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Five Secrets to Showing Your Customers You Really Care
Five Secrets to Showing Your Customers You Really Care Copyright © Ed Sykes. All rights reserved During our recent online poll, we asked the following question: What upsets you the most when receiving poor customer service? Eighty percent of the...
Improvingcustomer service in large stock registrar cmpany
ROBLEM The organization was always working under a crisis mode, with the managers feeling pressured and "under the gun". There was discord and resentment among the manager team, which reflected in the employees. Re-work and bureaucracy were...
Ten Online Customer Service Tips
Other than the current buzz words, customer service has changed very little since commerce first began. If you want a customer to buy from you again, and to recommend your product or service to others, complaints or problems must be handled...
Who Comes First - The Customer or Employee?
The commonly held view that the customer comes first is worth a
close look. Think about the last time you received less than
satisfactory customer service. What caused it? Probably an
employee! Either directly, bad manners and a "don't...
Winning Customer Experiences
What can you do to make sure your customers keep coming back.
Much research has been done to find out what makes a winning customer experience. What is it that makes customers come back to your business instead of going to someone else's? If...
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The Value of a Customer
You need to determine what the value of a customer is to your company. Answer the following questions: How much will the average customer spend with you per year? A = _____________ If you provide quality service and products, how many years can you expect to keep a customer ? B = _____________ What is your gross profit, as a percentage of revenues? C = _____________ The value (V) of a customer is: V = A X B X C We learned with our network consulting company that the average life of a customer was about 2 ˝ years and the average yearly expenditure was around $10,000. With a gross margin of 35%, each client was worth $8750 to the company. $10,000 X 2.5 * .35 = $8750 If you haven’t used this simple formula before, it can totally change how you view customer acquisition, retention and customer service. Normally you’ll want to spend about 10% of current or projected revenues on customer acquisition. This formula allows you to accurately project what a customer is worth to you over their customer life cycle. A valuable concept to learn and leverage is to go to great lengths to keep a good
customer. The simplest and least intensive marketing efforts are those that you do for existing customers. Stay in contact, educate them on the excellent services you have provided them and the value proposition that you offer.Close Ratios The next important parameter is to calculate your close ratio. This means for every prospect you talk to, how many become customers? We had a close ratio of around 25%. With the above example, assuming a marketing budget of 10% of gross revenues per customer, we had $1500 to work with. With a 25% close ratio, that meant we could spend on average $375 for every prospect we talked to ($1500*.25=$375). This is a very useful tool for making decisions around how much time to spend on proposals, contact, lunches and other prospecting activities.
Bryan Brandenburg has published 5 books as well as a number of articles both in print and on the internet. He has published almost 30 software programs both for consumers and business. More information can be found at www.vmmg.net. b.brandenburg@vmmg.net
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Customer Service – 8 Rules For Good Customer Service |
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