The U.S. economy is still sputtering, but fortunately there is a solution that is guaranteed to turn things around.
This is not a solution that depends on any political movement, party or candidate. It’s a solution we must implement in the marketplace, one customer at a time. Here’s how it works.
- When you treat customers right, they come back … and they tell others.
- When other people learn how good you are, they become customers, too.
- Keep repeating the process, gaining new customers, treating them right, and on, and on.
- Eventually, with the increase in customers, your company will have to hire more people.
- When more people have jobs, more people spend money and the economy gets stronger.
It all starts with customer service. Just treat the customer right…and yes, you can save the U.S. economy.
Here’s some proof. Various studies and research have proven that:
- Repeat customers spend 33 percent more than new customers.
- A 10-percent increase in customer retention levels can result in a 30-percent increase in the value of a company.
- Dissatisfied customers whose complaints are addressed are more likely to remain loyal than other customers.
- Companies with the highest level of customer satisfaction achieve the strongest sales growth, while those with low customer satisfaction suffer declining sales.
- Two-thirds of customers state that they are willing to spend more with a company that provides excellent customer service.
Think of the impact that a loyal customer brings to the top and bottom line of your business. Loyalty is an opportunity to grow your business – and the U.S. economy!
Realizing that this approach to revitalizing the economy is within our control is empowering. Business owners and their employees can effect change without waiting for the government to act or depending on political candidates’ promises to be fulfilled (or not).
So, how can we offer that level of customer service? It’s easier than you think. My definition of “Amazing” customer service is to be consistently above average. We don’t have to provide over-the-top and “WOW” levels of service. While that may happen every so often, the key is to simply be above average. Now, anyone can be above average some of the time. It’s the “amazing” companies that are able to be above average all of the time. It’s the consistency that will gain the confidence and trust in the customer to come back again and again.
The solution to our economic problems is ADDING AMAZEMENT TO OUR OWN WORKPLACES AND OUR CUSTOMER-FACING PROCESSES.
That is what is going to fix our economy, both on a small and a large scale. That is what actually works and what we need to invest in.
Let’s end with a quote from James C. Penney, the legendary founder of the J.C. Penney stores. He said…
“It is the service we are NOT OBLIGED to give that people VALUE the most!”
We can add that it is the service we are NOT OBLIGED to give that lifts the larger economy. It all starts with customer service. Customer service takes your business to the next level … and stimulates the economy.
NOTE: This is an excerpt from a much larger article I wrote for National Customer Service Week. To access the full article, go to: http://bit.ly/Vuti7x
Shep Hyken is a customer service expert, professional speaker and New York Times bestselling business author. For information contact (314) 692-2200 or http://www.hyken.com. For information on The Customer Focus™ customer service training programs go to http://www.thecustomerfocus.com. Follow on Twitter: @Hyken
(Copyright ©MMXII, Shep Hyken)