Happy customers are essential to the success of your business. And according to a customer experience survey conducted by PricewaterhouseCoopers1, 73% of consumers consider the customer experience to be a major factor in their buying decisions. Out of those customers, 59% will walk away from a company after several bad experiences,2 even if they were previously loyal to the brand.
It makes sense then that some of the best investments you can make in your company are the ones that help improve the overall customer experience. As always, how you invest in the customer experience depends on your unique business needs.
Take time to examine your customer experience strategy. Sometimes even small tweaks in training efforts, staffing decisions, social engagement efforts, or even your customer management applications can make a huge difference.
‘Marketing’ is a broad term, covering multiple channels to get the message out. It includes everything from television, radio, and mail campaigns to more modern, internet-based efforts, like email, SEO, and content marketing.
The end goal remains the same: increase brand awareness, revenue, and customer loyalty. How much and where you invest in marketing depends on your business, target audience, existing efforts, and current budget. Not sure where to start? The U.S. Small Business Administration offers several helpful tools to help you make the best marketing decisions for your business.
Employee retention and company culture
The total cost of employee turnover depends on a lot of factors, like the skill set, wage, and responsibilities of any given employee. But on average, employers can expect direct replacement (e.g., hiring efforts, sign-on bonuses, etc.) costs between 50%-60% of an employee’s salary, according to a study by SHRM.3 That’s in addition to indirect costs like decreased production, loss of clients, lowered company morale, and so on. When all is said and done, SHRM’s study found that some replacement costs can reach 90%-200% of the employee’s annual salary, if not more.4
How do you improve employee retention? One of the first steps is hiring the right talent. But your efforts must go beyond that. Investing in onboarding, professional development, and company culture can help you keep employees in the long run.
Getting the best return on your investment
Running a successful business takes a lot of time and money. Where and how you choose to invest those things can have a major impact on your short- and long-term gains. If you’re considering reinvesting revenue or leveraging small business funding to make improvements to your business, be sure to identify which improvements can yield the highest return for your employees, your customers, and of course, your business.