…and we’re listening.
February is a month devoted to love and appreciation, yet so few companies take the time to listen to their customers. And, listening is one way to show you care.
So, I was talking to one of our clients the other day, and I asked him. “What do you like about working with OzComm?” He replied, and I followed up with, “How can OzComm improve its service to you?” I just listened.
While the conversation was difficult to get started—accepting vulnerabilities—it turned out to be one of the most insightful client conversations I’ve ever experienced.
He proceeded to tell me that while the services OzComm Marketing were high-touch, and he could see that there was a value in having much of the service, he pointed out that they didn’t address some of his more immediate needs.
Put this way, he said, “you are giving me first rate medical service for injuries I sustained in an accident, but what I need is a cast for my arm—it’s broken.”
We were providing a full list of services to better meet the overall marketing strategy, but what was needed was a detailed referral program to help drive more of the same customers. It was certainly a service we could provide, the only thing that got in our way was our perspective.
The conversation opened up the communication for my client to offer his perspective to a marketing need. And, while he could have been content with maintaining the current level of service, by simply asking for his perspective we have increased his perceived value that OzComm Marketing offers—ensuring client loyalty.
The result of the conversation led me to make adjustments to the service we offered to better meet the needs on one customer. In the end, we became more aware of the needs of other clients.
So, getting down to the brass tacks: there are countless studies that say the cost of acquiring a customer versus keeping a customer is between 4X to 20X.
Gartner is quoted stating that “65% of a company’s business comes from existing customers, and it costs five times as much to attract a new customer than to keep an existing one satisfied.”
“Conventional business wisdom contends that it costs 10 times as much to obtain a new customer as it does to retain an existing customer.” (Pricing for Profitability: Activity-Based Pricing for Competitive Advantage By John L. Daly)
So in this instance, I can definitely say that it was worth the momentary discomfort.
What’s the cost/benefit to you? Let’s find out.