From initial contact to sale completion, there is no part of the sales pipeline that isn’t entirely focused on the customer. After all, customer satisfaction is the lifeblood of any business. Helping potential clients complete the journey towards purchase finalization is the definition of business, but what about after the purchase has been finalized? Once the transaction is complete, should companies end the customer relationship? Is the customer journey a one-time event?
Obviously, the answer is no. Customers who complete their journey are ripe to start a new one. Studies show that repeat customers are actually more profitable than first-time customers, spending on average 67% more per purchase, while costing 10 times less to acquire.
Additionally, these repeat customers provide more than just increased revenue. As clients continue to do business with your organization, they become more intimately acquainted with the products and services you offer. This puts the clients in a prime position to deliver knowledgeable feedback from a customer perspective. This is invaluable for businesses. In fact, 70% of companies that are considered best in class for customer experience rely on customer feedback.
Client feedback can be used to predict future trends in the market, and to identify areas within a company’s strategy that need improvement. As organizations use this feedback to optimize the customer experience, more and more customers become repeat customers. Eventually, those repeat customers may even become brand advocates. 61% of customers share their shopping experiences with friends and family members. In short, client satisfaction, both before and after the original sale, can lead to improved business growth.