Thursday, October 20, 2011

How Sticky Are Your Customer Relationships?

I have been reviewing a training manual, for a course on developing strong customer relationships.  Part of that course work includes stats which really grabbed my attention.  As they are so relevant to many of my readers who are involved in getting and keeping customers, I wanted to post them here for your benefit.  These stats are:

If your customer has.......The odds of keeping him or her are.......:
A checking account.......1 to 1
A savings account.........2 to 1
Checking and savings accounts........10 to 1
Checking, savings, and a loan..........20 to 1
Checking, savings, a loan and a safe-deposit box........100 to 1  (Wow, what a jump)

While this is for banking, concept applies to all businesses.  Furthermore, it's important to note that stickiness increases exponentially, as increasing numbers of offerings are used by the customer.  Very interesting and very powerful indeed.

By the way, what's the glue here that leads to customers buying more and buying more often?  Simple.  It's making sure they feel loved and cared for.  That each and every interaction they have when dealing with your organization is a pleasant one.

If you agree with this, what steps are you taking to ensure each interaction your customer has with your organization is a pleasant experience?

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