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Tag - Customer Loyalty

15
Apr

Customer Retention Statistics – Customers Rather Just Go Away!

One of the major problems with being on top of customer satisfaction is that most unhappy customers just won’t talk to you.  They’d rather just go away, and not come back.  In fact, according to Ruby Newell-Legner in “Understanding Customers,” only 4% of dissatisfied customers will tell a business anything.  96% will just walk out …

25
Mar

What Should I Be Asking My Customers?

“Well,” you say, “I can see how there could be a lot of value for my business in conducting surveys for customer satisfaction, and I understand the reasons for focusing on the top 20% of my clients, but what sort of questions should I ask?  I don’t want to waste my time asking the wrong …

12
Mar

Hidden Treasure Right in Front of You

What would you do if you found out that you had a hidden stockroom full of valuable merchandise, packed away in crates, uninventoried, non-priced, uninspected, and unsold – just stuck away in a corner, unnoticed by management a floor staff alike? Wouldn’t you want to at least take a look at it, to find out …

25
Feb

Lost Customers Are Expensive

It’s always worthwhile to take a closer look at statistics, and see what they actually mean. Consider the following statistical tidbits (both from McKinsey): An average company loses between 10 – 30% of its customers annually, and Only 12% of current marketing spend is on customer retention. It would be easy to look at those …

13
Feb

Customer Retention – Increasing Profits

Statistics from NOP indicate that a 25-85% gain in profits from reducing customer defections, but that in a remarkable 73% of the cases studied, businesses didn’t even try to keep dissatisfied customers, in spite of the fact that 35% of those customers said they would have stayed if they’d just received a simple apology. Consider …

6
Nov

You’re only as good as your last Part 1

You know how the saying goes – fill in the blank with the most important rock-bottom basic measure of success in your field. And when it comes to customer retention strategies , that means that you’re only as good as your customer’s most recent contact with your store. It’s true – if you’re a typical …

24
Oct

Knowing What’s Important Part 1

You don’t need to be the smartest business owner in town to succeed, but you do need to know what’s important and what’s not. You can be a genius at organizing, a wizard at finance, a master of supply-chain logistics, and have a mind full of first-rate ideas, but if you can’t tell the difference …

16
Aug

Under the Surface Part 1

Take a walk out in the countryside (it’s healthy, and you need a little time to relax!), and look at a meadow full of wildflowers. Very nice, isn’t it? But you know that most of the action in a meadow – most of the real work that keeps those flowers blooming and looking so good …

6
Jun

What Are My Customers Thinking – Part 2

So far, we’ve talked about seeing where you and your customers are, and where you’ve been – how your customers feel about how your business has treated them in the past, and how they are treated now. But a good customer experience survey system can tell you much more than that. It can tell you …

23
May

Are You Losing Customers or Keeping Them?

Are you losing your customers? You might be surprised at the answer: the average business loses up to 30% of its customers every year – and 50% of its customers over five years! “OK,” you say, “maybe that’s true. But I bring in enough new customers each year to make up for the losses.” A …