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Losing 1 Customer Costs $$$$

Calculate the Life Time Value (LTV) of your customers and ask all your client facing colleagues to do the same. Then explain that 1 unhappy customer may tell as many as 16 (even more these days via the internet!) and calculate the lost business. A simple way to calculate LTV is to work out how much a typical customer spends in a year than multiply that by how many years they may be a customer. For example if I buy $100 of groceries per week, that’s $5,200 per year and assuming I could shop at the same store for say 30 years, this will make my LTV to the grocery store of around $5,200 X 30 = $156,000 ! Then multiply that by the effect I may have on the grocery business if I am unhappy with their service and wow they could be looking at around $2.5million ($156,000 X 16 people I tell) in lost business!! (this is a simple way to calculate LTV and not exact) Maybe your staff needs to know this key bit of information! ContactCenterWorld.com

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TIPS

If you currently work with, or plan to use an outsourcing company, it is worth spending the time to produce a service agreement covering all aspects of service delivery such as service levels, costs, time to action system changes, training costs etc.... Read More...
March 3, 2021 5:00 AM
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When you train your staff, make sure everyone completes a Stop-Start-Continue sheet at the end of the training sessions. The best way to do this is to take a standard page and split it into 3 with the heading STOP – where agents write a note to say w... Read More...
March 2, 2021 5:00 AM
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