Engaging with prospects and customers

Every business owner knows that his / her business depends on continuing support from the customers. And that every customer was once just a prospect i.e., a future customer. For retail business, every footfall is a potential customer. For a service firm, every call is potential business. Thus, there is business that is floating all around but how often does one see the prospect being treated like a King?

Let's take the case of a Super Market. Hundreds of people enter the outlet - some make purchases and most do not. From a business point of view, every one who has come into the outlet has come with a reason and could be a potential customer. Wouldn't it be nice if the Super Market exactly knew who these people were and what they were looking for and be in a position to service them better? How many Super Markets you have visited (including the ones where you have bought something) actually 'know' you?

You have been a mobile subscriber for years. How many times has the service provider called you or written to you to ask you about your feedback? How many times has the car dealer asked you about your satisfaction with his service?

Customer engagement is what most businesses would like to do in but seldom actually execute it. Infact, some very interesting facts came out of the Economic Intelligence Unit Survey 2007.

• 80% of executives believe that their company loses sales each year because of its failure to engage customers
• 10% estimate that insufficient customer engagement accounts for 50% - 75% of their company's lost sales
• 76% believe that increased engagement would bring in increased revenues
• 60% think that customer engagement could be the engine for growth over the next five years

It's time for every business that dreams of big growth to look at avenues of customer engagement - whether it's simply asking for feedback or getting them involved in a company initiative. The more engaged the customers are with your business, the more they will be thinking of you.

Do you have a business that could do with more engagement with its customers? Tell us your story. Together let's brainstorm solutions and help many businesses like yours.