At the heart of every business is the customer. Success can be as simple as whether a company can earn more customers and keep the existing ones.
Below are some stats to remind us how important customers are: (source)
- Acquiring a customer is five to six times more costly than keeping a customer.
- Happy customers tell at least four others about a positive buying experience.
- Unhappy customers tell as many as 12 others about a bad experience.
- Only one out of 25 dissatisfied customers will complain directly to you.
- The average company loses 10% of its customers annually.
- Customer profitability rate tends to grow over the life of a retained customer.
With only one in 25 customers complaining, it's incredibly important to listen carefully when a customer reaches out, and make the feedback process simple and painless. And given that the internet has armed today's consumer with information and the ability to spread opinions like wild-fire, companies need to prioritize providing exceptional customer service.
So what do modern customers really want? Insights from Kelly Mooney's book The Ten Demandments: Rules to Live By in the Age of the Demanding Customer shed some light on the topic.
Here are The Ten Demandments:
1. Earn my trust through respect, integrity, advocacy and quality. Lose the fine print, prove you're on my side - even if that means suggesting a competitor.