Add 25-95% Profit
ICYMI… the Harvard Business Review reports that if you can prevent 5% of your customers from leaving, you can increase your bottom line profit by 25-95%.
A US News and World Report study found that the average American business loses 15% of its customer base every year:
- 68% of customers who stop buying from one business and go to another do so because of poor or indifferent service
- 14% leave because of an unsatisfactorily resolved dispute or complaint
- 9% leave because of price
- 5% go elsewhere based on a recommendation
- 1% die
So 82% go somewhere else because of a customer service issue!
Based on those numbers, if you are serious about staying in business, you had better be serious about customer service. What’s sad for you and me, is that most of those customers who leave don’t bother to complain. They just leave and don’t come back. You lose business and don’t even have a chance to stop it. Once they leave, they’re gone.
One part of providing outstanding customer service is keeping in touch with your customers. There is an app for that makes keeping in touch fun and easy! The Be Nice Smartphone App.