Spend WHICH Money to Make Money?

I am not a fan of people who say, “you gotta spend money to make money.” Which money? Marketing? Hiring? Employee lounge? If you can only pick one, the answer is “spend it on your customer experience!” Let me give you an example: Fidelity, the trillion-dollar financial firm, identified a problem with their phone system – and spent $20,000 to fix it. But it saved them $4 million! In all, they found and fixed 160 different customer service issues –and made them right. Total cost? $1 point 8 million. Sounds like a lot, doesn’ it? But the savings was $24 million bucks a year. On top of that, Fidelity found that when they’re customers loved them, they gave Fidelity more money. Invest in customer service and get the ROI you really want…more of your customers’ money! This is RS for the RR.

Filed in: Relevant Report