While many business managers see only doom and gloom ahead, some are focusing on a new way to unlock a prosperous future – even in a tough recession. Through the game-changing principle of engagement, companies can learn to use technology and best practices to extract new revenue from their existing customer base.
Historically engagement has been elusive and hard to measure. However, there are four outcomes of customer engagement that can be measured in actual dollars:
- Share of Wallet – Engaged customers buy more products/services, more often
- Positive Referral – Engaged customers persuade potential customers to switch brands
- Customer Churn – Engaged customers remain loyal and stay longer
- Feedback Response – Engaged customers give more feedback, which allows companies the opportunity to address concerns and save potentially lost revenue
Even using conservative numbers, the financial benefits of engagement are substantial. Our research shows that it can be measured, and it is not as difficult as companies think. In fact, we found that improving customer engagement by a small amount, as little as one percent, can have a dramatic impact on financial results. The economics of engagement are real, and they can have a major impact on any business willing to invest the time, energy and resources in a plan of action. While most companies continue to compete on the traditional battlegrounds of price, service and quality, those that capitalize on engagement will create an unbeatable advantage.
Here are few examples of companies who have experienced significant growth in revenues due to their engagement efforts:
People and/or workforse is the main asset for any business…in bad economy or good…employee engagement, service awards and other form of recogniton will way pay for itself