The Real Cost of Losing Customers
A bad customer experience is undoubtedly dangerous. In fact, PWC highlights that 59% of U.S. consumers will stop patronizing a business after several bad experiences, and 17% after just one. Additionally, The Digital Branding Institute notes that a consumer generally won’t consider themselves “loyal” to a brand until they’ve had 5 positive interactions. It’s clear that it’s much easier to lose a customer than to win one over.
Principles of Building Lasting Customer Loyalty
But it’s not all doomsday news: Building customer loyalty, which will translate into more sales, is done with a few simple principles, including consistency, predictability, and trustworthiness. And it’ll be worth it, both for the return from that customer and from his or her network beyond. As PWC continues: “Give customers a great experience, and they’ll buy more, be more loyal and share their experience with friends.” Trustpilot quantifies this impact, stating that a totally satisfied customer contributes 2.6 times as much revenue as a somewhat satisfied customer and 14 times as much as a somewhat dissatisfied customer.
Forbes reports that today’s buyers value the entire experience from sales to customer service highly, seeking more than just product features and benefits. According to PwC, 73% of customers consider their experience a crucial factor in purchasing decisions, closely following price and product quality. The stakes are high, but the goal is achievable.
So what does all this mean for your dealership and its sales efforts? Mastering the art of the customer experience will increase your bottom line and the productivity of your sales team, plain and simple.
Defining Your Brand Through Customer Experience
Developing a reliably positive customer experience starts with relationships, between your sales team and the client, from the first touchpoint to well past the initial sale itself. Accenture highlights that a good customer experience builds from understanding what people want, need, and value. It encompasses everything from pre-purchase engagements and the purchasing process itself, whether in-store or online, to post-purchase services such as repairs and upgrades. The objective is to establish smooth and efficient connections that extend beyond the product or service usage.
This process often starts from within the organization. By enhancing internal training, communications, and the employee experience, these improvements naturally extend to the customer. Leveraging tools like AI and data analytics can streamline these efforts, optimizing both time and financial resources. Accenture notes that using a company’s existing assets effectively can simplify internal operations and align efforts towards enhancing the customer experience.
Even beyond profits and sales numbers, customer service experience is a way to define your brand in a more esoteric sense. According to Accenture, a positive customer experience helps a brand stand out in a crowded market, placing the product and brand at the forefront as competition for public attention intensifies. Forbes agrees, suggesting that focusing on the customer experience cultivates a culture where employees feel empowered and motivated, which in turn drives stronger business outcomes by focusing on entire customer journeys rather than isolated interactions.
All in all, the upside of a positive customer experience is matched only by the downside of a negative one, and the best tools at your disposal are sales staff training, AI-powered insights, and a reliable and predictable consumer-facing brand that revels in its consistency. When all this aligns from the inside out, your sales will boom and your brand will glow.
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