At RapidOps, we believe in the age old saying “It is easier to keep existing customers than accruing new ones” Acquiring new customers is costlier than ever. It requires huge investment, in terms of time, money and efforts.
That said; many companies still find it a major challenge to retain customers. What does it take to keep loyal customers? Probably, the answer to this complex question is very straightforward. It is right under our nose, but we seem to have ignored it. To know how to retain our customers, let’s first look at why they leave.
• Price Vs Experience
According to a recent global customer satisfaction survey, price is not the main reason for the customer churn. The real reason is poor experience with the company. In our industry, this can also be referred to User Experience (UX), and it can certainly have a bearing on your growth prospects.
“A customer is 4 times more likely to defect to a competitor if the problem is service related than price or product related”
Therefore, retaining customers is about creating an experience that they love. One facet of it is to build a user interface that makes it simple for them to use the website/application. However, in today’s world of competition one needs to look at the larger picture. One has to establish a platform where customers can accomplish their objectives. You need to find out how you can make it simpler for your customers to achieve what they desire. That’s the secret of Customer Loyalty. It sounds extremely simple and naïve, but unfortunately there are very few businesses who have managed to weave such high standard of customer experience. In fact, there is no dearth of stories which tell us of how even the larger organizations have missed the plot and thought too narrowly about their customer’s experience and delight.
• When Customers Bid Adieu
Industry experts believe that one customer brings many more in the form of referrals. The same applies to a dissatisfied customer. One unhappy customer can tell his/her experience to 9 – 15 people. The global survey that we spoke about in the initial part of this blog mentions that almost about 13% of displeased customers individually spread the word to more than 20 people. Think of what impact it has on your company’s reputation and eventually- your company’s bottom line.
We believe that retaining customers is about having a solid product, but that needs to be backed up with great user experience. That is the only way in which the customers can be kept delighted, which always leads to the viral effect; something that is better known as Positive Word of Mouth.
Do Contact Us to understand how our UX consultation service can add value to your product’s user acquisition strategy and create unparalleled user experience.
As an engineer turned entrepreneur, I like to mix artistic and technical things with business activities and try to produce something innovative. The motto at work: Be a rockstar at your place and don’t be robotic!!!