Edit ModuleShow Tags

Happy employees + satisfied customers equal profitability

Is your organization hemorrhaging employees – like rats off a sinking ship? OI Partners’ recent survey reported that 90 percent of companies are worried about losing key employees. In 2009, it was reported that employee turnover cost U.S. businesses an estimated $300 billion. This includes, but is not limited to, the intangible expense associated with damaged customer relationships. What is your projected cost of a lost customer?  I’ll go out on a ledge and propose that these two concepts go hand in hand.

High Turnover + Lost Customers = Loss of Profitability

Here are five ways to build, strengthen and retain your customer relationships.

  1. Take Care of Your Employees and They Will Take Care of Your Customers. Treat your employees with respect and integrity.  There are numerous ways to show your employees appreciation without raising their annual salary such as leadership coaching and development. If you can find a way to show your employees gratitude and respect, they will find a way to make your business successful.
  2. Embrace Social Media and Listen to Your Employees and Customers. Marketing is no longer a one-way street. Social media keeps relationships strong – it is a two-way street. Use it to build your reputation and to listen to your employees and customers. When a problem erupts, you can nip it in the bud immediately.
  3. Build the Employee/Customer Network – It’s Your Sales Lifeline. Have a conversation with your employees and customers and listen to what they need and/or want from your company and from you as a leader. Having open and honest conversations with your employees and customers will lead to loyalty and passionate people who believe in your products or services.
  4. Live and Breathe Customer Focus: Without customers, your organization would cease to exist. Hire and develop employees that understand that customer focus should be the #1 priority.
  5. Create a “Mom-and-Pop” Familiarity. This may seem to contradict #2 listed above, so let me clarify. Listening and interacting with your customers and employees via social media channels should not mean that you abandon the intimacy that is found in face-to-face relationships. Customers and employees want to feel as if they are #1, so get out of your office or cubicle and interact with your team, employees and customers.

Has employee retention issues impacted how your organization builds, strengthens and retains customer relationships? In what other ways do you maintain key relationships with your customers?



Edit Module

Get more of our current issue | Subscribe to the magazine | Get our Free e-newsletter

Edit ModuleShow Tags

Archive »Related Articles

Top nine ways to make the most of your press coverage

Both start-ups and well-established business seek press coverage for their products and services, and a feature story in a well-respected publication can be much more effective in generating sales than traditional forms of advertising.

RII Sports Technology uses data to give football coaches an edge

Tom Woods doubled down and started a second business built off the model of his first, but the new idea was rooted in football – the perfect elixir for a die-hard sports fan like Woods.

Top seven tips to fuel your fervor

There are days when you feel like you are running on empty. Your fuel for your pursuit seems to be gone. We've all been there. How to nurture passion? Try these tips.
Edit ModuleShow Tags

Thanks for contributing to our community-- please keep your comments in good taste and appropriate for our business professional readers.

Add your comment: