Hi there, I’m Jeffrey Bernhard and welcome back to my blog. Today I want to talk to you about customer satisfaction math and how important this is for you and your company. Very few companies can afford to have customers upset, there are some exceptions such as the cable company, or the electric company, You really have no voice within these companies. This means, no matter how much you scream about their product, you really cant go anywhere else to get it. You can’t just provide yourself with electricity or a new cable provider; these companies have the market on lock.
Like everything else in life, change is coming. Social media is changing the way we talk about products. For example, if you liked Tabasco sauce five years ago, you wouldn't pick up a phone and call your friend to tell them you like Tabasco sauce. Today however, you would click the like button and share that on social media. If you wouldn't do that, millions of others would and they do every single day.
With your
customers, you want to keep them as happy as you can. This sounds simple and straightforward but
it’s not. You just can’t be there 24/7
to monitor your employees to make sure they are treating your customers the
same way you would. Most employees have
very little training in this area and it is one of the most overlooked areas in
business. What type of businesses am I
talking about? Restaurants, retail,
service shops, cell phone stores, banks, painters, carpet installers, and the list
could go on forever. If you have a private label product though, this is for
you. Most of us have poured blood,
sweat, and tears into our products and sometimes that doesn’t get conveyed very
well by our employees.
We live in an
ever-changing environment these days.
Meaning, when your customer leaves the store angry they not only won’t
come back, but they will jump on social media and try to destroy your
reputation. If your customers have a bad
experience they are more than twice as likely to right a bad review than a good
review. That means if your customers
love you, they are probably not going to share that experience unless you have
really wowed them. This takes more than
your product. This takes smaller global footprint, great charity support, and
fabulous experiences on all levels, such as interactive website etc, and this list could go on as well. However, 88% of all customers say they depend
on customer reviews when purchasing a new product or trying a new place. I bet you didn’t think the numbers were that
high!
Lets do a little
consumer math. I stayed at a hotel in
South America a few years back and part of the deal included a complimentary
breakfast. Every morning they would make
you a fresh plate of eggs, toast, and fresh fruit. This came with fresh squeezed juice as
well. I stayed at this particular hotel
for almost a month. The last week I was
in the hotel, the breakfast service stopped.
The owner had 3 hotels and became quite busy at another hotel in the
city. This put me in an awkward
position. Now I had to travel out of my
comfort zone to get breakfast. My wife
and I would eat at different times putting more strain on when we left the
hotel in the morning. Now, if this was
just me then it really wouldn’t be a big deal.
However, I travel down there with several other business people teaching
seminars, the next time I went I switched hotels, and so did every one in my
party. This was around 14 people. That many people staying in a hotel for an
extended amount of time really adds up.
In the end the
eggs, toast, fruit, and juice, which cost them about $5.00, ended up costing
them around $30,000 in losses. Why? Over
breakfast. Don’t let this happen to you.
This is how something so simple can cost you serious money. Remember 88% of people check recommendations
before they buy. This means that many
more people will not shop or buy your brand if that one person complains. The losses will build exponentially. These numbers really start to hurt you and your business regardless how great your product is.
Remember if you need help pushing your product or increasing your revenues, connect with me on LinkedIn below and I will be happy to come out and assist you. I promise you, I can assist you in these areas. Take care, and have a great day!
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