The Math of Messing Up
The math of messing up is a simple. In the high stakes world of high-dollar transactions – luxury cars, hotels, weddings, real estate, financial planning, etc – a single client lost is so much more than just that one piece of business that you lost. It could be a lifetime of that one client spending money with you.
What does that look like for your business? For example, at hotels where rooms cost $500/night and bottles of wine are poured out at $200/each, each visit to a property could be thousands of dollars. Or if you're a luxury car dealership, losing one $50,000 car sale to the husband could mean he's not going to go back from his wife's car. Or his replacement car. Or her replacement car. Or recommend your dealership to a friend or colleague. And so on.
If you lose that client because you offended them, or didn’t get back with a timely response, or handled a delicate situation without tact, you could potentially lose tens of thousands or even hundreds of thousands of dollars in lifetime spend. Add in all the potential referral business that’s lost when you lose a client and you start to see an exponentially bad impact on your business.
It's the new year, and everyone is looking for a fresh start. Time to put the focus on making sure your legacy clients are not looking for a new company to do business with in 2018.