elemental blog

Why customer retention and engagement is the key to business success​

Corrie Williams

Elemental founder

"It's easier to keep a customer than to find a new one."

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Why customer retention and engagement is the key to business success

In the hustle and bustle of growing a business, getting caught up in pursuing new customers is easy. However, the real secret to sustainable success lies in nurturing and retaining the customers you already have. 

As the saying goes, “It’s easier to keep a customer than to find a new one.” This simple truth underpins the importance of prioritising customer retention and engagement strategies in any business model.

Prioritising existing customers has guided our sales and growth approach from the beginning. We recognise that our existing customer base is our foundation; from there, we’ve been able to organically expand and thrive.

Our customers reap the retention and renewal rewards

Consider the story of HL7 UK, our inaugural client, who asked us to help with member engagement in 2006.

 

We contacted members of the healthcare standards organisation to ask straightforward questions such as: Are you happy with the service? How can we enhance our support? Do you intend to renew your membership?

We addressed many queries ourselves and helped members make the most of their HL7 affiliation. If members had questions or needed advice, we arranged a call with the person at HL7 who could best answer their needs.

By staying connected and helping people, we gained invaluable feedback and encouraged loyalty and satisfaction within the membership. We continue to work with HL7 and its members today.

Perinatal training provider K2 is another example of a company that wanted to look after the customers it already had. Some customers were considering using centrally provided training resources, without awareness of the real benefits and focus that the K2 product could provide.

We engaged their customer base to show how K2’s product addressed their needs, with additional functionality that could greatly enhance their training programmes. Not only did the campaign increase loyalty, it delivered product development insights that could guide future plans.

Jayex is another example. Jayex are the UK market leaders in patient engagement within primary care. With Jayex Connect, they offer the only cloud-based patient check-in and patient calling solution to optimise patient flow. 

Elemental played a key role in driving renewals, upgrades and new business for Jayex through systematic and targeted activity. Conversion rates in securing sales team meetings under the ‘Think You Know Jayex? Think again.’ programme have far exceeded targets. 

Subsequent conversion rates also demonstrate the quality of leads delivered through the programme. Elemental’s understanding of Jayex’s solutions, competition and empathy for customers’ real-world challenges was central to that. 

Jayex and Elemental plan and work collaboratively on a rolling campaign basis, helping to ensure the relationship is effective, efficient and continuously delivers positive bottom-line results.

Retention aids business growth and revenue forecasting

Good customer retention and renewals bring further benefits. With greater confidence in future sales, businesses can forecast revenue more accurately. 

By understanding customers’ needs and intentions, firms can anticipate potential churn and proactively address any issues before they arise. Such a proactive approach preserves revenue, helps grow the business, and strengthens customer relationships for years to come.

Winning new business is time-consuming. Keeping existing customers can be much more efficient and effective, and helps generate good word of mouth. It can take minutes to keep customers, and months to win new ones. 

Personalised customer care is greatly appreciated and can be instrumental in fostering loyalty, which is especially important in the saturated healthcare market. When companies get complacent, competitor moves become all the more appealing. Investing in customer retention efforts is crucial for keeping ahead of the game.

“By picking up the phone, taking the time to speak with them, you can gauge their happy levels and identify whether there is more you can support them with. It burns far less shoe leather to achieve this and you’ll reap the benefits.”

Corrie Williams – CEO

 

 

 

How can we help?

With our support, companies can show their customers the love and attention they expect, and retain their focus on new business growth. We’d love to hear about your customer retention and renewal challenges.

Send us a message, and we’ll take it from there.