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For UK financial advisers use only. This information has not been approved for use with customers. If you are a customer, please go to aviva.co.uk

Why people stop buying from businesses

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Here’s something that’s quick, inexpensive and potentially very profitable. Something that ought to be a priority, but often doesn’t get enough attention - keeping in regular contact with your existing customers.

You know that it’s much more cost effective to retain customers than it is to acquire new ones, particularly in our industry where lifetime value is so important. Yet perceived indifference is the reason why a majority of customers take their business elsewhere. It doesn't matter whether they are B2B or B2C customers, few people will feel any loyalty to a company that doesn't seem to value them. 

A recent Gallup survey found evidence that B2B companies, for example, are at risk of losing up to two-thirds of their customer base because of limited, if any, customer engagement.

So how do you stop these customers being tempted by the competition?

Put together a plan on how you can keep in touch with as many of your clients as possible. Maintaining a dialogue using email or social media isn’t time consuming - and is almost always cost effective. Share relevant, pertinent advice, topical news stories - if fact anything that you know will help or be of interest. Position yourself as a trusted adviser.

“Sell something, and get a customer today. Help someone, and get a customer for life”

Jay Baer