In the eyes of customers, big might equal power but it doesn’t necessarily equal loyalty. That was the main takeaway from an infographic created by SCORE, a non-profit organization that educates and mentors small businesses.
Research into customer satisfaction and loyalty trends found that small businesses, in general, were more responsive to customer concerns than their larger counterparts. In a recent survey, more than 80% of small business owners said their growth depended on customer loyalty. At least part of the explanation has to do with the high cost of acquiring new customers versus maintaining existing ones: a six- or seven-fold increase.
Size, or the lack of it, was actually a benefit, according to the data. In fact, small businesses were seen as more agile and responsive in meeting customer expectations. This includes following up with customers, anticipating their needs and thanking them when appropriate.
Visit the organization’s website for more findings and recommendations on boosting customer loyalty as a small business.