Has your company outlined and initiated a formal customer retention strategy for consumers with disabilities?
In a study by Harvard Business School, it was found that increasing customer retention by even 5% can increase profits between 25-95%. And yet…Forrester found that 70% of CMOs did not list retention as a top priority.
There are very few general market companies, that have developed a robust customer retention strategy for the disability market. That provides an amazing opportunity to make the competition irrelevant and opens a clear path to develop one.
SMG offers the following customer retention strategies that will be a game changer for boosting sales, loyalty and brand equity.
- Tell: Companies that are seriously targeting consumers with disabilities tell their story. They weave together the different lines of business – HR, facilities, technology, compliance, product and services, corporate giving, marketing, and advertising around senior level commitment and share their achievements. And, they don’t share this one time during National Disability Employment Awareness Month, but throughout the year and in various forum. Our most successful clients have developed an integrated strategy that showcases the business impact of the disability market.
- Capture: In our research, consumers with disabilities have indicated they are willing to provide contact information with a company if they know it will enhance customer service. They’ve also indicated that they want their information to only be used by the company they’ve provided it to. It’s best to capture contact information at events, inbound/outbound call centers, or on a customer review site. Capturing this information provides your company with a cost-effective and efficient way to target consumers with disabilities. This platform will allow you to obtain feedback, announce special offers or events.
- Touch: People with disabilities respond well to companies that consistently reach them. Direct mail, targeted emails with special offers, follow up calls after a purchase, blogs, social media, at events or value-added information, resonant messaging, and exceptional customer service gets their attention. Frequent ‘touches’ not only demonstrate commitment, it keeps your company top of mind.
- Research: Lastly, we recommend that research should also be completed at the beginning and end of a project to inform how to best attract customers, why they are buying, and to understand why they are leaving.
If you’re interested in learning more about developing customer retention strategies for the disability market, contact Celeste Beaty at firstname.lastname@example.org.