The Rockefeller foundation did a study a while back specifically to determine “why do customers leave a company?”
A very substantial 68% leave a company because they believe you don’t care about them. That’s significant. And if you look at the other numbers, 14% are dissatisfied with the service, and 9% are persuaded to go to a competitor. Those are things we can control. We can learn where we are going wrong and make improvements to fix these problems. The others, like: death, customer leaves the market, or goes to a friend are all natural attrition factors we can’t control.
The other very important thing to note here is what is not mentioned. And that is price. This is a clear indication of how price flexibility is not a problem as long as you have everything else right.
One thing these stats, in particular, that of 68% of customers leave because they believe you don’t care about them, tells us is once we have gotten their attention, we have to work to hold their attention and work smart to build trust and credibility with every lead, prospect, and customer. We have to demonstrate we care.
That takes strategy and process. But, once you have it in place you will be able to attract and keep more customers and will enjoy being able to charge higher prices than every before, and with less effort.
Get processes in place that demonstrate you care about your customers. The payoff is more repeat buyers, higher ticket transactions, and faster growth.