Promoting customer satisfaction

How to promote customer satisfaction:

How to maintain a Price Client and a Relationship Client

As you already know from my older blog posts, the retention, satisfaction and loyalty of your clients is crucial for your business success.

For example, it is 5 times easier to maintain an existing account than to win a new one. On the other hand, according to latest studies, an increase in customer loyalty of only 5% leads to up to 75% more profitability. Costly acquisition can be reduced and loyal customers generate constant revenues.

Customer satisfaction is therefore a central aspect and should be a goal of your relationship management measures. Not only generating this satisfaction, but also promoting and maintaining it is a challenging process.

For this, consider the characteristics of an ideal account manager and follow the 10 commandments I have already described. You will also learn in my blog how to maintain your account properly and stay up to date.

You can't make this effort for every client and the investment is not always worthwhile. Instead, you must decide individually for each client and in each business relationship what you need to pay attention to and what you need to focus on.

The basis for this is the distinction between Price Clients and Relationship Clients. This determines whether you standardise or invest.

Promoting customer satisfaction

A Price Client has a low loyalty level and is solely interested in the price. He only buys a solution, product or service if he has a special need. He constantly monitors the entire market for alternatives and has a high willingness to change. If he finds a cheaper price elsewhere, he can always choose another supplier.

Thus the relationship with a Price Client never reaches a particularly high intensity. Investments are only worthwhile to a limited extent, as they do not ensure that your expenses are reduced in the long term.

A Relationship Client, on the other hand, looks for a provider that he can trust. He wants to rely on receiving support, advice and assistance. A constant price comparison is too time consuming for him. The willingness to change is significantly lower. As long as he is satisfied and receives reliable products and services of good quality, he sees no reason for this. He also appreciates friendliness and a personal relationship.

Here you should not proceed in a standardised way, but invest in relationship management. Of course, you cannot clearly assign each business relationship and there are gradations, but this subdivision clearly helps you to determine the effort and value you attach to a business relationship.