In business, just as in real life, good relationships matter. It’s a simple truth that a lot of businesspeople tend to forget. Many place a high premium on networking and fail to give proper care to the relationships that they have already created. While networking can certainly help build awareness and make new sales, the success of your business should not be measured by the number of names in your contact list. No matter whether your business is customer-driven or client-driven, its success or failure is ultimately defined by the quality of the relationships that you have with your “consumers”. When the question comes to customer acquisition vs. retention, the winner is obvious. Customer profitability tends to increase over the life of a retained customer, and acquiring new customers can cost as much as five times more than satisfying and retaining current customers, as pointed out by Emmet C. Murphy,…
Category Archives: Customer service
Guest blog by: Jillian Petrova Employees require effective feedback in order to deliver their best at work, and it is up to their managers to provide them a productive feedback. But what exactly is “effective” feedback and how can a manager be effective in his or her feedback? Read on to know more about how you as a manager can provide your employees with feedback that will help them deliver their utmost at the workplace. Don’t: Exaggerate Avoid the use of the words “always” and “never” as these will only antagonize your subordinates and not make them receptive to what you have to say to them. Do: Be Timely The best feedback is a feedback that is delivered quickly. If you take your sweet time about delivering the feedback, your subordinate may not recall the exact details of the event that took place, rendering the feedback irrelevant. Don’t: Resort To…
Really Find Out What’s on Their Minds – The Benefits of Qualitative Interviewing Many firms hold meeting after meeting discussing among themselves the need to discern what improvements they must make to better serve their clients. What often happens is internal folks talk about what clients probably like and dislike. In other words, there’s much conjecture, but few hard facts. We have a novel recommendation—go to your clients and “ask ’em!” The art of qualitative interviewing can uncover excellent insight into what’s working and what’s not. It’s also a very productive approach when a firm is trying to determine its positioning and sales message.
Soft Skills: Getting Clients to Talk to You What does it take to be competitive, really competitive, in this current market? Is it a good product or service that is reliable and meets a need? Is it a good “story” about what you offer and how you can differentiate yourself? The answer is, “Yes” to both, but good products and services and a good story are the minimum requirements to stay in business in this increasingly competitive landscape.
What Are Your Customers Worth? Establishing a Strategy for Managing and Leveraging Client Relationships Like most businesses, your firm probably takes a periodic look at the profitability of your client base. Perhaps you segment your client base according to product area, or by total client assets, or by some other measure.
The Boston Globe ran an article about the results of a “checkbook” survey to consumers. Consumers gave overall low ratings to many of the larger, well-known institutions in the Boston area. The survey asked about past experiences with these firms. Why did consumers give such overall low marks to the firms in question? Well, many of the firms that didn’t fare well questioned the “reliability of the ratings”.