Retaining Customers
In the smartest companies, asking questions and listening carefully to the answers is an important part of customer service. These firms train their employees to focus on what the customer is saying, then tailor products or services to meet customer needs. Says one corporate executive, "Knowing what's on the customer's mind is the smartest thing we can do." This advice holds true for smaller firms as well.
It is also cheaper than attracting new customers. According to the Customer Service Institute, 65% of a company's business comes from existing customers, and it costs five times as much to attract a new customer than to keep an existing one satisfied.
Losing a customer is even more expensive. According to studies by the Technical Assistance Research Programs Institute, 91% of unhappy customers will never again buy from a company that has displeased them; they will also voice their dissatisfaction to at least seven other people.
The responsibility to be receptive to customer does not lie solely with your employees, however. If you want your business to be successful, you must listen to and talk with customers as well. There is no substitute for getting out and learning from the customers themselves how you might serve them better. The best business owners are not only committed to staying close to their clientele, but also identify with them. They give their customers the level of service they themselves would expect to receive. Moreover, a good relationship with customers necessitates paying attention to every link in the distribution chain; this means listening to everyone who helps get your products to market and asking them for suggestions on improving your service. Be sure to take advantage of feedback from employees, especially those whose everyday job is dealing with customers. They can serve as tremendous reservoirs of information.
"Our goal as a company is to create customer service that is not just the best, but legendary," Paul Hawken asserts. "'Legendary' gives everyone who deals with customers a rich sense of the possibilities."
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