by Mark Ungerman
If you’re part of a team responsible for driving growth, you know how difficult it is to achieve a very challenging revenue goal only to start over the next quarter or year. But simply starting over would be easier if you also didn’t have to exceed the target you just bloodied yourself to achieve!
That’s why smart leaders look for “growth hacks!” A growth hack is a tactic that allows you to work smarter so that your efforts deliver even greater results. It provides you with leverage and enables you to accomplish more with what you have. Building customer loyalty is one proven growth hack that can help you accelerate your business success.
Consider a few points:
It typically costs more to acquire a new customer than it does to repeat a sale to a current customer
Conversion on sales offers made to current customers is typically higher than sales offers made to prospective customers
Customers often spend more on products and services with companies that deliver a superior brand promise
Dissatisfied customers drain company resources because they can cost more to support and can increase your marketing and sales costs
OK, you probably knew this already. Reading about a great idea always is easier than trying to put this idea into practice. Everyone talks about creating customer loyalty, but not enough people talk about how to do it.
It makes sense that creating customer loyalty requires a plan and commitment to that plan. But think of the benefits your company would enjoy when you have a base of loyal customers.
The effect could be a 20% to 30% boost to your sales efforts — that’s significant growth hack and something to put some effort behind.
Sheila McGee Smith is a consultant with McGee Smith Analytics and a frequent expert contributor at No Jitter. She has spent her career analyzing and consulting with organizations on best practices that increase customer loyalty by using the contact center as the tip of the spear.
She has taken the highlights of her work and created a blueprint on how to get the most from your contact center and how to turn customers into advocates for your business.
Catch the replay of this interactive presentation with Sheila McGee Smith and Laura Bassett, Senior Director of Product Marketing at NICE, as they share growth hack ideas that you can leverage. Click here to launch the recording. Happy growth hacking!
Mark Ungerman Mark has worked in technical product management and marketing for 20+ years. In his current role as Director, Marketing CX for NICE, he is responsible for conducting primary research to understand how business leaders use customer experience solutions to increase profitability through improving productivity and customer lifetime value. Prior to NICE, Mark held influential roles helping technology companies build and bring products to market.