Building customer communities to accelerate innovation and growth
Increasing customer loyalty in today’s difficult economic times might seem impossible, but the rewards are well worth the extra effort and commitment. According to Forbes, customer-centric companies are 60 percent more profitable than companies that don't focus on their customers. This statistic on its own is probably enough to bring customer satisfaction and retention to the forefront of most C-suite agendas, if it wasn’t a priority already. However, there’s much more value that happy customers can bring to a business than profit alone.
By creating an engaged customer community, companies can also become more innovative and competitive, speed up new product development, and grow their customer base through referrals. Building such a community requires planning and patience, and is a balancing act between efficiency and resources. Its success relies on defining the best communication channels, at the right cost, to connect with customers.
