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Customer Service Information |
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Customer Service Tips - Is Your Business A Leaky Bucket?
Customer service and customer service training are vital for any business. But, is your business a leaky bucket? This is a question I always ask small business owners who attend my marketing seminars. The reason I ask is because many businesses are so focused on attracting new customers they forget about retaining and providing good customer service to their existing clients. Many are also unable to quickly identify who their most profitable customers are. In the leaky bucket example we have two businesses in the same industry. Both businesses attract 10 per cent new customers each year. Not a bad effort considering the increasingly crowded and competitive industry they operate in. Business number one has a 95 per cent retention rate and 5 per cent slippage, while business number two has a 90 per cent retention rate and 10 per cent loss of customers. Not bad figures to have, but after 14 years business number one has doubled in size and business number two has stayed the same size. This business is just treading water because it suffers from a 'leaky bucket' with too many customers slipping through the holes in the bottom of the bucket. Much of this is due to poor customer service. And they don't even know it! For example, the research shows a typical business does not hear from 96 per cent of unhappy customers. For every complaint there are 26 others with the same problem and the average person with a problem tells 9 or 10 others. Thirteen per cent will tell more than 20 people. So that is the cold hard reality of poor customer service. But it is not all bad. If complaints are resolved those people tell 5 people and it is usually a positive message. For example, complainers are more likely to do business with that company again compared to non-complainers, and this rate goes to 95 per cent customer retention if the complaint is dealt with quickly. Everyone makes mistakes, the key is to learn from those mistakes and act on them quickly and you will have even more loyal customers. Keeping your customers happy will help fill the holes in your leaky bucket and lead to a more profitable and successful business. Thomas Murrell MBA CSP is an international business speaker, consultant and award-winning broadcaster. Media Motivators is his regular electronic magazine read by 7,000 professionals in 15 different countries. You can subscribe by visiting http://www.8mmedia.com. Thomas can be contacted directly at +6189388 6888 and is available to speak to your conference, seminar or event. Visit Tom's blog at http://www.8mmedia.blogspot.com.
MORE RESOURCES: AI Chatbots Are Ready to Talk to Customers. Sort of. The Wall Street Journal Pricing, AI, DPA, Customer Service Tools; Bill Emerson Interview; Training This Week; STRATMOR CD Workshop Mortgage News Daily Samsung Electronics Canada Customer Service Wins Bronze in ‘Best Use of Omni Channel' at International CX Awards 2024 Yahoo Finance Qme secures $3M funding to streamline customer service across Africa Techpoint Africa Building Competitive Advantage in Customer Care Through AI The Business of Fashion 311 Customer Service Center City and County of San Francisco FTC Finalizes Order with H&R Block Requiring Them to Pay $7 Million and Overhaul Advertising and Customer Service Practices for 2025 and 2026 Tax Seasons Federal Trade Commission News JEA is inviting bids for 19-story downtown tower that used to be its headquarters The Florida Times-Union Consumers Demand Enterprises Modernize to Improve Ailing Customer Experience, Says Research Business Wire American Lamprecht Enhances Visibility for Air and Ocean Shipments Using Descartes Solution Supply Chain Dive Women in Fintech: A Conversation About Loyalty Ecosystems in Financial Services with Becky Hill Finovate Neterra Enhances Its Customer Service Monitoring System Total Telecom Gladly Named a Leader in Constellation ShortList™ for Digital Customer Service and Support PR Newswire QueueKiosk™: Saving Thousands of Active-Duty Man Hours & Improving Customer Service at the MPF Office Kiosk Marketplace Finally, hard data on a real-world AI business use case: It’s huge for customer service Sherwood News Liverpool reinvents customer service through digital platform ComputerWeekly.com Firm to expand customer service in Yorkshire with new service centre Golf Business News CSPI & Nutrition Action Customer Service CSPI Newsroom Textron Aviation to Open New Service Facility at Essendon Fields Airport, Expanding Capabilities in Australia Pittsburg Morning Sun Help Department of Taxation and Finance Six Game-Changing AI Customer Service and CX Strategies Hospitality Net Consumer Directed Personal Assistance Program (CDPAP) New York State Department of Health Cigna's customer-centric strategy could ripple across the sector Modern Healthcare Major AI Success Story: Giftify Achieves 40% Faster Customer Response Times with Enterprise AI StockTitan Contact Us About Your Bill myclearwater.com Customer Service Center apps.tampagov.net 311 - Birmingham’s Customer Service Center City of Birmingham (.gov) DESCO's meeting held to enhance customer service and power reliability The Business Standard Palm Coast Utility Department Celebrated for Enhanced Customer Service City of Palm Coast 70% of customer service to rely on AI by 2028: Gartner Outsource Accelerator Customer Service & Support Hillsborough County (.gov) My experience as a Customer Service and Sales Intern Toby Shapiro's Experience at A.D. Sutton and Sons Chapman University Delta’s annual profit-sharing day spotlights ‘people first’ strategy The Atlanta Journal Constitution 3 Ways To Quickly Make $50 GOBankingRates Welcome to Riverside Public Utilities City of Riverside (.gov) Celebrate Customer Service Week City of Riverside (.gov) Which companies have the best customer service? Amazon, Shein, Costco among top-rated brands USA TODAY Con Edison Proposes Investments to Meet Growing Demand for Clean Energy, Enhance Customer Support T&D World Fulton County Recognized as a 2024 National Customer Service All Star Fulton County Government Contact Reverb Support Reverb Charter Names Robyn Tolva Senior Vice President, Customer Service Reliability | Charter Charter Communications America's Best Customer Service 2025 Newsweek 8 strategies for using AI for customer service in 2025 Sprout Social Attorney General Bonta Demands Better Customer Service for Californians California Department of Justice AI for Customer Service Market worth $47.82 Billion by 2030 - Exclusive Report by MarketsandMarkets™ PR Newswire Can artificial intelligence rescue customer service? The Economist Permits–customer services King County Lifeline Support for Affordable Communications Federal Communications Commission Shep Hyken, HPU Customer Service Expert, Mentors Students and Staff High Point University Department of Transportation Governor Tom Wolf President Biden Announces New Customer Service Actions, Targets Subscriptions and ‘Doom Loops’ CX Today 11 key elements of excellent customer service Business.com Launch of New Districtwide Customer Service Platform The School District of Philadelphia Summer EBT | Department of Human Services Governor Tom Wolf Video Quick Take: Intercom’s Brian Donahue on How AI Agents Can Be Your First Tier of Customer Service Support HBR.org Daily How Intercom Achieves 86% Resolution Rates with Claude AI: A Customer Service Revolution - Anthropic |
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