This week, World of Business Change founder Sarah Barrett spoke to the Natwest Entrepreneurs Breakfast Club in Manchester on the importance of establishing a customer feedback strategy early in the life of a business, sharing customer feedback best practice and demonstrating in practical terms how establishing a customer centric culture really drives the bottom line.
Customers are the source of golden nuggets of FREE information that can turn a good business into a great business. During start up SMEs are super sensitive to their customer’s wants and needs. The CEO knows every customer and employee by name. However all too often businesses don’t recognise the need to establish their customer feedback strategy early enough in the game and as businesses grow the pressure and mechanics of ‘doing the day job’ overshadow the focus on the customer. When this happens businesses find themselves in situations where they are basing key decisions on historical relationships rather than today’s customer and this can be costly. Did you know:-
• A 2% increase in customer retention has the same effect as decreasing costs by 10% – Leading on the Edge of Chaos, Emmet Murphy & Mark Murphy.
• The probability of selling to an existing customer is 60 – 70%. The probability of selling to a new prospect is 5-20% – Marketing Metrics.
• A customer is 4 times more likely to defect to a competitor if the problem is service-related than price- or product-related – Bain & Company.
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