Eight Strategies for First Rate Customer Service
In a marketplace where too many products and services are chasing too little demand, businesses face a daunting challenge: do everything possible to attract and retain customers. The stakes are high: Reducing customer attrition by 5 to 10 percent can increase annual profits by as much as 75 percent, according to a study by The Wharton School. "The next economy will be characterized by customer infidelity. Only those companies focusing on the customer experience will command the loyalty necessary to survive and succeed," says Elliott Ettenberg, a former chairman and CEO of Bozell Retail Worldwide and now president of Ettenberg & Company, Inc., a consulting firm specializing in customer service and turnaround marketing.