Everyone is doing similar things to “sell” their products and services, so where is the competitive advantage of everyone nowadays? According to Black Sun (via www.thewisemarketer.com – Free subscription), it lies in making the most of the customers by the usual process of identifying, retaining, and nurturing your most valuable customers, and reducing the cost of serving your least profitable customers.
Sounds simple but isn’t everyone doing that already and what is the difference? The idea is to build an emotional connection with the customer to make them feel valued in a way as a customer. Sharing of values and communication is key to this. Below are some interesting facts from www.thewisemarketer.com for you.
The effects of creating an emotional connection are significant, according to the study, which found that emotionally engaged customers are:
- At least three times more likely to recommend;
- Three times more likely to re-purchase;
- Less likely to shop around (44% said they rarely or never shop around);
- Much less price sensitive (33% said they would need a discount of over 20% before they would defect).
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