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COSTomer Service

COSTomer Service

by Sid Raisch

New customers have been a boon of 2020 in 2021. There are clear signs that the gain is slipping, and we need to take fast action to secure the customer. The first rule to building our business is to keep your customers (including the new ones) or it will take even more new ones to make up for those we don’t keep. By my definition, a new customer isn’t yet a real customer until they come back. They are a distinct possibility of becoming one if we handle their experience well.

Let’s pause a moment and ask ourselves, “Where have these new customers been?” That’s an important question, but one for another day. They’re here, and now we get to welcome them, integrate them, and keep their interest. Exactly how are we going to do those things? What is the plan?

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What is a Customer Worth?

What is a Customer Worth?

by Danny Summers

Several weeks ago you may remember I asked these questions:

  1. What is a Customer Worth to You (over a lifetime)?
  2. What is the cost to obtain a new customer (in dollars)?

The reason I asked was because I was reading comments from owners or managers who were having issues with seemingly unreasonable customers and it sounded like they were ready to say "Good Bye" to the customer(s). Before you ever get to the point of "firing a customer," I believe you need to have at least an idea of your answers to the above two questions. I understand sometimes you just can't please everyone and the answers to these questions can vary greatly, but this is a fundamental idea.

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