It’s the art of doing what you do so incredibly well that others will want to share ‘who’ you are with their family and friends. It starts with nurturing your relationships with your customers in order to grow your business. With automation and innovation rampant across all platforms these days, nurturing your database has never been more important. Take Twitter for example, or even Facebook. All it takes is making someone unhappy one time and they can flood/share their opinion to the masses and leave a lasting impression that could possibly make or break your business.
Establishing “love” between your company and your customers can help scale positive word-of-mouth that is priceless these days. Building and sustaining a customer-focused culture should not be overlooked. Most businesses are falling short in this very department, which is why your competition is swooping in and dazzling these same customers and ultimately taking your business. We have all heard that numbers don’t lie and in payment processing that could not be truer. Take a look at some of the data that became the very premise for this article…you’ll see that once again… the numbers don’t lie:
- According to Forrester Research less than half of brands received good or excellent customer experience index scores in the last 24 months. The exact number came in right around 40%. The other 60% of brands received a rating of “OK,” “poor,” or even “very poor,” from their customers.
- Around 90% of consumers interviewed began doing business with a competitor following a poor customer experience.
- Up to 60% of consumers said they would actually pay more for a service should the customer experience be that much better for them.
- The average annual value of each customer relationship lost to a competitor or by simple abandonment—around $315.
Solidifying your relationship with your customers in a meaningful way has never been more important. You already know how to treat your customers right – that the customer, for all intents and purposes, is always right and happy customers who DO get their issue(s) resolved tell an average of 4 to 6 people about their experience. Don’t ever act as a nameless and faceless business and always address your customers by their name, as they should know yours as well. Treat them as if they are right there in front of you not your intended target for a press release. You know to always listen—hear what your customers are telling you. Rude customer service is rampant and more than 60% of customers will share that information too. Be patient. Don’t come on too strong and be respectful, always! And remember, your payment experience for customers matters too! Learn more about how customers can pay online, by phone and more with our new EBPP (Electronic Bill Presentment and Payment) Singular BillPAY platform.