Exam 9: Recover the Potentially Lost Customer
British Airways finds that "recovered"customers give the airline more of their business after they have been won back.
True
Describe the costs of finding new customers versus those of retaining current customers.
Finding new customers can be significantly more expensive than retaining current customers. The costs of finding new customers include advertising, marketing, sales efforts, and potentially offering discounts or incentives to attract their attention. This can be a substantial investment, especially if the target market is competitive or saturated.
On the other hand, retaining current customers typically involves lower costs. This is because the relationship has already been established, and the customers are familiar with the brand and its products or services. A company can focus on providing excellent customer service, loyalty programs, and personalized communication to keep current customers engaged and satisfied, which can be more cost-effective than constantly seeking out new customers.
Studies have also shown that retaining customers can be more profitable in the long run, as repeat customers tend to spend more and are more likely to refer others to the business. Therefore, while finding new customers is essential for growth, it's equally important to invest in retaining current customers to maximize the overall return on investment.
Rehashing a bad customer interaction is a good way to learn from it.
Positive language conveys more of what than negative language?
Discuss the numbers behind selling to lost customers versus selling to new customers.
Managers who thought they did know their company's loss rates said they lost how many customers every year?
What percentage of its customers will an average company lose every five years?
Which of the following behaviors is NOT characteristic of aggressive people?
Giving something to the customer to make up for the problem they have had is:
Before you can feel the customer's pain, you need to make sure you have a clear understanding of the problem.
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