As someone who frequently writes about Office 365, I receive many communications from PR representatives of various companies who would like to advance the name of their company and increase awareness of their activities. Many of those communications relate to Office 365 and what the company is doing to help manage/control/assist/facilitate the transition to the cloud. It’s part of the publicity game and sometimes interesting information is provided.
Having confidence in your ability to run your business is an important thing to have, but it doesn’t matter how much confidence you have if your customers beg to differ. After all, without them, your business wouldn’t be where it is today. This is why it’s important to listen to what your customers say, and if it’s not positive, you need to resolve the problem as quickly as possible.
The reason you need to fix problems with upset customers (sooner rather than later) is largely based upon how connected today’s generation is thanks to the Internet. Users can share their experiences in the blink of an eye. If their reviews are good, then great; you just got a repeat customer. However, if they aren’t happy with the services rendered, you can be sure that the Internet will hear about it, and the rest of the world by extension.
How Customers Build Your Business
As a business owner, you share a symbiotic relationship with your customers. They require a service, and you provide them with a quality solution to their predicament. Your organization can’t survive if you have no customers, which means that you need to make sure that they’re satisfied if you want to stay in business.
According to Vision Critical, it takes somewhere between 10-to-12 positive reviews to make up for one negative review. What’s worse is that 80 percent of people won’t buy products or services from a business with negative reviews. If there’s anything that can cause the death of a company, it’s a lack of customers and a lack of business.
Other statistics concerning unhappy customers include:
- Customers are three times more likely to tell their friends about negative experiences, be it on social media or through word of mouth.
- Businesses with an average of three stars or more on Google Places get 87 percent of all clickthroughs.
- Restaurants in the Seattle area reported 5-to-9 percent increases in revenue gained following positive reviews on Yelp.
A Ton of Cash is Lost Due to Unhappy Customers
Because of the extremely competitive nature of business, customers who you can’t satisfy will probably ditch you and find someone who can. You’d be surprised how much profit is lost every year to unhappy clients. Here are some rough statistics that explain how much unhappy customers can cost your business.
- In the U.S. consumer market alone, there’s around $1,300,000,000,000 on the line. Yes, you read that right: trillion, with a capital “T,” and thirteen figures.
- 51 percent of customers will switch businesses or service providers due to poor customer experience.
- 81 percent of customers who switch businesses claim that the company could have prevented them from leaving.
- Totaled together, that’s approximately $537,030,000,000 lost by unhappy customers every year.
It’s understood that customers who are satisfied with your services will generally contribute more cash (up to 14 times more) than a dissatisfied customer. In most cases, it’s much more lucrative to retain your current customers than acquire new ones. It costs 6-7 times more cash to generate new leads than it does to keep your current customers. If you take care of your clients, they’ll repay your business in kind with their continued loyalty to your brand.
What are some of your favorite ways to show your customers you appreciate them? Let us know in the comments.
The point of living in a world where technology takes over everything is that it’s supposed to make life easier. Although, keep in mind that imperfect humans are responsible for creating these technologies. Therefore, technology is flawed, maybe even to the point of putting people in harm’s way. This fundamental truth makes for an uneasy trust between man and machine.
Take for example a tragic incident that occurred last month at a Volkswagen plant in Germany, where a robot was actually responsible for the death of a worker. This robot was designed to piece together cars by moving and manipulating auto parts. According to The Guardian, the error occurred while the robot was being set up by a team of technicians. Due in part to a human error (supposedly), the robot grabbed the worker, instead of an auto part, causing critical injury.
A second example of why we should be suspicious of robots comes from the road. Led by the efforts of Google, several major technology companies are developing and testing self-driving cars. As great as it sounds to sit back and play magnetic travel chess while a robot chauffeurs you around town, the high number of reported fender benders from the testing phase gives us good reason to be a little nervous. Think about it, how do you feel about being on the same road as fast-moving, metal-death traps that are vulnerable to hacking attacks?
Buried deep in the human psyche, connected perhaps with our survival instincts, is a mistrust to give up too much control to something (or someone) that we don’t fully understand. When it comes to machines and computers, just how much do you understand about how they work? Unless you’re a computer programmer or an IT technician, it’s likely that you don’t know enough about these machines to totally erase the fear that robots will one day rise up and enslave us all. This is why science fiction movie franchises are exploring this narrative in fantastic detail, like The Terminator and The Matrix, have connected so deeply with people’s imaginations (and wallets).
Just how safe are you from the technology that you’re dependent upon? While it’s unlikely that you work with battlebots equipped with saw blades and flamethrowers, or that you play traffic roulette with a driverless car, you’ve got a lot riding on your company’s data. In fact, it would take just one major disaster for your system to crash, causing major data loss. This kind of a data loss disaster can potentially ruin a business, and by extension, your livelihood.
A disaster like this can happen at the hands of an incompetent user, an error from an imperfect machine, or even something else entirely, like a random act of nature. One way to gain peace of mind while living under such a looming threat is to learn more about the machines that you trust with so much responsibility, and it’s unlikely that you’ve got the time to analyze and understand the inner workings of your computer network. Alternatively, you can outsource the care and maintenance of your machines to the knowledgeable IT professionals at Amaxx.
Because, at the end of the day, who do you trust more; man, or machine?