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Just look at big, successful retail chains: They let you return perfectly good merchandise just because you changed your mind. Is that insane? Yes, pretty much, but it's also good customer service, and it's a good investment, and the "secret" of success, for a lot of big companies. The Drawback of Hacking Off a Blogger Through Weak Process Gaps and Pathetic Customer Service With all of the recent data theft in the financial sector, it is important to make sure that we don't go crazy trying to protect ourselves from risk. Risk management does have a value but this value lies mostly on the front end. Reactionary risk management almost always produces a point at where the value of protecting oneself or one's customers overshadows the product or service that you are offering. The majority of companies always go beyond this point, some thinking they can even sell it to the customer as a security measure and build their brand with it. 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Leverage Customer Capital First If you're still dreaming about raising outside capital for your business before you have any paying customers, I've got a nice big bucket of ice water to throw on you. Wake up! The cold reality is that investors aren't interested in your business idea unless you can demonstrate that you've got customers who are actually willing to buy. Before you try raising outside capital, you should focus on building your Customer Capital. Customers - What They Really Want - 6 Secrets of Customer Service What customers really want can be divided into two areas. CEM Can Improve Customer Loyalty 'A 5 percent increase in customer retention increases profits by 25 to 95 percent.' One Critical Question to Ask Yourself Every Day What happened to the old saying, the customer is always right? I'll bet every one of you reading this article has a "customer service nightmare" story to tell. My most recent nightmare experience took place recently when my business partner and I went in to a wireless phone store to purchase two new pda wireless phones. We told the young man who greeted us that we had only one question: is this phone compatible with the database software we intend to purchase? "I don't know," he said, "Most customers do the research on this before they come in." We politely requested that if he didn't know, he find the answer. He told us we could call the company ourselves, that he didn't have time to be put on hold with them. As you can imagine, we left without spending what we felt was a significant sum of money. And of course we've told at least 10 other people about the disappointing service at that particular store. |
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