Long-Term Business Success is Defined By Customer Retention

Was there ever any doubt about the business value of customer experience? It has become the defining moment of 2022 commerce and is gaining traction as we speak. Here’s why. It is 5-25 times more expensive to acquire a new customer than it is to retain an existing one. So all of your skilled – and expensive – marketing initiatives focussed on seeking out new prospects are simply a waste of valuable resources. Because let’s face it – what is the point of acquiring new customers if you can’t keep them? We’ll say it again: customer retention. It directly impacts business revenue – in fact, a mere 5% increase in customer retention can increase revenue by 25-95%.

Enter: the Customer Experience (CX). It can be affected by chaotic business growth, negative help desk interactions, or even high employee turnover. So what’s the bottom line when it comes to mitigating these factors? At the end of the day, your business infrastructure is the key to a great customer experience. By infrastructure, we are referring to the operational components that keep an organization running efficiently and consistently. It provides foundational support during perilous periods, by focusing on operations – the unseen back-office processes and heartbeat of any company. So if you want to avoid the wasteful and inefficient scenario where the left hand does not know what the right hand is doing, you might want to answer the following four questions and undertake a valuable exercise:

What work needs to be done? Give your team the chance to brainstorm all tasks throughout the organization – large and small – until you have captured all tasks related to keeping your business operational.

How is the work organized? With further input from your team, organize the workflow into nine or fewer departments, so that you have something concrete to look at. (Harvard cognitive psychologist George A. Miller theorized that the average person can easily recall 7 – plus or minus 2 – pieces of information.) Using this formula creates an easy-to-follow structure.

Who will do the work? Focusing on one department at a time, identify roles by type to perform the associated tasks: employee, outsourced, intern, volunteer.

How is the work performed? This part of your business infrastructure analysis will group tasks within each department sequentially and identify the tools used during the process. Your results will provide insight on how to perform the many activities required to keep your business operational and empower people to take ownership of their work within certain boundaries.

Another key piece of insight to emerge from this analysis might be the business value that can be added to your organization by partnering with one of the leading customer service outsourcing companies in North America. If we are talking customer retention – and we are – Anexa is an award-winning specialist in the customer service field. Our skilled agents are trained to be your brand representatives and are aware that in order to fully excel at customer retention, core service principles such as responsiveness, making sure the customer feels heard, positivity and first contact resolution are part of each interaction they undertake on your behalf. As the voice of your brand, our agents’ goals are to consistently go above and beyond when it comes to the quality of communication, technical competence, customer focus and accessibility. When it comes to retention, you often only get one shot to get it right.  

Reach out today and see for yourself – Anexa.