I remember the period in guHRoo’s history well. I was disillusioned. I started this business to create a unique customer experience. The type that makes people want to tell their friends. The type of service we rarely find anymore. Attentive, proactive, and fun. All the things.
Instead, I was spending all my time chasing the next sale. I would prioritize a sales call over a support call. I was out running around town pressing the flesh when I should have been designing the roadmap for how to create a real experience for the client.
When growth is the focus, you can sometimes head down the wrong path.
Don’t get me wrong - I am the first one to tell people they are not spending enough time on sales.
Investing in a delightful customer experience has a high ROI.
There is nothing worse than a leaky bucket. If you are only focused on bringing in new customers and not keeping your current customers, you will lose. Trust me. I’ve fallen into this trap in the past.
Let's talk about why holding on to your current customers might just be the best growth strategy you've never thought about.
1. It's All About the Benjamins:
I mean, who doesn't like more profit? Believe it or not, just a tiny bump in customer retention can send profits skyrocketing. We're talking 25% to 95%! Now that's some serious dough (Reichheld, 2001).
2. Why Break the Bank?
Fishing for new customers? It's like buying a brand-new car when you've got a classic in the garage. Five times more expensive, in fact (Tice, 2012). So why not polish what you've got?
3. Your Customers, Your Cheerleaders:
Happy customers aren't just customers; they're fans, cheerleaders, advocates! Treat 'em right, and they'll tell their friends. It's like having your marketing team, but they work for free.
4. The Goldmine of Feedback:
Your loyal customers are like that honest friend who tells you when you've got spinach in your teeth. They'll tell you what's working and what's not. And hey, that's golden.
5. It's a Relationship, Not a Transaction:
Remember your first crush? Building relationships with customers is kinda like that. It's exciting, it's rewarding, and it keeps them coming back for more.
6. Personalized Just for You – and Them:
You know what your regulars like, right? So why not use that? Tailor your offerings, make them feel special. It's like cooking their favorite meal, every time.
So, here's the deal: growing your business doesn't always mean running after the new and shiny. Sometimes, it's about appreciating what you've got and making it shine even brighter. Your existing customers aren't just numbers; they're your friends, your fans, and the foundation of your success. Next time you think about growth, don't forget to look in your backyard. You might just find a treasure trove.