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The Price You Pay

· Communication,Expectations,Conflict,Obstacles,Customer Service

Can your business afford unhappy customers? On average, the ratio is 1:28 for the number of dissatisfied customers who actually voice a complaint, yet these same customers will tell an average of 10 people about their negative experience. These situations could cost you $500, $5,000 or as much as $50,000 in business over the potential lifetime of the customer.

How much does it cost to acquire a new customer? Actually, it costs you five times more than retaining an existing customer.

In one moment, an employee's thoughtlessness and inability in providing superior customer service could cause you to lose that customer. Studies have also shown that as many as 68% of customers who go elsewhere do so because they had a perception of indifference from the company employee. If an effort is made to remedy the situation, you can retain as much as 82% of those you might have lost.

Is everyone in your organization trained on how to effectively handle all these opportunities? Do they know how to resolve their customer's problems? Are they empowered to say "YES"? What are you doing today to keep your customers, and in turn referrals for more business?

"I will waste not even a precious second today in anger or hate or jealousy or selfishness. I know that the seeds I sow I will harvest, because every action, good or bad, is always followed by an equal reaction. I will plant only good seeds this day." - Og Mandino