Client’s Value Can Mean Lifetime of Repeat Business
Businesses today face increased competition, increasing — and increasingly expensive to comply with — regulations, increasing advertising costs and skyrocketing health care costs.
Boosting your business’ bottom line is more important than ever. According to the Harvard Business Review, if you are able to keep only 5 percent of your clients from going elsewhere, you can boost your profits by anywhere from 25 to 95 percent.
That’s a challenge since a study from U.S. News and World Report revealed that each American business, on average, loses more than 10 percent of its customer base every year. More than 80 percent of those clients are going elsewhere because of a customer service issue, whether it’s poor service, a perceived lack of care or an unresolved complaint.
Consider the “Lifetime Value” of a client to your business. The amount of money they would spend with your business throughout their lifetime is the cost to your business if they are treated poorly and choose never to come back.
Add to their “Lifetime Value” others they will share their experience with, good or bad. When a client shares a bad experience with others it can have a resounding impact, especially with the limitless and lasting exposure of internet reviews.
If you are serious about keeping clients and serious about staying in business, then you have to be serious about providing clients with Out-Of-This-World Customer Service — show sincere appreciation to every client every time.
“Profit in business comes from repeat customers; customers that boast about your product and service, and that bring friends with them.” ~ W. Edwards Deming
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Get off the Wheel Systems and Procedures for Greater Profits & Reduced Stress
By: Diane Gardner
This Book is for you IF…
You are an accountant, bookkeeper, or tax preparer with employees and one of the following describes you: