Unhappy customers cost businesses $537 trillion each year. The customer is NOT always right, but even wrong customers can significantly impact your business for the better.
Instead of focusing on who’s right and who’s wrong, your time is always better spent doing what’s right and not what’s wrong to continue to keep existing customers and win new customers.
We’ve all heard the adage “the customer is always right”…way too many times. If you’re like me and someone who has actually dealt with customers on a regular basis, you know that’s just not true. But even wrong customers spend money, a lot of it. If you want to succeed you’re going to need all types of customers. Right customers, wrong customers…the whole lot.
Recently, the team at New Brand shared an infographic highlighting the cost of unhappy customers.
If you’re doing the math the annual cost of unhappy customers is $537 trillion. That’s revenue you stand to earn! Check out how the infographic breakdown of the math:
The Cost of Unhappy Customers
How Must Does Your Poor Experience Cost You?
If you apply the law of averages, nearly 50% of your customers who switched to using a competitor’s service in the last year, a full 81% could have been saved if you had done just a little bit more to keep the customer happy.
Do you have the system in place to catch possibly unhappy customers, before they make the switch?
Too often we think innovation needs to be something that has fancy buttons that you plug in. The best innovators see possibilities to improve every touch point—from point-of-sale to product to help line to billing experience.
-Mike Maddock, Forbes
Catching unhappy customers and doing something about it doesn’t have to cost a fortune, and it doesn’t require fancy integrated technology systems to be integrated into your customer service processes. Simply apply the six rules for showing customers that you really care and prove that customer experience matters.
- Every customer action creates a personal reaction
- Customers are instinctively self-centered
- Customer familiarity creates relationship alignment
- Disconnected employees don’t create engaged customers
- Employees default to doing what’s measured, incentivized, and celebrated
- You can’t fake customer-centricity
Customer Experience Matters
Customer experience and customer focus is a strategic advantage that can withstand the threat of technological innovation. While you may be limited in resources and availability of the latest technological advances, customer experience can give you the break you need to survive and thrive.
The next generation of customer experience will need to continue to focus ever more on creating the frameworks and processes where customers engage personally with agents, creating an extra incentive to continuing buying and reducing the likelihood of switching to competitors.