MANAGEMENT

Detailed explanation-1: -Loss of Profits. When you lose customers, you lose sales. And lost sales equals…you guessed it…a loss of profits. Depending on the severity of your customer loss, the number of profits you lose as a result could have a lasting impact on the financial health of your business.

Detailed explanation-2: -Losing a customer impacts a business in several ways; loss of a sale and future sales, reputational damage if a dissatisfied customer tells their friends or broadcasts it on social media, and loss of valuable referrals.

Detailed explanation-3: -One bad customer experience can ruin their confidence in your brand. 55% of the agitated customers shift to your competitor’s products. 48% of customers who have had a bad customer experience advise others not to buy your products or services. 63% of the prospective buyers check for any negative customer experiences.

Detailed explanation-4: -There are many reasons companies lose customers; the most common include a poor product or service, lousy customer service, price increases, and changes in market conditions.