No one likes being ghosted. Whether that’s in our personal lives after a romantic dinner at the hottest place in town or when we buy into a product and never see so much as a feedback survey ping up on email.
As consumers, we want to feel valued above all else. That’s what keeps us coming back for more and also what drives us to share our experiences with others. Without that buttery warm feeling of value, it’s a transactional relationship that finishes the moment we confirm payment.
Straight off the bat there’s a few instances that might challenge this way of thinking; that every company should stay in touch with us. You might say, “It’s not important in every circumstance.”
For example, when I buy a cheap USB cable from eBay or a pair of socks from a retailer, do I necessarily care if I hear back from that seller? Probably not, however when that cheap £1.49 USB cable inevitably fails 6 months later, I’ll be on the hunt for another one, right? And when those socks sprout holes from my toe-first pivoting habit, I’ll want a new pair of those too.
So, I fire up eBay, type in my search and buy the cheapest one I can find, I don’t even remember who sold me the last one and I don’t really care either.
But here’s my point (better late than never); had I received some form of communication from the sock bandits or the USB bargain basement, I likely would have gone with them.
Nothing fancy just a simple follow up email maybe 1 month, 3 months, or even 6 months later saying, “How do you like it? Need another?”.
Your best customer is your previous customer.
If you buy ANYTHING and the experience is positive, there is absolutely no reason why you wouldn’t buy from that company again. Unless they haven’t given you a reason to.
Something is better than nothing when it comes to staying in touch with our customers. It creates a value system in our brand and people respond to it. You only stand to gain by doing a little extra for the people that support your product.
So with that in mind here’s 5 relevant statistics that showcase the importance of keeping in touch:
- The probability of selling to an existing customer is between 60% and 70%.
- The probability of selling to a new customer is between 5% and 20%.
- Existing customers are 50% more likely to try your new product.
- The average, loyal customer spends 67% more in their 31st to 36th month with a brand, than in their first 6 months of the relationship.
- 52% of marketers develop a strong email marketing strategy focussed on customer retention.
- 58% of customers belonging to a loyalty programme buy from the retailer at least once per month.
- Since 2016 customer retention loss has risen by 37% due to poor customer experiences.
- On average 75% of mobile app users don’t return after the first day.
- An average of 68% of new customers come from existing customers.
- It’s estimated a whopping $75 billion dollars is lost each year across industries that fail to listen to their customers.
*Stats provided by Semrush Blog 2021
Powerful statistics indeed that tell their own story.
Firstly, customers are loyal to brands who show they care and stay in touch.
Secondly, those same satisfied customers are responsible for brands acquiring new business and customers, creating a domino effect.
And finally, lots and lots of businesses, brands and companies are simply not doing enough to retain their customers. There’s a gulf of opportunity that only the wise are utilising and reaping the rewards.
So again, should I care about the random eBay seller or the sock retailer? Yes, yes I bloody well should.
Thanks for reading and as always it’s greatly appreciated to get a Like, Share and Comment with your thoughts.
See you next week.