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Sep17
Understanding the Lifetime Value of a Customer

Thanks to Gabriel Salcido of Servimétrica for forwarding an article by TJ Schier, author of Now That's QUICK Service That Sells! And president of Incentivize Solutions. The title of the article is “The Complaint-O-Meter” where the author talks about understanding the lifetime value of a customer. Many employees are willing to fight tooth-and-nail over a few dollars - obviously just thinking about the short-term. Those few dollars could have cost the company thousands and thousands of dollars because that customer could have been a very frequent customer who would have spent a great deal of money had the employee not made them angry.

I had a coworker at Nordstrom who would get so upset when a customer would try to return shoes that have been worn - claiming some “bogus reason” for returning them. There were quite a few times when she would get into arguments with customers. The shoes cost about forty bucks - why argue? It wasn’t worth it to me. Sometimes you have to sacrifice a few dollars to make thousands of dollars...

Anyhow what’s most notable about TJ Schier’s article is this line: “...Gauge where the customer is on the Complaint-O-Meter in their mind and handle their problem accordingly --- they just want it fixed.”

They just want things fixed.  That's it.  Simple, huh?


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