“Another satisfied customer” has been used as a business mantra since man first learned to trade goods and services in exchange for payment. No matter the industry or trade, good business is providing services to meet the customer’s expectations, assuring their money was well spent, and their problems were ultimately solved. The customer had a need, they contacted you, and their need is then satisfied. But is just “satisfying” customers good enough to build a successful business?
Satisfaction is Forgettable
According to the studies on memory and the brain compiled by Verywellmind.com, we only retain about 0.0001% of the daily information we take in. And because a barrage of information hits us constantly, a regular, expected, and “satisfied” experience has almost no shot at being locked into our long-term memory. Experiences must either drastically exceed or dramatically fail to meet our expectations to be noticed at all. And here’s where human nature comes in…
We are 70% more likely to remember bad experiences over good ones. Few remember the tech who just shows up, does his job and leaves, but they’ll write 15 negative Google reviews and hire a skywriter to tell the whole city about the one who tracked mud across their carpet. We are hardwired to forget the mundane and highlight the extreme.
According to The Harvard Business Review, about seven percent of customers in a database will stop doing business with you in a year. This is the largest percentage of normal attrition evaporating off your bottom line, and the reason they leave is shocking. This group doesn’t leave in a huff because they were upset and had a major complaint, because they had a problem with pricing or got unsatisfactory service. These used-to-be customers drift to your competition because they either forgot about their experience with you completely, or they felt like YOU did when there was no further interaction after money changed hands. Either way, there was no relationship to leave, no pleasant memories made, and it was easy to walk away.
Strategies for Creating Lasting Impressions
To distinguish your business and foster long-term customer loyalty, try these enhanced strategies:
Add Value Beyond Transactions: The Better Business Bureau emphasizes the importance of providing five pieces of valuable, non-sales content for every sales pitch. This approach builds a foundation of trust and demonstrates a commitment to the customer’s well-being, not just their wallet.
Boost Customer Retention Through Personalization: Personalizing customer interactions can significantly impact retention rates. According to a study by Epsilon, 80% of consumers are more likely to make a purchase from a brand that provides personalized experiences. By taking detailed notes on customer preferences and incorporating this information into all interactions, businesses can make each customer feel uniquely valued, enhancing loyalty and reducing turnover. A great way to do this is by leveraging Mass 1-to-1 Marketing in your direct mail. Drive your data into print with customized text and images for each person. (Hudson, Ink has these capabilities – ask us how you can make this technology work for you. Email [email protected].)
Humanize Your Brand: Building personal connections with customers can transform their perception of your business. A Forbes study found that companies that successfully humanize their brand see a 4 to 6 times increase in their customers’ lifetime value. Sharing personal stories and photos on social media can make your business more relatable, encouraging customers to see you as a friend or neighbor rather than just another service provider.
Ensuring customer satisfaction is merely the baseline. By adding value, personalizing interactions, and humanizing your brand, you can create memorable experiences that not only retain customers but also turn them into vocal advocates for your business.