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S9 E13 The REAL cost of losing a customer with Raj Kapur
Why do you lose Customers?
Because they feel neglected after the sale is made
A typical business does a great job of getting the attention of the customer and persuading them to buy but does very little to create a remarkable experience after the sale.
It is the EMOTIONAL JOURNEY OF THE customer that is most often ignored.
Do you reward acquisition over retention?
Frederick Reich in his book The Loyalty Effect states a 5% improvement in customer retention rates will yield a 25 to 100% increase in profits.
Understand the importance of Life Time Value of a Customer. You need to determine what are the costs to acquire a new customer, and what processes you use to capture that cost.
So getting and acquiring the customer is of utmost importance but more important is to keep that customer and finally turn them into your raving fans.
Customer acquisition cost (CAC) is the cost related to acquiring a new customer. CAC refers to the resources and costs incurred to acquire an additional customer.
It is the best approximation of the total cost of acquiring a new customer. It should generally include things like advertising costs, the salary of your marketers, the costs of your salespeople, overhead, commissions, bonuses, etc., divided by the number of customers acquired.
Tags: the cost of losing one customer,customer acquisition cost,customer experience,cost to aquire a customer,customer service,the cost of poor customer service,lifetime value of a customer,customer costs,how to never lose a customer again,the loss of customers,customer aquisition cost,customer acquisition cost explained,what is customer acquisition cost
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By Raj KapurWhy do you lose Customers?
Because they feel neglected after the sale is made
A typical business does a great job of getting the attention of the customer and persuading them to buy but does very little to create a remarkable experience after the sale.
It is the EMOTIONAL JOURNEY OF THE customer that is most often ignored.
Do you reward acquisition over retention?
Frederick Reich in his book The Loyalty Effect states a 5% improvement in customer retention rates will yield a 25 to 100% increase in profits.
Understand the importance of Life Time Value of a Customer. You need to determine what are the costs to acquire a new customer, and what processes you use to capture that cost.
So getting and acquiring the customer is of utmost importance but more important is to keep that customer and finally turn them into your raving fans.
Customer acquisition cost (CAC) is the cost related to acquiring a new customer. CAC refers to the resources and costs incurred to acquire an additional customer.
It is the best approximation of the total cost of acquiring a new customer. It should generally include things like advertising costs, the salary of your marketers, the costs of your salespeople, overhead, commissions, bonuses, etc., divided by the number of customers acquired.
Tags: the cost of losing one customer,customer acquisition cost,customer experience,cost to aquire a customer,customer service,the cost of poor customer service,lifetime value of a customer,customer costs,how to never lose a customer again,the loss of customers,customer aquisition cost,customer acquisition cost explained,what is customer acquisition cost