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Leslie Groene Website Homepage March 2022, Vol. 200


Understand How Your Customers Think (and Feel)!

Don't take your clients for granted and pay attention to the subtle changed in their tone and demeaner. Sometimes clients go away very quietly, and you don't even realize that they've moved on. Review your revenue quarterly/yearly to see which clients' revenue are down or gone!

1) Happy customers are a lot more likely to tell their friends
On average, happy customers tell 9 people about their experiences with a company.

2) But a single unhappy customer often means that there are many more
For every customer who complains, there are 26 customers who don't say anything.
Often, they'll simply get fed up and leave.
That's why customers who complain are giving you an extraordinarily valuable gift: insight into what's probably making many more customers unhappy than just the person who chose to tell you about it.

3) Making existing customers happy can help you sell more than finding new customers
When it comes to sales, the probability of selling to an existing happy customer is up to 14x higher than the probability of selling to a new customer.

Source: Marketing Metrics

Many people think that the only way to grow their business is to find new customers. But often, the best source for growth is sitting right in front of you: existing customers. You just have to make them happy, and then find ways to deliver more value to them.

4) In fact, retention is the most surefire way to improve your bottom line
Businesses that grow their customer retention rates by as little as 5% typically see profit increases ranging from 25% to 95%.

5) If you're known for good customer service, you can charge more
86% of customers will pay more for a better customer experience.
With excellent customer service seeming more rare these, customers are willing to pay a premium for it. Deliver on that desire, and your customers will be happy to pay higher prices.

6) But if you don't deliver great support, your customers will leave
82% of customers have left a company because of a bad customer service experience.

7) When you screw up, don't forget to apologize
37% of customers are satisfied with service recovery when they are offered something of monetary value (e.g., a refund or credit). But when the business adds an apology on top of the compensation, satisfaction doubles to 74%.