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Want to retain loyal customers? Here is how to make it happen

If a customer comes into a retail outlet and if he is treated shoddily, he will go out of his way next time to go to your competitor.

May 29, 2021 / 10:40 AM IST
Customer is the one who is paying your salary.

Customer is the one who is paying your salary.

Customer service has an impact on both existing customers and potential customers. A new research has found that 73 percent of consumers would react by telling family and friends about a bad experience, by posting it on a social network. And, as an average Facebook profile has 338 friends, the bad publicity can reach thousands very quickly.

On the other hand there is great value in delivering great customer service. In a recent study it was found that about 80 percent of 30+ old shoppers are willing to pay more for a better customer experience and about 70 percent of them said a friendly customer service made them like a brand.

It costs six times or more to get a new customer as compared to retaining an existing one. It is also much easier in all types of businesses across the world to keep an existing customer engaged and happy than to find a new customer. Business should be built around how to deliver excellent service. It is easy to forget its importance when you are building your brand’s web presence and marketing your website.

This is true in every industry – even in the fast moving consumer goods market. In their quest to build brand equity the FMCG brands spend crores of rupees in advertising not only to reach out to new customers but also for being relevant to existing buyers.