The Hidden Power of Your Customers: Four Keys to Growing Your Business Through Existing Customers

Introduction

A BIRD IN THE HAND IS WORTH MORE THAN YOU THINK

The Hidden Power of Your Customers will change the way you think about your customers.

Oh, you've probably heard the terms countless times before: customer service, moments of truth, customer satisfaction, retention, and loyalty. All of these have been talked about—even extolled—for a long time now.

Yet the reality is this:

• Most marketing budgets focus on acquisition, while existing customers are ignored or offered worse prices than new customers—and companies hope that existing customers won't notice.
• Companies are so busy prospecting for new customers they neglect to find out whether any of their existing customers have additional needs that can be fulfilled, thus leaving money on the table.
• Organizations create “cool” social media campaigns to gain more and more followers, friends, and fans. Yet many of the individuals with whom the brands form these new “relationships” haven't bought (and may never buy) from those companies, while loyal customers and true advocates are lost in the crowd.
• Companies have drastically slashed budgets, and often the first cuts made are to initiatives focused on customer service, as they are seen as “costs” to be reduced.
• Companies don't call on their “customer loyalty” teams until faced with a situation where they have to try to save a customer. At this point, it is usually too little, too late.
• Businesses work so hard to have “satisfied customers” that they don't notice when another ...