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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 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. Starting A Child Daycare. - Complete business package to help you easily and quickly start your own profitable home-based day care business! Auto Submit To 3,000,000+ Websites. - Blast Your Ad to 3,000,000+ Classified Websites! Plus Huge Array of Marketing Tools. Affiliates Earn 60% Article Index: | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | 91 | 92 | 93 | 94 | 95 | 96 | 97 | 98 | 99 | 100 |
Advice Home Business Technology Online Advertising Motivational Internet Marketing SEO Help Online Games Science Articles Happiness More Articles:1. Seven Secrets For Building Customer Loyalty In Your Restaurant By Habiba Abubakar Imagine how much your sales and profits would increase if each of your customers come back just one more time a week or a month. You would boost your sales by 50%. Getting your existing customer base to visit more often is easier than you think. This is because, unlike a prospective customer who has never dined at your restaurant, your existing customer has already tried your food and service and therefore trusts you. Here are seven strateg… 2. 3 No-Fail Strategies for Promoting Your Business By Dave Wells In a funk because other sales people seem to be winning all the new business opportunities? It’s time to start claiming your share of the market. By implementing 3 key promotional strategies you’ll be able to enhance your credibility, get established as the preferred business of choice, and get super exposure even if you don’t win the business this time.Here are 3 tips that will boost your business development promotional efforts and help you … 3. Is Telemarketing Effective? By Leon Chaddock Telemarketing is one of the most controversial elements of advertising and sales that has ever been. With a turn towards avoiding this means of marketing, business are looking elsewhere. But, can an effectively run telemarketing campaign still pay off? Is your business the right type to take on the telemarketing world? There is little doubt that telemarketing has been successful, but with so many worries about legal action, it is necessary … 4. Business Card Design - How to Stand out and Get Noticed By Jack Bastide One of the most powerful, yet over looked weapons in your marketing arsenal is your business card. If designed properly this little 3 x 2.5 piece of paper will not only let people know how to contact you it will also tell them why they should contact you. In order to be effective and get you more business your Business card must stand out, and get noticed.How a distinctive business card resulted in a $5,000 SaleA friend of mine and his wife rec… |