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Going, Going, Gone!

Consider this, a study by U.S. News and World Report once revealed how
and why companies lose customers. Customers are lost because:

-1% die.

-3% move away.

-5% form other friendships or business relationships.

-9% switch for competitive reasons.

-14% are lost because of product dissatisfaction.

-68% 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, but 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
acquisition, satisfaction and retention.

October 27, 2004 in award winning newsletter, Blog Outsourcing, blog publish, Brand enhancement, Business newsletter | Permalink

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