Why Should I Bother With Customer Relationship?

Perhaps, you are one of the sceptical business owners who cannot see the commercial viability of the increasing emphasis that is being placed on building customer relationship. You recognise that it is an attempt to create loyalty that will prompt your customers to return time and time again, but you are not convinced about the cost/benefits.

It is very easy to assume that, once you have attracted customers to your business, it will be very simple to retain them because you offer the right products/services at the right price. After all, why look for customer relationship headaches when you are already busy fighting off competition, negotiating prices, trying to generate orders, developing/sourcing new products/services, delivering products/services, and performing numerous other time-critical tasks.

Well, if you fail to concentrate on retaining as well as attracting customers you will be exposing your business to substantial, annual loss of revenue. Many business owners are now waking up to these lost opportunities, and they are calculating the bottom line implications.

Research has highlighted that a five percent decrease in the number of defecting customers can lead to a profit increase of between 25 and 85 percent. It is vital that the success strategies for your business incorporate a planned approach for:

• Acquiring new customers;
• Building relationship with your customers;
• Increasing the value of every sale transaction;
• Raising the frequency of sale transaction with your customers.
  

“The difference between a successful person and others is not a lack of strength, not a lack of knowledge, but rather in a lack of will.”
Vincent T.Lombardi