If you have worked in the marketing, sales, or really anywhere in the corporate world, then you are familiar with the emphasis put on acquiring new customers and growing profit margins. And this, of course, makes sense. If you want to grow, you need customers buying your products or services. Fromlead generation all the way up to the onboarding and implementation team, there is an emphasis on driving new business.
But this is not the only customer strategy you need to have your focus on. As the old saying goes, “make new friends but keep the old; one is silver and the other gold.” Yes, it’s corny, but it’s also accurate, so listen up. Let’s start here, is it cheaper to acquire new customers or keep current ones? The obvious answer is that it is far cheaper to keep existing customers.
Let’s take a few minutes to understand the importance of customer retention. Then we can turn our attention to why call centre services in the Philippines are ideal for helping you achieve your customer retention goals.
- Customer acquisition is costly.
Sales processes and their timelines will vary from product to product, service to service, company to company, and even sale to sale. We will speak in generalities here but note that there will always be exceptions. There are marketing and sales wages and overhead costs to be paid as well as product or service educational information to consider. It is a costly process that will surely be a wear in your organization.
- Returning customers are more likely to make a purchase.
There are numerous statistics that prove this, but here are a few key ones to consider. Existing customers are three times more likely to make a purchase, they are 50% more likely to buy new products, and they spend over 30% more than new customers do.
- Increasing customer retention increases profits.
According to a study by Harvard, increasing customer retention by even 5% can increase your profits by anywhere from 25% to 95%. This means that just the tiniest increase can give you a huge return. In the end, a high churn rate for your customers can sink your business.
It stands to reason that a major focus of your business should be on keeping your customers. This makes logical sense, but how do call centres fit in?
Let’s first look at the different functions that call centres play. From customer acquisition, management, and retention, call centres play a mission-critical role in achieving a high customer satisfaction level. From the initial contact through the end of your first sale to any support that is needed after that, all of these contribute to the customer experience. A poor customer experience will equate to no retention, whereas a positive one will help you retain them.
Outsourcing call centre services is a great way to save money while executing a process that will help generate more profits. The Philippines is the premier destination for outsourced contact centre services in the world. There are cheaper alternatives, but not better ones. When you look at any business decision, it’s important to balance price and quality. Outsourcing call centreservices such as customer experience management to the Philippines will save you, and it will give you high-quality results.
With award-winning outsourcing providers such as PITON-Global, you are in the best of hands. Having more than 2 decades of outsourcing experience, there’s hardly any call centre process that they can’t handle.
Customer retention is one of the most important things your business needs to create sustainability. Outsourcing call centre services to the Philippines is a great way to improve this process and stay within your budget.