Many people believe that price is the reason why clients leave most companies. However, a careful analysis fails to bear this out. If price were the driving force behind how we buy, we would live in the cheapest houses, buy the cheapest clothes, eat the cheapest food, buy the cheapest cars, etc. This is clearly not how we live – we buy according to perceived value!
The three studies about why clients leave companies concluded that 67%-68% of client departures result from presumed indifference on the part of the company. Price accounts for only about 9% of departures.
What is indifference and how does it look to your clients? Indifference can be defined as a lack of interest or concern by employees toward clients, whether real or perceived. Examples include failing to return a call or e-mail promptly, not following up on or missing a promised deadline, or the body language or tone of an employee’s voice when speaking with a client. Indifference communicates clearly, “I don’t care about you or your business” and it’s all too rampant today. As clients, we’re accustomed to employees who show their indifference toward us. In some companies, this is the norm.
Thus, when an employee truly takes a moment to connect with us, says “Hello,” or asks “How can I help you,?” it can make the difference in where we choose to place our business. Would you rather interact regularly with indifferent employees or with those who show that they care about you?
I was recently at a client’s office, when she told a customer service representative, told by, “You saved my day!” The CSR replied, “Thanks very much, have a good day.” her response fell flat because it was rote and failed to match the enthusiasm that the client was expressing. Better responses would have been, “I’m happy that I saved your day,” “I love saving a client’s day,” or “I hope your day stays great.”
Also, every positive interaction with a client increases his/her loyalty by 20% or, if negative, decreases loyalty by 20%. These situations offer golden opportunities to delight clients and increase their loyalty when interacting online, or speaking directly in person or telephone.
This statement highlights the vast difference that a caring employee can make with a client who is about to leave.
“I went to the Chase branch across the street from the corporate area where I work, intending to close my recently opened account because I had not received my debit card in the mail nor my account information to establish direct deposit within the promised time frame. This happened to be a Private Client location.
Before I could reach the door, an employee opened it, greeted me, and asked how they could help me today. I stated that I wanted to close my account and they responded with concern immediately and took me to an office. I expressed my horrible experience with Chase during my very brief relationship with them. The representative empathized with my situation and excused herself for a moment.
She returned quickly with a debit card that had my name printed on it, along with a folder containing my account information, a printout with a voided check to set up direct deposit, and her business card.
She then told me, "Mrs. XXX, if I was in your situation, I would be frustrated and I would close my account as well. All I am asking f is the opportunity to make things right with you. I’m sure that we can meet your banking needs and prove to you that we deserve your business.
When I agreed to keep my account open she followed up by saying, "You have my business card and I want you to contact me with any need or concern and I promise to take care of you." Needless to say, I was impressed by the less than 10 minute interaction and am now loyal to Chase.”
This client has become fiercely loyal. Why? Because the representative took time to ask her a question, listened to her reply, empathized, took immediate action, gave the client her business card, promised to help with any future problems, and then asked her to stay. Simply and brilliant!
Most businesses could imitate this type of response and reap similar results. You need to trust your employees’ judgment, train them in how to listen and respond to the concerns of clients, empower them to do the right thing on the spot, and finally, back them up! If you’re not willing to invest in giving your employees the skills they need to work effectively in this rapidly changing marketplace, clients will perceive them as indifferent. We know what indifference does – it provides clients with a negative experience. If nothing changes, eventually they will have enough reasons to leave your business for a company whose employees show that they truly do care about them.
Dare to care, make a difference – and reap the results!