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Customer Loyalty: What Do Your Customers Really Care About?


Do you know what your customers value the most about your product/service?  Many business owners assume it’s quality, great customer service, or price.

But if you were to ask current clients, their answers may surprise you. Sometimes personal concerns play an important role in buyer’s choices.

Recognizing the full range of both rational and emotional factors behind client purchases and tailoring your communications accordingly, is just as essential to client retention as it is to gaining new clients.

Today’s criteria of  affordability, met expectations, and great service is standard for doing business.

Savvy BOSS LADIES include surveys in their customer support process to know what clients value.

How well are you retaining your clients?

Many entrepreneurs assume 50% client retention rate is great. It’s a good start but you should want more customers to stick around.  Keeping as many clients as possible reduces the time and resources it takes to gain new customers.  An ideal client retention rate of 80% is a target you should aim for.

If you’re not at the 80% mark, focusing your attention on keeping customers would be the easiest and smartest way to grow your business.

Are you nurturing your clients as prospects?

Now tell me this: Who is more likely to purchase high ticket offers—new buyers or existing buyers?

That’s a no-brainer.

If you see your existing buyers also as prospective buyers, and include them to the maximum degree, you will significantly improve the percentage of new business that results.

We often miss this clear and simple, direct route to improving our businesses because we don’t see existing buyers as prospective buyers, only as “past” buyers.

This is absurd and risky.

Making sure clustomers are aware of all the services we provide opens the door for new business. Addressing their individual values such as personal growth, reduced anxiety, and reputation solidifies customer loyalty.

THANKS FOR READING MY BLOG!
Are you looking for ways to stay top of mind?
Contact Us to discuss your client retention blueprint!
Or check us out on Facebook at TamaraBurkett

 

 

 

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How to Prevent Clients From Having Buyer’s Remorse

Have you ever had buyer’s remorse?

You know, that sinking feeling of regret after a purchase.

I’ve experienced buyer’s remorse plenty of times and still do from time to time.

That feeling of regret is a red flag signaling you’ve over spent, there’s a lack of value, or little to no trust of the product/service will meet expectations.

As a business owner, buyer’s remorse can be the kiss of death for your business.

Often times, customers hold the business responsible for their negative feelings and this can lead to no repeat business, and bad reviews.

Although buyer’s remorse can be the result of the consumer’s actions or emotional triggers, the business can suffer the backlash.

Take my old man, Ryan and his recent car purchase for instance. Old Betsy, his 12 year old Kia Optima, has been on her last leg for a while. A week ago we found out she needed over $2,000 of repairs.
Instead of sinking more money into fixing Betsy, he decided to get a new-to-you car.

After all was said and done, he paid $100 more in monthly payments for a 4 year old Honda and they gave him less than $500 for Betsy. In addition, his car insurance increased $40 dollars.
Don’t get me wrong, the Honda is a sweet, sleek, sexy thang. It drives better than Old Betsy, it’s safer, and has the latest tech features.

So is the Honda worth the extra $140.00 in monthly payments? Was it what Ryan intended on buying? Was he treated fairly?

All of these questions invaded my mind when Ryan brought the car home.
I wasn’t there when the wheeling and dealing went down and Ryan’s starting to display buyer’s remorse behaviors.

Clearly he went over budget and that’s the core reason he’s feeling regretful.

So what is he doing about it?
For starters, Ryan’s renegotiating his insurance plan.  If it isn’t reduced, he‘ll search for a new insurance provider.
Secondly, he’s driving in silence to listen for any unusual sounds in case there’s a slight chance he could return the Honda.

That’s pretty much it.

If you’re wondering if my old man will make a second purchase from the dealership or refer someone, probably not.

He’s more likely to give a negative review than refer someone and doesn’t even remember the salesperson’s name he worked with.

Ryan’s scenario is so common in business that many entrepreneurs either try to avoid doing business with the “Ryans” in the world or cut ties from them after the purchase. Very few business owners would attempt to satisfy a remorseful customer.

Yet wise BOSS LADIES know customers like my old man have advocate potential. With a few tweaks in customer experience and support, clients like Ryan could be raving fans.

What can you do to avoid buyers remorse & build customer loyalty?

Loyalty begins in the sales cycle.
Educating clients on who you are and how you work is the first step in creating a transparent sales cycle. When you make the unfamiliar familiar for prospects, they know what to expect which builds the first stage of trust.

Putting the relationship before profit by doing right by  your client is another key element in building deep trust and staying top of mind. Of course, this doesn’t mean you should lose revenue serving your client. It does demand consideration when offering your solution.

For example, if the car salesman would have noticed Ryan’s uneasiness and reassured him of making a great decision or offered an alternative, Ryan would’ve came home excited about his hot new car. He would’ve also been appreciative of the salesman’s thoughtfulness.
With one simple act of putting the relationship first, the car salesman could’ve become memorable, increased word of mouth buzz, and received a referral.

How does your business measure up?

What gets measured gets improved.
Do you know your client retention rate? Established companies that focus on customer retention will grow their business faster and more efficiently by tracking their customer retention rate. For a simple way of measuring your client retention rate, try this formula:
E=# of existing customers at the end of given period.
N= # of new customers during given period.
S= # of customers you had at start of period.
Customer Retention Rate(CRR)
CRR= ((L-A)/S) X 100

Knowing your client retention rate will take the guesswork out of growing your business.

THANKS FOR READING MY BLOG!
Are you looking for ways to stay top of mind?
Contact Us for your client engagement blueprint!
Or check us out on Facebook at TamaraBurkett

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Churning Clients Off: How To Improve Client Retention

My sister recently had a horrible experience with an auto repair business. They quoted her one price and the next day, increased it by $60.00. She waited 4 hours for her car when they promised it would be ready when she arrived and the day after the repairs, my sister’s car wouldn’t start.

What a freakin’ waste of time and money! What lousy service!
Does this sound familiar?

All too often consumers feel victimized after their first purchase and the odds of them repurchasing is ZERO.

While the churn and burn method of doing business is still practiced, the success of your business relies on customer retention.

Smart entrepreneurs know the key to client retention is delivering great and consistent customer experience.

Here are 5 questions to ask yourself about the customer experience in your business.
1. Am I clear when setting expectations? Transparency is key to a satisfied customer. Be very clear on what you need from the client and what they can expect from you.
2. Do I speak to all my clients the same? Not all clients are motivated by the same thing. Many clients are turned off by feeling like just another number. Identifying the types of client you have and tailoring your message to fit your client types will improve engagement.

3. Do I follow-up after the purchase? Asking clients if their needs were met is essential to increasing repeat buying. The feedback received will help improve your business and is an opportunity to solve a new problem.

4. How do I handle dissatisfied clients? Being kind, professional, and helpful when handling dissatisfied customers opens the door to future purchases.

5. Do I demonstrate that I care? Clients want to know that you care about them and their problem. Beyond solving their issue, what support do you provide?

THANKS FOR READING MY BLOG!
Are you looking for ways to stay top of mind?
Contact Us for your client engagement blueprint!
Or check us out on Facebook at TamaraBurkett