Formula to Increase Your PROFITS – Customer Relationship Management
I shot a video at the resort sharing my experience and one important formula on how to 10X income - And the formula is Customer Relationship Management.
I was SHOCKED with what I experienced at a resort I recently visited.
The room was a complete mess with things missing and a few things even broken.
I called front desk… and they satisfied all my requirements and even went the extra mile to make my stay complimentary
In this entire experience, I realized something important that can help my community (you :), so I shot this video to give you a message about the importance of Customer Relationship Management in your Business.
If you are a person who spends a lot of time and effort on marketing, cold calling, and other business development techniques, I highly recommend you watch the video.
FULL VIDEO TRANSCRIPT
Formula to Increase Your PROFITS - Customer Relationship Management
Hi This is Murtaza Badri and we are standing in Lonavala, it’s Pawna Lake that you see behind me. And in this video, I want to talk about customer relationship management. This is related to my experience; what happened yesterday is I checked in and the room was not as per our expectations. I got extremely upset and I called customer care and I told them that this is not your standard and this is not what I expect. They did come and resolve the issue.
But is customer relationship management the most important aspect in your business? I want to talk about customer relationship because I see a lot of businessmen setting up businesses, finding a product or service that they want to offer to the marketplace. They even set a shop, they take care of marketing and after everything is done, when the first customer comes in – that’s when I say your business has started. You are now in business when you get your first customer. It's not that when you open your shop that you say I am in business now; it’s when that first customer comes in.
How much effort is put in to make sure that that customer is satisfied? So when I moved in and when they came and resolved all my issues as per my expectations I was happy. I felt good about the brand and I am now going to go and refer this brand. I understand that there are things which happen with a product and service; things can go wrong, not as per your expectations or schedule. But when your customer is not happy when you do provide a product or service, how much effort we take to get the customer feedback for your service or product?
So we promise something to the customer, the customer comes in and buys from us and he gives us the money and then we deliver the product or service. Now I need to set expectations of the customer about the product and service; clearly state that this is what the product is going to give you and this is what the service quality is and this is what you will get in whatever amount you have paid. I do not need to under-commit and try to over deliver (which is what people say). What we suggest is commit what you want to deliver, and go ahead and make sure that you deliver. Here it’s not going the extra mile; it's going the mile that you have promised first. Then you can add more services and value to your customer.
So my question to you is how much effort are you putting in getting feedback from customers and making sure that they are satisfied? The satisfied customers who are happy will go back and refer your product or service to more additional customers. Because we strongly recommend that do not put too much effort on business development, cold calling, marketing, banners hoardings and that kind of stuff. Just make sure that one customer is awesomely, happily satisfied and taken care of. That customer will give you more customers. So one unsatisfied customer can actually ruin 100 customers and one satisfied customer can get you 100 customers. The focus over here is, move your business around your customers. Put the customer in the centre and your business, your service and your product, your quality everything is revolving around the customer. Normally what happens is we put ourselves in between and we revolve our customers around our service. We don't want to do that, we want to put the services around the customers.
I hope the message gets through. The message is very clear – 80% effort on satisfying the customer and 20% effort on marketing and improving your product and service. If you do that, if you are truly Alive and Fearless; fearlessly making sure it's okay lose a little money and it’s ok to take extra effort but what you want is a satisfied customer.
If that happens, you are truly Alive and Fearless. It doesn't really matter that you make profit or not, sometimes you might have to lose money and let go of the profit just to make sure that the customer is happy and satisfied. That itself is worth the money and profit. That itself will spread the word. That itself will bring you more business.
I hope this video helps you in your business, change your business mindset around the customer and help you understand how to increase profit.
Stay alive and fearless. Dream big, stay strong!
See you soon. Thank you!