This is how you keep your best customers in touch
As a small business owner, entrepreneur, social media expert and creative person, selling is the lifeblood of every company. Too often we get excited when we find new customers and end up taking our foot off the gas. The reason this is all too common is because there is a huge difference between working on your company and the work you have to do to work in your company. Many business owners run like they're back to their nine to five routine – and there are certainly benefits to this, with the security of a regular paycheck being evident.
Many companies are enthusiastic and know their sales figures very well. The problem is, many don't see the best revenue opportunities right in front of them – their current customers! Loyalty is so important in today's world and finding a new customer is much more difficult than continuing the relationship you have with an existing customer. Recurring business is such an important part of doing business when creating a regular social media strategy and execution plan for your customers. Many in the social media space also offer courses and recurring products that make recurring revenue-based businesses very attractive.
Legendary companies know how to take themselves to the next level by looking for issues with their existing customers, finding and correcting the customer experience and recurring payments.
How important is it to fix failed recurring payments in your business pipeline? More thank you might think:
- A 5% reduction in churn could increase profits by 25 to 125%
- After a great experience, customers are willing to pay 17% more for services
- Regular customers spend 67% more on working with a company in months 31 to 36 than in months 0 to 6
This is where the following infographic, courtesy of Gravy, comes in. Gravy has developed an innovative formula for human interaction that is fully present and integrated with your team, as well as a suitable software method to stop your leaky boat with failed payments. This way, you improve your customer loyalty and focus on doing what you do best – and show your creative brilliance to serve your customers in the best possible way.
See below how to improve the game with failed payments: