Bain, a 5% increase in customer retention can create a 75% increase in profitability.
- Stop out bound marketing and start inbound marketing. Start attracting people to your brand and your products and services by providing information of value and such outstanding service that your customers tell your prospects about you.
What are you doing to improve customer relationships?