03 Nov '11, 1am

Are Your Customers Always Right?

Are Your Customers Always Right?

by Betsy Kruger, author of “Top Market Strategy: Applying the 80/20 Rule ” In business, the squeaky wheel almost always winds up getting the grease. Customers tend to be rewarded for complaining, but that strategy leaves money on the table. No one likes hearing a complaint, so when a customer complains, a business quickly and resoundingly rectifies the complaint. The problem with this strategy is that disgruntled customers bring in less profit than loyal customers. Your business should focus on gratifying your most profitable customers. Contrary to popular opinion, the customer is not always right. It’s wrong to reward complainers. You should reward loyal customers since they reward your business with higher profit. You should value their business since loyal customers value your business. The 80/20 rule governs all results, including profits from customers. When you sort ...

Full article: http://www.youngupstarts.com/2011/11/03/are-your-customer...

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