Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business. You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy.

Get it on Amazon (Kindle/Print)

Customer loyalty is what drives growth

In the survey, a resounding 82% of small business owners said that loyal customers were the main way that they grow their business, followed by online marketing tools (66%), a stronger economy (50%), and skilled employees (47%).

When asked how they earn customer loyalty, 90% said they did so by offering a great product or service, while 60% cited sustained customer communications through email, and 49% said it was through social media channels.

So loyal customers are a top driver of business growth, but what exactly does "growth" mean to small businesses? Well, not every small business has grand plans to expand beyond their flagship location. In fact, 57% defined business growth as "more revenue". More customers (40%) was the second most-cited definition of growth, while expanded inventory came a distant third at only 1.5%. Other definitions included "more employees", "expanded space in our current location", and "more locations".

Roadblocks to growth
Growth is the goal, but it is not easy to achieve. Almost 30% of respondents said finding new customers is the biggest hurdle to achieving growth, with lack of time (23%), the lagging economy (16%), and a lack of funds to invest in growth (10%) also causing difficulties.

"82% of small businesses reported new customers find them through referrals, meaning satisfied customers are one of the most important drivers of new customer acquisition," noted Gail Goodman, CEO for Constant Contact. "Creating meaningful customer engagement, from attracting new customers to keeping loyal ones happy, remains a top priority."

The survey also found the second half of the year to be particularly critical for revenue growth, with 31% citing fall and 31% citing winter as their busiest season. How critical? Fifty-nine percent of the B2C businesses surveyed said between a quarter and a half of their overall annual profits come during their single busiest season.

Holiday bonus
For small businesses, the holiday season is a hectic but rewarding time. Fifty-two percent of survey respondents said that new customers attained during the holidays become repeat, loyal customers. While 31% of those surveyed start planning for the holidays between two and three months in advance, it is surprising to find that, with all that's at stake, 28% do no advanced planning for the holidays.

In-house marketing is the primary focus for small business holiday preparations, with 41% of respondents increasing such activities. Thirty-five percent increase online and in-store promotions and 21% order advance inventory.

Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business.

You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy. Grab this goldmine of easily adaptable and up-to-date strategies, walk-throughs, trends, technologies, research, suppliers and partners, plus all the supporting arguments you need to build a solid CX strategy.

While most marketers could list maybe a dozen key points for improving their brand's Customer Experience (CX), the researchers and writers at The Marketing Factbook have identified FORTY main 'CX Keys' which will help you drive your customers to new levels of delight, loyalty, advocacy and profitability.

The areas in which customers have direct contact with your organization are perhaps the most obvious places in which CX improvements can be made, and this report addresses all 24 of these 'Direct CX Keys', applicable to offline and online businesses alike.

At the same time there are many other areas that indirectly affect CX (such as the supply chain, policies and processes) in which every business can make simple but far-reaching improvements. This report guides you through the problems and solutions for all 16 of these 'Indirect CX Keys', many of which are often forgotten or under-played even in the best CX strategies.

Get it on Amazon (Kindle/Print)