The first question of any business is to understand WHAT
business you are in.
Most people think McDonald's is in the restaurant or
hamburger business, but many analysts through the years have
observed that they are actually in a variety of businesses.
They are certainly in the real estate development business.
They are in the entertainment business. But most of all,
they are in the customer service business.
Every business is first, last, and always in the business of
providing superior service to its customers.
It costs a fortune to attract a new customer. The time,
money, energy, anxiety and effort to get a new first-time
customer in the door is a huge expense. No business has the
resources to keep attracting and serving only new customers.
The key to profits is in keeping and serving the customers
you already have.
Some studies show that it costs up to 85 times more money to
get a new customer than to make an additional sale to an
existing customer.
No matter what business you think you are in, your first
business is keeping and serving and partnering with your
customers. It's often called customer retention although it
goes by many names, but the principle is always the same:
Nurture and keep your customers!
Customer service is about reliability and it's about
relationship. It's about trust. It's about the quality of
your product, but even more essentially, it's about the
quality of your service before, during and after the sale.
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