Did you know…
A study by U.S. News and World Report once revealed how and why companies lose customers.
Customers are lost because:
• One percent of them die.
• Three percent move away.
• Five percent form other friendships or business relationships.
• Nine percent switch for competitive reasons.
• 14 percent are lost because of product dissatisfaction.
• 68 percent quit doing business with a company, because they perceive an attitude of indifference toward them by some employee.
That’s right, 68 percent of your customers may stop doing business with you, not because your product is inferior or your location is inconvenient, but instead, because you or your people, simply look, sound and act—like you just don’t care.
A customer makes one buying decision at a time, yet this “decision” is made repeatedly. For months, years or even decades. Unfortunately, a lost customer seldom or even never returns.
What’s the lifetime value of your customer or client?
What’s the lifetime impact of that loss?
Remember, a long-term, profitable business—is all about customer or client acquisition, satisfaction and retention.