Did you know that a 5% increase in customer retention can boost profits by more than 25%. Part of that is because customers who love your current products and services, will want to buy your new products and new services. They want more of what you offer! And that is why the success rate of selling a new product or service to a current ‘raving-fan’ customer is 60 to 70%.
In addition, when your customers are genuinely happy and satisfied with your products and services, they become true advocates of your business – and a referral from your current customers is one of the most valuable types of lead generation programs. Passionate customers are the ones who speak out for your brand. They recommend your products through social media and at industry events. These endorsements are very powerful for your business – but how do you get there?
Every business aims to have customers who are fanatical about their products. As the business leader, you know that growing your business is not just about the importance of retaining your customers, but going beyond that – to making them raving fans for your business. This might take time if you are starting a new business, or coming off some historical product problems – but once you build that loyal raving fan customer base, you will see the results show on your bottom line. Making your current customers raving fans can help you win new customers – and win financially.
“A customer can never be too happy or too satisfied.”
Gary Ross
Do you feel like you have a strong relationship with your customers? Are your customers returning to buy your products and services year after year? Have your customers told you that your products are solving real problems they are facing?
If you are not confident in saying ‘yes’ to these questions, let’s put together a plan to change this and get you on the road to success. The Growth Cube is a key resource for you, and a business coach may be able to help as well. With these tools, you and your team can analyze and implement key strategies that will help move your business forward and toward the ultimate goal: making raving fans out of your customers!
Here are some ideas for how to get this done:
As you learned in our Raving Associates blog, the CHEER model helps create raving associates, who in turn can help you create raving customer fans. Raving associates will more enthusiastically promote your products and services; they will be more engaged, and they will perform at higher levels. Yes – if your associates are motivated, they will help turn your customers into true fans also!
Meet with your customers face to face. Talk with them, listen to what they say, act on their ideas, and be there for them when they need you. This will show your customers (and your associates) that your customers input is highly valued – and will draw everyone together into a stronger relationship. Together you and your team can ultimately turn those customers into raving fans.
Give your customers a regular update on the status of your company direction, products, and strategies you are taking to help them. Announce a special customer event or activity focused on these areas. Ask for input, offer support, data, reports, and other valuable information. Keep your customers involved in your business. Build a Customer Advisory Board. Think about them and trust them – like they are part of your staff.
“You can double the size of your company just by focusing on the growth opportunity with current customers.“
Gary Ross
Customers will love it if you include them in your new product and service development. Not only will it help build a better product, but it will help you identify where you can first pilot your new product. And your pilot will be with a customer that really cares. Your product development team will love it too – getting early input directly from the customer on products they are actually developing right now!
Overall, in your leadership approach, welcome customer, partner and associate ideas. And ask for their involvement in implementing those ideas. Your company becomes truly valuable to your customers when they see that you taking feedback seriously and that you are implementing changes to improve the business.
Making your customers raving fans starts with #1 above – your commitment to creating a company with raving associates. After that, points 2, 3, 4 and 5 above are all part of developing a multi-step Customer Touchpoint Plan that can help you optimize the experience wherever your customer touches your company. Research has shown that we can double the size of your company just by focusing on the current customer base and executing successfully on these kinds of initiatives.
The bottom line is this: We know it is important to make our customers feel valued. If we are successful in making this happen, those customers will ultimately become raving fans for our company. This can lead to more referral leads – and more customers for our company. Understanding our customers and motivating our associates takes expertise – that’s where a business coach can prove to be a game-changer. But when we figure this out together, we will be able to improve our financial performance, grow our company, bring new jobs and new opportunities to all of our raving associates – and take our business all the way to the top!
Ready to explore your potential?
No matter your past disappointments or your current challenges – we have the energy, processes and proven tools to help you build the business you’re dreaming of. Let’s connect!
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