Keep Em’ Coming Back for More: What’s the Real Cost of Acquiring and Retaining Customers?

70% of companies say it’s cheaper to retain a customer than acquire one – which makes sense since you don’t have to spend time and resources going out and finding a new client.  Instead, you only need to keep the ones you have happy. Yet, there are hidden costs associated with both.  But how can you spot them?  Let’s take a closer look.

Hidden costs are everywhere. It’s easy to pay too much when you think you’re getting a deal; we’ve all fallen for some marketing ploy one time or another. Take BOGO (buy-one-get-one free) – an emerging trend to attract more customers.  More often than not, businesses tend to hike up the “everyday” price of the item to compensate for offering the second free. So, the incentive to buy more is not as compelling when you realize the first item is inflated in the first place.

Similarly, consider the money spent attracting customers.  Say you own a boutique furniture company. You might be offered a great deal for a print ad in a widely-read glossy urban magazine, at an appealing introductory rate. It could potentially make your new business look not-so-new, and accepted into certain circles, which is tempting. But without a guarantee do you want to risk that cost to attract new customers?

You sell new lines of modern furniture for all ages, but this magazine caters to more established clientele who buy the same brand because their fathers and grandfathers did. It would look prestigious to run that ad, but it’s not such a great deal when you look a little closer, because it’s not targeted at your customer base.

In this age of immediate digital information, you’d be better off attracting new customers with open house events advertised online, and aim for some great Yelp reviews (which are free).

Once your customer base is growing, how do you drive retention without breaking the bank? Customer service is key to customer satisfaction, so weeding out unnecessary leaks such as ineffective, dated software in that department would be a good place to start. Specifically, how efficient is your Customer Communication Management (CCM) platform? The ability to deliver integrated, personalized customer communications is worth the investment. Legacy platforms can slow things down and drain resources – of both time and money.

Things are not always what they seem, but it’s not that tricky to spot the real costs of customer acquisition and retention. Just scrutinize the options and consider the big picture outcome.

To stay on top of leading customer communication expertise, follow Xpertdoc and David Squibb on Twitter: @xpertdoc@David_Squibb

COVID-19 update

The spread of COVID-19 continues to evolve and in this context, we wish to inform you that Xpertdoc is closely monitoring the situation and would like to inform you of the measures taken by our team to support its employees, customers and partners.

We do not foresee any impact on the delivery of our services and want to assure our customers that we are executing our continuity plans in order to ensure that our customers continue to receive our services without jeopardizing the safety and security of our personnel.

In accordance with the recommendations of government authorities, here are some of the measures being taken by Xpertdoc:

Remote work for all employees
Arrangements have already been made and we have requested that all our employees work from home. Our continuity plan includes a full deployment of remote work arrangements to ensure uninterrupted service to our clients and partners.

Hosting and cloud services
We have been assured by our suppliers that there are no known impacts to these services, and we are confident that we are able to effectively manage the delivery of our cloud services to all our customers.

Travel
We have cancelled all business travel until further notice for all our employees. If employees have or will travel for personnel reasons, they will be asked to respect the quarantine delay before participating in any business activities.

Events and gatherings
All our events have been postponed or cancelled. Our employees are no longer allowed to participate in any events, seminars or gatherings.

We are committed to providing the best possible service to our customers and partners, to ensure that you can continue digital communications with your own audience. In these critical moments if we can help please do not hesitate to contact us.

Regards,

The Xpertdoc Team

Mise à jour sur la COVID-19

La propagation de la COVID-19 continue d’évoluer et, dans ce contexte, nous souhaitons vous informer que Xpertdoc suit de près la situation et que notre équipe a pris des mesures pour soutenir ses employé(e)s, clients et partenaires.

Nous ne prévoyons aucun impact sur la prestation de nos services et voulons assurer nos clients que nous mettons en œuvre notre plan de continuité des affaires, afin de garantir que vous continuiez à recevoir nos services, sans compromettre la santé et la sécurité de notre personnel.

Conformément aux recommandations des autorités gouvernementales du Québec, voici quelques-unes des mesures prises par Xpertdoc :

Travail à distance pour tou(te)s les employé(e)s
Nous avons demandé à tou(te)s nos employé(e)s de travailler à domicile. Notre plan de continuité des affaires comprend des arrangements de travail à distance pour assurer un service ininterrompu à nos clients et partenaires.

Hébergement et services infonuagiques
Nos fournisseurs nous ont assuré qu’il n’y avait pas d’impacts connus sur les services d’hébergement et infonuagiques. Ainsi, nous sommes convaincus d’être en mesure de gérer efficacement la livraison de nos services infonuagiques à tous nos clients.

Voyages
Nous avons annulé tous nos voyages professionnels jusqu’à nouvel ordre, pour tou(te)s les employé(e)s. Si des employé(e)s ont voyagé ou doivent voyager pour des raisons personnelles, il(elle)s seront placé(e)s en quarantaine pour une durée de 14 jours, avant leur retour au travail.

Événements et rassemblements
Tous nos événements ont été reportés ou annulés. Nos employé(e)s ne sont plus autorisé(e)s à participer à des événements, séminaires ou rassemblements.

Nous nous engageons à fournir le meilleur service possible à nos clients et partenaires, afin de garantir que vous puissiez continuer vos opérations sans interruption. Dans ces moments critiques, nous sommes là pour vous aider. N’hésitez pas à communiquer avec nous si nécessaire.

Merci,

L’équipe Xpertdoc