Customer service means being aware of needs, problems, fears and aspirations. Numerous studies have shown that the cost to acquire a customer is seven to ten times the amount of retaining an existing customer. And according to The Harvard School of Business, even a 5 percent improvement in customer retention can result in up to a 75 percent increase in profitability.
How then, do companies retain a loyal and consistent customer base? They listen to their customers, learn from them, and adapt their operations accordingly. The most powerful training tool an organization can possess is customer feedback about its products and services. Understanding your customers’ needs and perceptions can give you an edge over the competition by improving your operations, including:
• Delivering enhanced and consistent customer service
• Turning employee weaknesses into strengths
• Allocating resources in the most effective manner
• Motivating employees with...
