“Customers don’t expect you to be perfect. They do expect you to fix things when they go wrong.” — Donald Porter
If you think mediocre service is acceptable, think again. To the contrary, a less-than-stellar experience can cost your property management company more than just the business of one dissatisfied customer. Fifty-eight percent of consumers who have what they deem to be a negative experience with a brand will never work with that company again. It can also cost you the business of everyone that person knows, since 49% of unhappy clientele will advise others not to use that company either. (Source)
If you think mediocre service is acceptable, think again. To the contrary, a less-than-stellar experience can cost your property management company more than just the business of one dissatisfied customer. Fifty-eight percent of consumers who have what they deem to be a negative experience with a brand will never work with that company again. It can also cost you the business of everyone that person knows, since 49% of unhappy clientele will advise others not to use that company either. (Source)
Take your customer service to the next level with the Property Manager’s Guide to Creating an Extraordinary Customer Experience.
What’s more, bad customer service in today’s digital age can truly come back to haunt your brand for many years to come. 59% of people aged 25-34 say they would share their poor experience online. Once a negative review has been posted, it’s there forever. Every time someone does a search for your property management company, that bad experience will come up, potentially influencing them to look elsewhere.
Speaking of looking elsewhere… a customer is 4 times more likely to buy from a competitor if the problem is service related vs. price or product related. In other words, your customers won’t love you for your lousy service, but your competitors certainly will.
Related Post: Are You Making These 5 Customer Service Mistakes In Your Property Managment Company?
The business benefits of highly satisfied customers…
Developing a culture within your property management organization that places customer experience as the highest priority can provide sustainable success and ongoing growth. Exceptional customer care will keep your existing customers coming back for more and lead to even more business through referrals.
Repeat Business
According to the White House Office of Consumer Affairs, on average, loyal customers are worth up to 10 times as much as their first purchase. They also noted that it is 6 to 7 times more expensive to acquire new customers than it is to keep a current one. The happier your clients, the more likely they’ll be to keep coming back, which means you can expect bigger returns for less financial output.
Increased Revenue
Companies with exceptional experience can also charge rates that are higher. That’s because 55% of consumers say they’d be willing to pay extra to guarantee a better service. (Source) Additionally, 60% of consumers say they prefer a balance of price and service and will not accept low service levels in exchange for cheaper prices. (Source)
Word of Mouth Marketing
Finally, just as dissatisfied customers are likely to dissuade others from working with a particular company, happy clientele can be counted among your most valuable marketing assets. That’s because word of mouth remains one of the most trusted and effective ways of obtaining new business in just about every industry, particularly property management. In fact, 69% of consumers that are happy with the service they receive say they would gladly recommend that company to others. (Source)
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Take your customer service to the next level! Get your free copy of the Property Manager’s Guide to Creating an Extraordinary Customer Experience.
