Money Talks – Customer Service and the Economy with Barbara Goldsmith Part 1

Welcome to money talks today i’m going to be talking about customer service and how it affects the global economy when a country is experiencing an era of prosperity we so often see the level of customer service slipping greatly people who work in retail especially those who are on commission often feel that they can let their customer service skills slide because

There’s always another buyer right around the corner and for many years most countries have experienced prosperity nowadays looking at the global economy it’s patently clear that the economy is in deep trouble customer service has hit a new low and if we don’t change our attitudes about work and service more businesses would be forced to close and more people will

Lose their jobs and be out of work you cannot separate customer service from the bottom line with so many people competing for business the only ones who will survive this economic downturn will be those who know how to give excellent service studies show that a typical dissatisfied customer will tell six to ten people about the problem while a typical satisfied

Customer will tell one to two people and it costs six times more to attract a new customer than it does to keep an old one and of those customers who stop doing business with you sixty-eight percent do so because of an attitude of indifference by the company or a specific individual about seven to ten complaining customers will do business with you again if you

Resolve the complaint in their favor if you resolve a complaint on the spot however ninety-five percent of your customers will do business with you again how can you afford to ignore these statistics as a business owner you stand to lose a lot of money and perhaps even your business if you ignore these statistics as an employee you stand to lose your job if you

Don’t pay attention to your customers needs in the old days people were expected to do their job and to do it well and if they didn’t they were fired today we’re living in litigious times due to the recent spate of lawsuits companies were afraid to fire people for fear of being taken to court so now they’re stuck with employees who don’t really care about the

Company who are poorly trained and whose attitude of indifference gives customer service a bad name and this is contributed greatly to the failing economy in fact goods customer service is so rare that nowadays we found ourselves praising company employees profusely just for doing their job in other words we’re getting accustomed to employees who are not properly

Trained who have no job skills who cannot think their way out of a paper bag and who are absolutely indifferent to their customers needs and we wonder why the economy is in such bad shape we’ve already seen how manufacturers use the concept of planned obsolescence if your washing machine has a warranty of three years we can almost be sure that it’s going to be

Ready for the rubbish heap in three years and one week there was a time when a washing machine would last forever in a day and if you needed service the store would send someone who was reliable and knowledgeable and capable of fixing that machine customer service is the bedrock of any business whether you provide a service or a product if you are diligent about

Keeping appointments being on top of follow-ups correcting problems immediately and having a cheerful cooperative attitude you can’t help but be successful no matter what the economy during the great depression of 1929 with twenty three percent of the population unemployed and standing on bread lines in the united states there was still enterprising people who open

Businesses or continued businesses that have been in operation and who made a great deal of money people who were willing to work hard and go above and beyond what was expected of them people who persevered who didn’t give up hope but who forged ahead in spite of every hardship they encountered i worry about people being unprepared emotionally and financially for

The hard times yet to come of all the things we can do to turn this economy around good customer service seems the easiest in theory what could be easier than having one of your employees greet people at the door with a smile and welcome them to the store asking how they can help them yet more often than not a potential customer walks into a store no one says hello

To them no one asked them if they need help nobody’s anxious to handle their complaints and no one seems to want to get their business several years ago i heard of a store manager of a high-end department store who had a customer who just bought an expensive outfit from the store and she’d no shoes to go with it the store manager sent her thirty two pairs of shoes

Delivered to her home the very next day and told her to take what she needed and send the rest back i am sure that that customer will do business with that store for the rest of her life and that store manager will not only have gained the most loyal customer and all her family and friends but he will have increased the stores profitability just buy that one act

Don’t go away when i come back we’ll explore the various ways that customer service affects the bottom line

Transcribed from video
Money Talks – Customer Service and the Economy with Barbara Goldsmith Part 1 By Barbara Goldsmith