Strong customer relationships are incredibly important when it comes to maximising revenue. After all, customers are much more likely to stick with your business, and recommend it to others, if they feel valued and are happy with the service they receive. The most loyal of your customers may even go on to become advocates for your business, spreading the word about your brand and providing you with ‘warm’ referrals and a great source of free marketing.
So, if you’re looking for ways to boost your bottom line, and keep your customers happy, strengthening those relationships could be the solution. Keep reading to find out more.
For many businesses, improving customer satisfaction, and creating more customer advocates, are key in how to maximise revenue. Customer advocates are often hugely underestimated when it comes to boosting profits. In fact, a lot of businesses aren’t even aware who their most loyal or profitable advocates are.
One way to uncover your company’s advocates is to carry out a customer feedback survey. This will show which of your existing clients are happiest, and therefore which are most likely to recommend your business. A survey is also a good way to find out where your company could make improvements.
Benefits Of Advocates
Advocates will benefit your business in a wide variety of ways. Some of the most significant are:
- They have a higher average spend
- They’re more likely to pay on time
- They’re more loyal, so are likely to stay with your business for longer
- They’re ‘generous’ in their reactions when things go wrong
- They provide your company with a valuable source of free marketing
These benefits show the strong relationship between customer loyalty and profitability. They also demonstrate how increasing customer satisfaction – and so creating more advocates – could lead to higher sales and a much greater lifetime spend per customer.
The free marketing you get from customer advocates is incredibly valuable as the leads they give you are generally much ‘warmer’ than those you get from other sources. Your conversion ratio of new wins to leads will therefore be much enhanced.
Harness The Power Of Advocates
In order to properly harness the power of advocates, you need to know who your most loyal customers are and ensure they’re ‘culturally significant’ in the minds of all your team members. This will help to guarantee that advocates always have a good experience when dealing with your business, and so continue to recommend your brand.
Retaining Customers Is Cheaper Than Acquiring Customers
Even if your customers don’t go on to become advocates, maximising your customer relationships, and providing an outstanding service, is still important as it helps to retain existing clients. Retaining customers is a lot cheaper than acquiring new ones. So, focusing on maintaining and developing customer relationships – and therefore revenue – is crucial.
Reviews And Recommendations
Reviews and recommendations can be incredibly important when it comes to maximising revenue. Good reviews and recommendations, whether in the form of testimonials, quotes, case studies or online comments, will enhance your company’s credibility and often lead to an increase in sales.
Good marketing is engaging customers and managing profitable customer relationships. The more you take care of these relationships, the more profitable they’re likely to prove to your business. To find out more, get in touch with our team and learn the secrets today!
Image Source: Canva