Note: Running most Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur’s Playbook page of the PKF Texas website.
Customer connections are the moments that define your business. Your people strive for those moments and your customers tell others about them. Through their talent, knowledge, and passion, your people transform interactions into the impression that your company is committed to delivering greater value than your competitors. Building connections creates lasting value for your organization through increased customer loyalty.
In the short term, customer loyalty benefits your business through revenue growth as a result of repeat and referral business. In the long term, closer relationships with customers give your organization a window of insight into your customers’ needs and preferences. With the cost to acquire new customers typically much greater than the cost of retaining existing ones, and profitability found to increase as much as 25 percent for every 5 percent increase in customer retention, there’s never been greater pressure or opportunity to invest in and foster the right customer connections.