Is it contradiction in your efforts to grow the company? Is it difficult to get growth when your existing customers leave? What is it that makes existing customers leaving and what can you do about it?
Losing customers can be seen as a natural part of a functioning market. The fact that customers are able to switch suppliers is at the same time that which allows companies to grow. But it's always tough when a customer chooses to switch supplier, especially if it had been possible to avoid.
What is the main reason that customers leave their vendor? Is it the price, that they are dissatisfied with the product or delivery? Studies show that none of these reasons is the most common reason that corporate customers choose to switch suppliers.
The main reason for customers switching supplier is that they feel forgotten or unsecured.
By giving your existing clients more attention, you don't only keep them longer, but also it can also increase both sales and margins on these. Additionally, dissatisfied customers give an increased risk to badwill which makes it more difficult to attract new customers.
What do the customers feel unsecured? Many customers say they are looking for a supplier that is proactive and comes with developed suggestions. At the same time, most of the communication between customer and supplier is placed on routine matters such as invoices, payments, deliveries, etc. Something that limits the possibility of just being proactive.
The fact that the customer is experiencing uncertainty or the fact that it is difficult to get answers is a risk of destroying an otherwise well-functioning customer relationship. This is particularly unnecessary since this information is often available in the company's business system.
It is many times more profitable to retain existing customers than to recruit new ones.
Focusing on long-term relationships with existing customers gives the customer the opportunity to self-service will also save you a lot of time. Saving in minutes and hours of working hours every day of course gives the company the opportunity to invest this working time on more productive tasks. If the customer saves in the corresponding time while reducing his sense of insecurity, you will be rewarded in the form of satisfied customers.
What could this mean for you?
Find out what you can earn on retaining customers longer.
Create a business case where you get the numbers on what you can earn on the introduction of a customer portal where you and your existing customers can easily take advantage of self-service.