No matter the kind of business you are involved in, your existence is largely dependent on the customer.

Customers are the lifeblood of any business, with the ability to fire anyone in the organisation, right from the Chief Executive Officer (CEO) to the lowest-ranked employee in the organisation.

According to author and customer analyst Chris Adlard, we leave in a customer economy, and CEOs who continue to focus on short-term profits and traditional business models will soon be dismissed by the customer.

And to that effect, business owners and leaders must, if they are to grow their businesses, base their product and service development decisions with the customer in mind.

In South Africa, poor customer service is costing its companies $47 billion.

So, with the customer in mind, you may just save your investment.

It is easier said than done, though. In the course of your business transactions, you will find some customers who are very difficult to satisfy, and yet discarding them may turn out to be more costly than to acquire new ones.

With globalisation and information as full-time drivers of the economy, no business can afford to treat its customers with the laxity of the past century, where monopoly was the order of the day.

We believe that by sharing in this article the top reasons why you should do everything within your power to keep that customer, we will help improve your relationship with the customer; the one who determines your existence.

The perfect source of feedback

Author David J. Greer once said that “A customer talking about their experience with you is worth ten times more than that which you write or say about yourself.”

Customer feedback in whichever form- insights or complaints, is in the best interest of any company that seeks to grow. Many times, a business may think they are doing the right thing, and yet, in the eyes of the customer, there is so much to fix.

Getting this feedback enables you to tailor-make or develop services and products that meet customer expectations.

You are in the business of making customers happy, so do whatever it takes to enhance that philosophy of the business – exciting the customer.

A recent study by Mckinsey indicates that 90 percent of customers you served poorly, would just not return to your business. Therefore, seeking feedback is very important if you are to retain your customers and improve your business.

Never discard a customer just because they complained about how you handled them, or about the quality of services or products offered.

Many times, they are providing you with free consultancy by way of feedback, possibly leading to multi-dollar business solutions that will turn around your enterprise. The importance of feedback in the growth and profitability of any enterprise cannot be underrated, and more so when it comes from end users of your services or products.

Sure, source of revenue for your company

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“A bird in the hand is worth two in the bush,” is a timeless adage that business owners and executives should consider whenever they are dealing with customers.

Unfortunately, many business executives pay little attention to this about the customer. Although many business leaders affirm the importance of that saying, only a few understand and adhere to its value.

A customer who has had a good experience with your products or services will offer you the best return on investment.

One of the studies revealed that seventy percent of customers who felt valued and offered great customer service, would come back and support that particular business, and importantly, 52 would make additional purchase.

Other studies have also shown that loyal customers are usually unworried when it comes to price changes. Their retention is normally easy and they readily accept additional products or services from your business thereby greatly increasing your revenue base.

Equally, loyal customers will act as fee-free marketers-spreading by word of mouth, the good about your products and services.

A study by Marketing Insider Group concluded that 90 percent of people trust a brand recommendation from friends, and 70 percent rely on consumer’s opinions.

Therefore, you cannot go wrong with your customers when you get frequent referrals, but that can only happen when your products, services, and customer care are top-notch.

Your business sustainability, therefore, is dependent on how you treat your first customers. First impression matters; make sure then to seize the opportunity to make that indelible positive imprint on your customer on the first encounter.

After knowing the above two reasons why you should keep your customers, it is equally important to note our last reason below.

Easy and reduces marketing expenses

Multinational companies spend billions of dollars to penetrate markets. According to Statista, in 2019 alone, Coca-Cola spent over 4 billion dollars globally on marketing. For SMEs whose budgets are normally limited, the winning formula for accessing new and bigger markets is satisfying every customer you serve.

A smiling customer will not only pay for your services or products but equally refer your business to potential customers.

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African businesses, therefore, ought to master the art of customer care. This will reduce marketing expenses and also make businesses more profitable.

Importantly, a returning customer will enable an entrepreneur to predict business revenue streams, as well as goods and services that will be needed on the market soon.

This is so because your customers update you on emerging customer needs and market trends through feedback.

As the mantra of Jumia foods online goes, “the customer is always right,” so it is important to always leave the customer smiling and excited after every service you render.

Live and operate your business by these principles of customer satisfaction, and despite the competition you face, with time, you will always prevail.