In the age of instant gratification, there are so many ways a customer can leave feedback about a business. Between all of the apps and websites ranging from broad to niche, every consumer and business has its choice of where to leave feedback.
Sometimes people will choose just one or two. Maybe the customer is an avid Facebooker or a fanatical Yelper. Sometimes you run across the social-sharing ninja, whose profiles are all completely filled with his or her current life experiences.
Regardless, your current customers are talking about you. You can be certain of that. So why are so many people forgetting about their number one, easiest, proven time and time again, fantastic way to get new customers? Current customers.
I’ve heard the value of a current customer debated in very mathematical terms in some circles. Many people will boil it down to just the amount of revenue you are getting from that customer. That’s a pretty cut and dry way of looking at it, and on the surface it’s pretty correct. But what about the impact that customer has on potential customers you may not even know exist?
The latest stat I’ve seen is that 90 percent of consumers trust peer recommendations. Let that sink in. 90 percent. What that means is that if your business is getting poor reviews, 90 percent of the people who read it might believe it. That’s pretty powerful. It’s almost as bad as hitting yourself with your own turtle shell with you were playing Mario Kart as a kid.
On the flip side, imagine if you could make your customers into brand ambassadors. Think about the impact positive word of mouth can have to your business.
So, it’s pretty easy to think of the ROI of your current customers based on how much they’ll spend in the next year. But it’s better to consider your investment on making them brand ambassadors and what the impact positive reviews will have on your business.