In Australia last year alone Australian businesses spent over $12,000,000,000 on advertising to lure new customers to their brand. But very little is spent retaining the customer. The extent of companies ‘customer retention’ tactics often comes down to generic loyalty programs and discounts. Its like a marketing bag where you spend millions of dollars putting customers in your bag only to let them drop out of a hole in the bottom.
It is estimated that it costs seven times more to secure revenue out of new customers than it does out of existing customers; existing customers are the goldmine for your business. They often buy from you month after month, they already know what you can do for them and they often pass on your details to other businesses.
So you have a vested interest in nurturing your existing customers. But how do you know if your customers are happy with the products and/or services that you provide? Are they about to take their business to one of your competitors?
Why not ask them through a Proactive Survey?