From a Seth Godin Blog…
What is a customer worth?
If you ran a business where a customer represented and additional $2,000 in profit, how would you staff? How long would you make someone wait? If staff costs $25 an hour, how long would that extra person take to pay off?
Few businesses understand [really understand] just how much a customer is worth. Add to this the additional profit you get from a delighted customer spreading the word – it can easily double or triple the lifetime value.
Here’s how you’ll know when you’ve really embraced this – a good customer walks out the door in a huff and you turn to your partner and say, ‘There goes $74,000.’
In my last blog, I focused on the customer. I said that if you help your customers be successful, you will be successful. Seth’s blog puts this into clear focus.
An entire industry has been created around the customer – Customer Expectations Management.
Terry Schurter talks about ‘moments of truth’. At the heart of every customer experience are Moments of Truth. Innovation on Moments of Truth is fertile ground for building customer loyalty, expanding market share, and remaking entire market places. These “customer processes” are rarely documented, designed, managed or controlled as “end-to-end” processes even though they represent our entire relationship with our customers.
How many of you have examined your ‘moments of truth’? If you want to be the company that breaks out of the competitive quagmire, wouldn’t this be a good place to start?
How are you managing customer expectations?
Keeping it Real!