Finding Money In Customer Conflicts
Dear Business Leader,
We know you never went into business to earn bad reviews and unhappy customers. Actually, most businesses have dreams of taking their favorite salsa or best service and being loved across the globe. The reality is most of you have charted the dream, estimated projections, yet few have drafted their customer conflicts plan.
In terms of making or uncovering money, facing customers concerns head-on (some call it transparency service) gives the business owner a minor to no additional investment threshold with outstanding upside!
Did you know:
- It costs 6 - 7 times more to acquire a new customer than retain an existing one (Bain & Company)?
- eCommerce spending for new customers is on average $24.50, compared to $52.50 for repeat customers (McKinsey)?
- 80 percent of companies surveyed said that they offer superior customer service, but only 8 percent of their customers agreed with them (Bain & Company)?
- 96% of unhappy customers don’t complain; however 91% of those will simply leave and never come back (First Financial Training Services)?
- It will take about 10 - 12 positive experience and reviews to make up for one unresolved negative one (Understanding Customers by Ruby Newell-Legner)?
- Customers are three times more likely to tell their friends when a business performs poorly?
- When businesses resolve a customer's issue, they share their positive outcome with 4 - 6 people? (White House Consumer Affairs)?
- 55 percent of customers would be willing to try a new brand to get better service over price (Defaqto Research)
- 80 percent of customers who switched to a competitor company said the company could have prevented it?
Adapting to data like this has caused companies to adopt and apply minor to major adjustments in their customer conflict plans that have resulted in making tens of thousands and hundreds of thousands of dollars.
Does your company deserve the same!? To get there, don't trust yourself, remember #3 in the list? Get an outside assessment from a group, like ours, that deals with conflict and can provide a professional conflict assessment.
If you're not ready for that, then take these questions to your next team meeting:
- How do we initially respond to a complaint?
- What do we do well when responding to a complaint?
- Are we open to improving that response, and if so, how?
- Are each of us eager or willing to make the stated adjustments?
- If yes, then party. If not, why?