Truly excellent customer management makes consumers 3 to 6 times more likely to buy, according to research from the customer value management consortium, Connection.
The consortium's survey of more than 1,000 consumers in the United Kingdom found that personalised customer support makes people between three times and six times more likely to make further purchases from a company, depending on its industry sector.
Benefits by sector
Investment companies stand to benefit the most from customer service excellence and personalised communications (with consumers being an average of 5.8 times more likely to buy from them), while utility companies have the least to gain from such excellence (with consumers being 3.5 times more likely to buy from them).
These findings followed on from an earlier research project that defined the key factors that consumers value most from the companies they buy from (see 14 Nov. 2006).
What consumers value most
Consumers consider personalised, intelligent and convenient contact the most important elements of added value a company can offer. Friendliness and product knowledge come top of the list for what consumers consider real value from a company. Next comes extended opening hours or availability on the phone. Third is the ability to recognise the customer, their profile and deal with them appropriately and personally.
This insight suggests that many companies should be investing more in database marketing initiatives that treat customers in a personalised and intelligent way, regardless of how they choose to interact with the company (whether in person, by telephone, on the web, or through mail or e-mail).
The bottom line
According to Graham Ede, CEO for Connection, "People most value the ability to contact a commercial organisation whenever and wherever convenient to them. And when they do make contact, they want to be personally recognised and receive answers and targeted offers from people who know what they are talking about."
Connection is a new customer value management consortium, made up of firms from the MoonRiver Group and other third party organisations, covering the full spectrum of customer management activities.