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by / Monday, 03 November 2014 / Published in Guest Recovery, ServiceCheck Solutions

Customer recovery can prove a significant challenge for businesses in many sectors of the marketplace. In a world of ever-increasing competition and decreasing customer satisfaction rates, even retaining happy customers can be a challenge. But winning over an at-risk customer who might leave for a competitor is worth its weight in gold; in fact, a study shows that 95% will give you a second chance if you resolve in a timely manner.

Abstractly, a customer leaving your business for a competitor will reduce your market share and increase the market share of other businesses, which can have a cascade effect. But more concretely, a customer whose needs and concerns are recognized is more likely to remain loyal to your business in the future, and more likely to bring new business. One study shows that a customer whose issue has been resolved to their satisfaction will bring you 3 new customers. The compound effects of this process can yield an exponential increase in lifetime customer value. To learn more, contact us for a one-to-one review of your organization’s customer recovery challenges.

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