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Cheap To Keep


You've heard it all before when it comes to stats about customer retention. Acquiring a customer costs five to 10 times more than retaining one. Repeat customers spend, on average, 67 percent more. After 10 purchases a customer has referred as many as seven other people.

So, if your focus is on acquiring new customers instead of keeping the ones you have, you are off the mark. Here is a brief overview on how to retain customers.

- Ask. New York Mayor Ed Koch was famous for asking "How am I doing? He always knew where he stood, even if he wasn't always happy about the answer. So, survey your customers about their likes and dislikes. Then, follow through with the information you receive.

- Profile. Learn as much as you can about your customers and then do something with that information to show them that you value them. Find out what makes a "best" customer and then put programs in place to move more of your customers into this category.

- Reward. Humans like to be treated as if they are special, and they will return to businesses where they have had these positive experiences. Reward them with special deals, or just pay a little more attention to them. In this era of digital communication, just sending a hand-written note gets you major points.

New business is exciting, I'll admit. But it is the clients you have that will bring you the most success over the long run. Don't spend five to 10 times more to bring in that new customer. Instead, invest a fraction of that to keep your customers coming back and referring similar "best" customers.

Harry Hoover is managing principal of Hoover ink PR. He has 26 years of experience in crafting and delivering bottom line messages that ensure success for serious businesses like Brent Dees Financial Planning, Focus Four, Levolor, New World Mortgage, North Carolina Tourism, TeamHeidi, Ty Boyd Executive Learning Systems, VELUX, Verbatim and Youth Link USA.


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Customer Service - Google News

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Letter: 'Customer service' often lacking service part - The Ledger


The Ledger

Letter: 'Customer service' often lacking service part
The Ledger
We as consumers rely more and more on customer service. I've come to realize how much “service” is actually lacking in businesses these days. Customers can either make or break a business depending on their satisfaction. People rely on a service that ...

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Travel Network Group recognised for customer service 'excellence' - TTG


TTG

Travel Network Group recognised for customer service 'excellence'
TTG
Speaking at the consortium's annual overseas conference in Monaco, Jo Causon, chief executive of the Institute of Customer Service awarded TTNG the organisation's ServiceMark, a recognition “of achievement in customer service, and a company's ...
Travel Network Group honoured for 'excellence' by Institute of Customer Service Travel Weekly UK

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The Bot Revolution Can Save Your Customer Service, Says Tony Jamous, President Of Nexmo - Forbes


The Bot Revolution Can Save Your Customer Service, Says Tony Jamous, President Of Nexmo
Forbes
Chatbots and other AI-powered virtual agents have changed the structure of customer service considerably. But, this is just the beginning. Chatbots are evolving with APIs, being given access to deep learning and popping up in spaces that we never ...

Thanks A Latte: How To Fix A Customer Service Failure, Per Starbucks, Marriott And Me - Forbes


Forbes

Thanks A Latte: How To Fix A Customer Service Failure, Per Starbucks, Marriott And Me
Forbes
Every company needs a customer service recovery framework, a sequence of best practices for interacting with, and turning around, upset customers. Settling on such a framework and then providing customer service recovery training in order to achieve ...

Spirit Airlines turns to Disney to improve its customer service - Los Angeles Times


Los Angeles Times

Spirit Airlines turns to Disney to improve its customer service
Los Angeles Times
The Disney Institute is a Florida-based company that offers business courses to improve leadership, employee culture and customer service. On the institute's website, the company cites its work with Haagen-Dazs International, the National Football ...

Exceptional Customer Service And Low Cost Are Not Mutually Exclusive -- Here's How To Achieve Both - Forbes


Forbes

Exceptional Customer Service And Low Cost Are Not Mutually Exclusive -- Here's How To Achieve Both
Forbes
Singapore Airlines (SIA) cabin crew undergo some of the most rigorous service training in the industry, instilling a business culture that is exceptionally customer-centric. As a result, it is regularly voted one of the best airlines in the world. Yet ...

These Two Customer Service Formulas Can Improve Employee Performance By 100% - Forbes


Forbes

These Two Customer Service Formulas Can Improve Employee Performance By 100%
Forbes
Even the most engaged, best-intentioned employees (and their managers) can benefit from knowing a couple essential expert formulas that will improve their customer service performance day in and day out. Today I'll share two rules of thumb how to ...

Seven Customer Service Practices That Will Help You Win Over Clients - Forbes


Forbes

Seven Customer Service Practices That Will Help You Win Over Clients
Forbes
Back in the mid-90s when Amazon was first starting, I felt that Amazon gave me the best customer service and best customer experience. Instead of jumping around different websites, I had everything in one portal. In Amazon I found a company that gave ...

Why is Customer Service in Asia so Terrible? - Forbes - Forbes


Why is Customer Service in Asia so Terrible? - Forbes
Forbes
Asia's service sector is booming. This article takes a closer look at how this lucrative sector is developing. Don't miss out on the investment opportunities that are ...

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