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Suggest You - Customer Service Tips - Is Your Business A Leaky Bucket?
As a recruiter I have heard and read many suggestions related to job searching and career development. I've spent a significant amount of time helping people find their dream career and have also watched as some candidates have made huge mistakes that have prevented them from doi
But it is not all bad. If complaints are resolved those people tell 5 people and it is usually a positive message.
For example, complainers are more likely to do business with that company again compared to non-complainers, and this rate goes to 95 per cent customer retention if the complaint is dealt with quickly.
Everyone makes mistakes, th
Executive search firmsare now being asked to recruit a new breed of information officers to assist corporations address Sarbanes-Oxley compliance requirements and to compete more effectively overall in the age of Sarbanes-Oxley. Passed in response to major corporate scandals, The
But, is your business a leaky bucket?
This is a question I always ask small business owners who attend my marketing seminars.
The reason I ask is because many businesses are so focused on attracting new customers they forget about retaining and providing good customer service to their existing clients.
Many are also unable to quickly identify who their most profitable customers are.
In the leaky bucket example we have two businesses in the same industry. Both businesses attract 10 per cent new customers each year. Not a bad effort considering the increasingly crowded and competitive industry they operate in.
Business number one has a 95 per cent retention rate and 5 per cent slippage, while business number two has a 90 per cent retention rate and 10 per cent loss of customers.
Not bad figures to have, but after 14 years business number one has doubled in size and business number two has stayed the same size.
This business is just treading water because it suffers from a ‘leaky bucket' with too many customers slipping through the holes in the bottom of the bucket.
Much of this is due to poor customer service. And they don't even know it!
For example, the research shows a typical business does not hear from 96 per cent of unhappy customers.
For every complaint there are 26 others with the same problem and the average person with a problem tells 9 or 10 others. Thirteen per cent will tell more than 20 people.
So that is the cold hard reality of poor customer service.
But it is not all bad. If complaints are resolved those people tell 5 people and it is usually a positive message.
For example, complainers are more likely to do business with that company again compared to non-complainers, and this rate goes to 95 per cent customer retention if the complaint is dealt with quickly.
Everyone makes mistakes, the
There is a great deal of information available from professionals about the importance of taking the steps necessary to accomplish a focused plan for the future of your career. Elements suggested include establishing a good network of personal contacts, developing a winning resu
Many are also unable to quickly identify who their most profitable customers are.
In the leaky bucket example we have two businesses in the same industry. Both businesses attract 10 per cent new customers each year. Not a bad effort considering the increasingly crowded and competitive industry they operate in.
Business number one has a 95 per cent retention rate and 5 per cent slippage, while business number two has a 90 per cent retention rate and 10 per cent loss of customers.
Not bad figures to have, but after 14 years business number one has doubled in size and business number two has stayed the same size.
This business is just treading water because it suffers from a ‘leaky bucket' with too many customers slipping through the holes in the bottom of the bucket.
Much of this is due to poor customer service. And they don't even know it!
For example, the research shows a typical business does not hear from 96 per cent of unhappy customers.
For every complaint there are 26 others with the same problem and the average person with a problem tells 9 or 10 others. Thirteen per cent will tell more than 20 people.
So that is the cold hard reality of poor customer service.
But it is not all bad. If complaints are resolved those people tell 5 people and it is usually a positive message.
For example, complainers are more likely to do business with that company again compared to non-complainers, and this rate goes to 95 per cent customer retention if the complaint is dealt with quickly.
Everyone makes mistakes, th
The CeMAP syllabus is much more wide ranging than most people expect with the broadest syllabus being in the CeMAP 1 exam. CeMAP 1 actually covers most of the financial services industry in a summary form to give the student a general understanding of the industr
Not bad figures to have, but after 14 years business number one has doubled in size and business number two has stayed the same size.
This business is just treading water because it suffers from a ‘leaky bucket' with too many customers slipping through the holes in the bottom of the bucket.
Much of this is due to poor customer service. And they don't even know it!
For example, the research shows a typical business does not hear from 96 per cent of unhappy customers.
For every complaint there are 26 others with the same problem and the average person with a problem tells 9 or 10 others. Thirteen per cent will tell more than 20 people.
So that is the cold hard reality of poor customer service.
But it is not all bad. If complaints are resolved those people tell 5 people and it is usually a positive message.
For example, complainers are more likely to do business with that company again compared to non-complainers, and this rate goes to 95 per cent customer retention if the complaint is dealt with quickly.
Everyone makes mistakes, th
What size is your Hummer? Hummers Come in All Sizes; Tiny, small, medium and large and of course the most popular of all; The Oh My God Size. They make matchbox size Hummers, Tonka Toy size and adult size. Are you quite sure you know your hummer sizes. Marketers of the Hummer Bra
Much of this is due to poor customer service. And they don't even know it!
For example, the research shows a typical business does not hear from 96 per cent of unhappy customers.
For every complaint there are 26 others with the same problem and the average person with a problem tells 9 or 10 others. Thirteen per cent will tell more than 20 people.
So that is the cold hard reality of poor customer service.
But it is not all bad. If complaints are resolved those people tell 5 people and it is usually a positive message.
For example, complainers are more likely to do business with that company again compared to non-complainers, and this rate goes to 95 per cent customer retention if the complaint is dealt with quickly.
Everyone makes mistakes, th
What is it that has set the great leaders and entrepreneurs of the world apart from the rest of the world? You know what I’m talking about- the truly remarkable ones that have made their mark on the world. Sam Walton didn’t create the Wal-Mart Empire overnight, and he certainly d
But it is not all bad. If complaints are resolved those people tell 5 people and it is usually a positive message.
For example, complainers are more likely to do business with that company again compared to non-complainers, and this rate goes to 95 per cent customer retention if the complaint is dealt with quickly.
Everyone makes mistakes, the key is to learn from those mistakes and act on them quickly and you will have even more loyal customers.
Keeping your customers happy will help fill the holes in your leaky bucket and lead to a more profitable and successful business.
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