Whether you realize it or not, your current customers are a source of crucial knowledge, knowledge that can help you become more profitable.
When you get to know your customers, you can communicate with them in ways that foster positive customer experiences and increase longevity. These engaged customers buy more, pay more, cost less to service and refer you more business. In fact, research has shown that a 5% improvement in retention rate can increase profitability by 25% to 85%, depending on your industry.
But like any knowledge, customer knowledge is only useful if you access it regularly, apply it strategically and measure it continually.
Take our free online quiz to discover how your company rates in customer engagement best practices for five key areas: Strategy, Process, People, Tactics and Measurement. You’ll find out whether you are a Customer Champion or a Customer Loser, and we’ll offer some tips to help you take customer engagement to the next level.
