Fact: Retaining a customer costs roughly seven times less than attracting a new one.
Fact: Improving customer retention rates among the right customers can improve profits by up to 95%.
Fact: Most organizations notice customer churn rates about six months past the point when they actually failed the customer.
Fact: Business Intelligence (BI) is the key to gaining in-depth knowledge of your customer behaviors, needs, wants, etc. so you – and your employees – can build strong, lasting, profitable ties. That’s because customers, patients, and citizens and the people who serve them are more loyal when you prove you have their best interests in mind (not when you push your interests on them).
Sounds intuitive. Loyalty is the goal. Loyalty is less expensive. Loyalty can be profitable. But how do you build the kind of loyalty that can improve every experience and interaction? It begins with understanding the best interests of your customers and employees. And that takes asking the right questions and translating the answers into action.
There’s a first step to every method. In this case, it’s putting the structures in place from the first touch point to the last to give your customers a way to provide input on their experience. They feel heard and valued, which goes a long way to proving your interest in a two-way conversation and your appreciation for your customer. And your employees are given a wealth of analytics that prove your commitment to helping them succeed in their role, which goes a long way to proving your interest in your company culture and the wellbeing of the individuals who comprise it.
Once those resources begin to collect data, you have a way to establish benchmarks, monitor performances, and use real-time intelligence to improve the customer experience. Thanks to the sophistication of BI solutions, you can use the data points to address both macro level changes and micro ones. You could identify where providing additional training or support to a staff member would help them to perform a task more efficiently. Or you could begin to gather information about a regular patient or customer to anticipate and personalize interactions with them.
As staff members begin to use this intelligence, they are more empowered to strengthen those connections deftly and confidently. That might be through knowing when to expect higher customer volume so they can put the resources in place to provide a consistent level of customer care. Or it might help them to be more self-aware of specific ways they could improve in their role to be more fulfilled and successful.
Either way, when people get the sense that you have their best interests in mind, they’re more likely to share their thoughts and expectations. That conversation can strengthen the brand relationship. And what your customers and employees tell you can become a competitive advantage.
Remember, you can’t analyze data you haven’t collected. And you can’t analyze data effectively without it being complete and flexible. Qmatic BI solutions can identify the questions you need to ask, help you ask those questions, and put actionable insights into the hands of those who can use it to strengthen your brand loyalty. And as we know, loyalty has measurable value.
Learn more about our Customer Experience Management Methodology–A 3-Step Approach to Ensure a Successful Result.
 The Cost of Customer Acquisition vs Customer Retention, Ian King Will, Linkedin Pulse
 Jonah Lopin, HubSpot Vice President of Services, quoted in HBS case on the company’s development of a Customer Happiness Index, 2010