We all know that the cost of acquiring new customers can be very expensive. Depending of course on the product you are selling, the cost of getting a new customer can be as high as $1,200 or more. One of our clients maintains that the cost of obtaining a new client is over a thousand bucks.. If you do the financial analysis, the cost of losing a client long term has huge effect on your bottom line.. The truth is, sometimes it does, and it doesn’t matter how much effort we put out.. And if you lose the customer, and dont learn from it and make improvements, shame on you as a manager/owner. I have always said, its not so bad that an employee makes mistakes, as long as they learn from them. And the key is, if they continue the same behavior, something needs to change..

The best lessons learned come from the teacher, so question your customer why they left.. And this generally involves a phone call to the lost client to find out where you went wrong. The truth is, most business people don’t want to put out the effort to recover a lost client, which is why they ignore lost customers.. Since you have already lost the client, you figure, why rub salt in the wound, or give them a chance to rub it in. However, as I have discovered when conducting this activity for clients, on more than one occasion, we were able to rescue the client. Since we demonstrated to the client that we were concerned with the level of service, some of the clients actually gave us another shot.. This can only be a positive outcome.. We obtained a lost customer back, and sharpened our customer support as a result, which may have saved others.

The Lost Client Survey should always be conducted over the phone, or even better, in person when possible. I would try at least three times to reach the client, and after the third, make a personal call to the place of business, or if not possible send them a letter of apology along with a free coupon that they might appreciate. They will appreciate the effort whether they come back or not.. It is rare that they will throw away the questionnaire and keep the coupon, but if they do, it will have a lasting effect on them nonetheless. And if your method doesn’t work, you are better off firing the customer and moving on.. Basically this sends a loud message that you care..

Open with an apology whether you know enough or not, then begin questions. Your apology always opens the door to a better relationship.. Interview your people to attempt to understand the issue, but do not describe it to the customer. Whatever you do, allow them to talk and communicate to you.. I know its hard to believe, but your folks dont always shoot you straight anyway. It’s a big mistake to pass the buck to the person that screwed this up, take the project on yourself.. They are the worst person you want doing this. If they left because of you, and you are the management, put your ego aside and strive to ask honest questions such as, where did we go wrong?. Make sure that your questionaire for the client is detailed, but easy for you to analyze, and your people can get access to it easily.. If your employees observe that you take service and support serious, they will too..

In part 2 of this series, well develop some suggestions for survey structures that may be helpful to you.

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IT recruitment agencies target the IT professionals who have specific skills in niche areas as they are always in high demand and these candidates can be placed at various levels across organizations. IT professionals who possess talent do not respond to job postings and advertisements. These IT professionals prefer to stick to IT recruitment agencies that have placed them in the past.

IT based organizations consider hiring new staff or re placing candidates as an important decision and IT recruitment agencies ensure that these organizations do not hire the wrong talent as this can provide the organization with effective results. IT recruitment agencies strive towards removing all unwanted candidate resumes and shortlist the best talent which is most suited for an organization. Increase brand value for the agency which can enable the candidates to stay in an organization for a longer time. In recent times; there has been a major turndown in the IT industry and this has led to most organizations to depend on IT recruitment agencies for staffing solutions. IT based organization can be ensured a bright future. IT recruitment agencies have now gotten accustomed to the various changes in the market which occurs on a regular basis and can bring about improvements to the recruitment process. A huge talent pool of qualified professionals which can increase the network of qualified professionals for organizations can be provided by the IT recruitment agencies. Training and development which can bring about a stronger recruitment solution with the IT recruitment agencies. IT recruitment agencies can improve the solutions they provide to organizations in order to survive in the industry. This enables IT recruitment agencies to provide better solutions to organizations. Oganizations can embark on projects which were initially inevitable with the need to consider the recruitment process which can provide better solutions with the help of IT recruitment agencies. IT recruitment agencies have now noticed a number of organizations considering recruitment for most of the vacancies. IT recruitment agencies and the effect the have on the IT industry which enables the organization to become more competitive and organizations too have realized the need of IT recruitment agencies.

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The unhappy the fact is: a few prize greeting cards usually are not actually gratifying their consumers. An example of this is actually the air travel pay back greeting cards which is actually scaling returning at the time of these days. Those advertisements similar to totally free routes, couch improvements, as well as other available benefits have grown hard to be able to get that can actually let somebody to be able to costly items than what is common back then. With this, take care not to invest all of your time and expense in to a thing which can be not really rewarding anyone anything at all with consumers.

For you to spot the top prize cards there is, you’ll find queries you need to first try must yourself. Can you occur to vacation collected from one of place to another most of the time? If sure, wide range of homemade cards supplies benefits that are outside of air travel offers. You need to look for cards which may give you points and discount rates you could apply for leasing vehicles and also hotel rooms. These kinds of expert services might help a lot more compared to those hard-to-get free travel arrangements.

You must also ask regardless if you are the type of cardholder who creates it a point to cover their dues completely constantly. If that’s the case, you can absolutely enjoy the benefits written by incentive handmade cards nevertheless if you happen to eventually carry any harmony from thirty day period to a new then you can only stick with low-interest charge cards. Reward cards constantly come with higher awareness rates.

As good as that looks, which hold unique disadvantages. Some pay back cards are available using very high annual fees that individuals know that the fee is much above the actual returns that they earn. In addition, it’s not at all usually easy in order to get all of the earned rewards therefore it can be profitable to comprehend the particular insurance plan let me give you.

I thought you might be interested in this article: low interest rate credit cards, 0 apr credit cards and 0 balance transfer credit cards

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There is recently a common concern often asked by new users of credit card APR, what is APR?

APR is standing for Annual Percentage Rate which is stating the rate at which you may pay in interest in case you miss a payment, carry over a balance, take out a cash advance, or when you transfer one credit balance to be able to another card. Credit card APR is the desire rate as a yearly rate.

There are numerous types of credit card APR. A single credit may have a number of different APR’s. Here are some APR choices of credit card:

a. Introductory APR – This sort of APR means that a numerous rate may be employed after an introduced expires, generally 6 months to be able to one year.

b. Multiple APRs – Some plastic cards arrive with many APRs, one for buys, 1 for balance transfers, plus an additional one for money improvements. APRs for money advances and also balance transfers are bigger than those for purchases. (for case in point, 13% for buys, 18% for balance transfers and also 19% for money developments).

c. Penalty APR – One more type bank card APR  is penalty APR. It can get bigger when you miss a payment or much more. For case in point, your card agreement can contain a message such as this, “If your payment is obtained more than 14 days late a lot more than 1 time in six months the penalty rate can be employed to your account.”

d. Delayed APR – This sort of APR offers a several rate that may be applied inside the future, after having your account for some time. For case in point, a card business can be advertising that there is zero desire until Can of following year. Beware of the larger bank card APR that may be used at that time. Occasionally it can be a important raise.

e. Tiered Charge card APR – In this type of APR interest rates are employed in order to the various several levels of the remaining balance you have (for case in point you can have 14% on balances of $1-$500 and also 18% on balances above $500).

We have other guideline can you interested in reading : merchant credit card services and 0 APR credit cards

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We all know that the cost of acquiring new customers can be very expensive.  Depending of course on the product you are selling, the cost of getting a new customer can be as high as $1,200 or more.  I have a client that sells medical equipment, and he told me the cost of landing a new prospect and converting them into a client is a minimum of $1,200 per, and that figure is low compared to some of the other equipment that they manufacture and sell.  Conversely, the cost of losing that customer runs into the tens of thousands over the course of a year or more, thus they spend a great deal of time and money to insure that the event does not happen.  But, sometimes it does, no matter how hard we try.  And if you lose the customer, and don’t learn from it and make improvements, shame on you as a manager/owner.  I have always said, it’s not so bad that an employee makes mistakes, as long as they learn from them.  But if they continue to make the same mistake over and over, something needs to change.

One way to “learn” from losing a client is what we call the “Lost Client Survey”.  And this generally involves a phone call to the lost client to find out where you went wrong.  Unfortunately, most people don’t want to go through this much pain for what they may not perceive as gain.  Since you have already lost the client, you figure, why rub salt in the wound, or give them a chance to rub it in.  However, as I have discovered when conducting this activity for clients, on more than one occasion, we were able to rescue the client.  And because we cared enough to follow up and show the lost customer that we cared, on several occasions, that same client was unhappy with the service they received from the new vendor, and came back to us to give us another chance.  Thus a win/win situation evolved.  We obtained a lost customer back, and sharpened our customer support as a result, which may have saved others.

The Lost Client Survey should always be conducted over the phone, or even better, in person when possible.  If after the third attempt, the client will not respond, then send them a questionnaire form by snail mail and enclose a five dollar coupon for Starbucks or Panera Bread.  It is rare that they will throw away the questionnaire and keep the coupon, but if they do, it will have a lasting effect on them nonetheless.  If it doesn’t, you are better off not doing business with them anyway.   And the coupon sends them a strong message, you care about their business.  

Begin the survey with an apology for whatever you have done to lose their business.  Interview your people to attempt to understand the issue, but do not describe it to the customer.  Allow them to tell you.  I know it’s hard to believe, but your folks don’t always shoot you straight anyway.  And do not pawn this practice off on the person that dealt with them.  They are the worst person you want doing this.  If you were the reason they left, and you are the boss, eat your crow and apologize and conduct the survey.  Write the survey questions out, write the answers, and file it away or post it for other people in your organization to see.  If your people can see that you are serious about customer service, they will be too.

In part 2 of this series, we’ll develop some suggestions for survey structures that may be helpful to you.

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