It’s always an alarming thing when a client leaves. Not only are you losing someone who directly affects your sales and therefore your income, you’re left in a state of self-reflection wondering what happened. VisualCapitalist points out in the article, “Why Your Customers Are Leaving – And How To Win Them Back,” that the answer is actually more simple than you think.
Although it’s not easy to accept, The Rockefeller Group found that 68% of clients leave because they don’t feel cared about. No other reason can compare to the weight of feeling cared for. Even dissatisfaction in service followed at a mere 14%. Now, feeling cared about might seem like a ridiculously obvious reason for customer departures, but you’d be surprised how many salespeople miss this detail. The truth is, out of the 80% of companies that swear by their customer service, only 8% of the customers of those same companies agree, according to the Bain Customer Led Growth Diagnostic Questionaire by Satmatrix Net Promoter Database.
While this news can be shocking, don’t forget it also represents a great opportunity. Most companies don’t realize that their customer service approach isn’t working, so they don’t think to analyze it and make the necessary changes. Ignorance is bliss, but knowledge is power.
Take the time to look closely at your customer service strategy. What gets a positive response from clients? What approaches did you take in situations where clients left? Are there clients who have been so pleased with your service that they recommended you to others? Explore these questions to find out how you can differentiate yourself from the way other companies treat your clients.
Trust me, it’s worth the work. The American Customer Satisfaction Index shows that, as of June 30, 2016, investors put more equity into companies with higher customer satisfaction ratings. In fact, the best companies attract over 4 times more equity investments than the companies that score low on the satisfaction scale.
Customer satisfaction is truly the make or break of companies. So, it’s time to ask yourself, is yours as good as you thought? What should you be doing differently to ensure that your clients will stay with you this year?