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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. Marketing - The One Marketeer By Alan Fairweather I'm regularly asked to speak to people, that have either just started a business or have been going for some time. So many of these people are absolutely brilliant at working "in their business" but not so good at working "on their business" In other words; they're good at making the product or providing the service but they're not so good at finding new customers and generating more sales.Like them, you may not be too keen on making cold calls… 2. Michael Jackson, Classic Marketing Blunders And Your Wallet! By Dean Phillips You couldn't help but be captivated by the unbelievably cute kid with the amazingly controlled falsetto voice and electric dance moves. He was only 10 years old, when he exploded onto the music scene, along with his brothers as the lead singer of the Jackson 5, but he had the stage presence of a twenty year veteran. Before or since, I haven't seen a child that talented, that gifted, that dynamic, that charismatic!I'm talking about Michael Jacks… 3. Pain-free Business: 8 Ways To Make Sure Customers Want What You Sell By Kim A. Castle Can I get something off my chest? Really...off my heart?I'm distressed about how many entrepreneurs and small business owners are driving themselves and their business into the ground because of the chase--running after for customers, running after new business, running after another day to keep their business open. This chase has put them into a cycle of emotional pain, even if they haven't brought themselves to admit it...yet.I feel that pain… 4. Want to Increase Your Business? First You Need to Understand where You are at! By Alex Margarit Are you having trouble understanding basic situational marekting concepts? Then this article is for you.Alex Margarit shows you a simple step by step way on how to put together a basic situational analysis. Before developing any given marketing strategy it is important to conduct some form of analysis. This should form an essential part of any business or marketing plan and should be reviewed over time to ensure that it is kept current. Many of… |