Debbie Mayo-Smith international inspirational motivational how-to speaker technology, time management, improving business performance
Motivational Speakers, Sales, Marketing, Time Management, Productivity, Technology, Tips

Tell staff the cost of getting it wrong


Your staff should know that customers who never return can cost you a lot of money. Share this formula: if a customer spends $10 with you every month, that’s $120 a year; if they stayed with you for 10 years, they would spend $1200; but if they left after the first year,
you would lose out on revenue of $1080 (nine years at $120 p.a).

It gets worse
The customer will probably tell 13 other people about their bad experience. Canadian research found 50% of people surveyed said they had avoided doing business with a company simply because of a bad story they had heard.

And worse
If your unhappy customer tells 13 others and six of those people avoid doing business with you – and they too could have spent $1200 over 10 years – you would miss out on a further $7200.

How often could you afford to have this happen?

 


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