Measure Customer Satisfaction
Cost of Customer Acquisition Vs
Benefits of Customer Retention
As per Harvard Business Review, acquiring a new customer is anywhere from 5 to 25 times more expensive than retaining an existing one.
And another study by Bain & Company shows that increasing customer retention rates by 5% increases profits by 25% to 95%.
There are multiple such studies implying the importance of keeping your customers happy and retaining them to maximize customer lifetime value.
Customer Satisfaction – A measure of your success
Unhappy and dissatisfied customers are growth deterrents. They can do a lot more damage than one can imagine. They have the potential to spread the word around and pull down your brand equity. If not addressed immediately, you will see a high customer-churn rate negatively impacting your revenue and profitability goals. 80% of businesses do not mind switching to a different vendor if not serviced well.
For these reasons, it is imperative that businesses measure customer satisfaction objectively to build a sustainable and profitable business. Satisfied loyal customers always return to buy more from a company over time. They reward you with positive reviews, referrals, and testimonials that go a long way in growing your business without the need for large marketing budgets and resources.
HappSales CRM for Customer Success
Outcomes We Deliver
HappSales CRM helps you with a robust process to capture customer feedback at frequent intervals. It also enables your team to quickly take the right steps to address and remediate issues; thereby leading to greater customer satisfaction and loyalty.
Satisfied and happy customers return to buy more. They also refer you to their friends and network. And generally, referrals convert into paying customers and revenue much faster. Also, these sales opportunities offer higher deal values as they do not require heavy price discounting.
Your sales and operational expenses to serve existing customers are significantly lower; compared to what is required to serve new prospects or dissatisfied clients.
Also, when you get a lot of referrals from your satisfied clients you need not spend a lot on marketing for lead generation.
With lower sales and marketing expenses, you can expect a huge boost in your profitability.
Your chances of repeat business and sales closures are very high when your customers are satisfied with your service. Your sales forecast from this set of clients will be much more accurate and better. The same also applies to the referrals passed on by your loyal customers.
Through constant customer feedback, you know exactly what is working and what is not working. You will be able to make the right decisions pertaining to your products, services, and processes.