By: Bryant Nielson
I am not the originator of this list but found it instructive as to the success and failure of companies.
- A lost customer means lost feedback and the opportunity to improve.
- A lost customer means lost sales and revenue that is lost forever!
- A lost customer causes asking, “Why didn’t we recognize the problem before losing them?”
- A lost customer means having lost a testimonial to use in selling to others.
- A lost customer opens us up to potentially negative word-of-mouth that might affect our reputation with prospects, customers, suppliers and staff.
- A lost customer means having lost all their possible future referrals.
- A lost customer has a negative impact on the confidence of our entire staff.
- A lost customer increases the urgency to prospect for new customers (and often at the worst time).
- A lost customer and the resulting reduced revenue can slow or even halt plans to grow.
- A lost customer means less money available for payroll, commissions and benefits for the work force.
- A lost customer can demoralize the sales and marketing staff.
- A lost customer may become an unexpected opportunity for the competition.
- A lost customer means a distraction from other important issues.
- A reputation for losing customers can hang a black cloud over the ability to find and hire the right personnel.
- A lost customer can be the beginning of a reputation for losing customers that hangs like a black cloud over the ability to find and hire the right personnel.
- A lost customer can degrade an image and reputation in the marketplace.
- A lost customer forces undertaking tasks and changes that weren’t wanted or planned.
- A lost customer can have a damaging impact on our sales projections, cash flow, receivables, and payables.
- A lost customer can cut volume and prohibit meeting buying commitments with suppliers and vendors.
- A lost customer can trigger the need to spend un-budgeted funds on marketing, research, new customer acquisition, etc.
- A lost customer can disrupt inventory levels, inventory investments, ordering procedures and reorder frequency.
- A lost customer may cause the need to refocus priorities and go in a totally different direction.
- A lost customer can cause the need to focus attention on poor performance rather than growth opportunities.
- A lost customer can cause doubt about the validity of service fulfillment and pricing strategies.
- A lost customer causes hard work in an attempt to regain the business.
- A lost customer can cause overreacting and even panic when confronted with similar situations with existing customers in the future.
- A lost customer can discourage a prospective salesperson from ever trying the job.
- A lost customer can lead to an accounting, collection or legal nightmare.
- A lost customer can devalue the worth and scalability of a business.
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