Are customers important? This is what William Cusik answers in the first chapter of his book, All Customers are Irrational: Understanding What They Think, What They Feel, And What Keeps Them Coming Back. He leads with an example from a YouTube video about a Comcast employee who fell asleep on a customers’ couch, while on hold with Comcast! This is an example of the customer care that Comcast held during that time. This video hurt Comcast in a major way when deregulations hit the cable industry.
The Customer Experience matters because it can cost a company an insanely large amount of money to acquire a new customer. To keep an existing customer, it costs less and is even profitable! He mentions that if you can increase customer retention by 2%, you can decrease your expenses by 10%.That is a massive chunk of change!
The thing to take away from this is that maintaining a customer base, that wants to continue doing business with you, is extremely profitable. It takes an amazing customer experience to retain these customers that have become profitable. If you don’t treat your current customers right, then they will leave, you will forced to find new customers to avoid bankruptcy, and you will spend a ton of money to acquire the new customers required to stay in business.