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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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