Companies of all sizes frequently fail to handle customer complaints appropriately. In the digital era, where complaints can be seen by hundreds, thousands or go viral to millions, it is essential that customer complaints, especially serious ones or ones backed by considerable emotion, are treated seriously and dealt with in a timely manner.
If you are failing to provide good customer service, this should be corrected. After all, offering decent customer service is neither costly nor overly complicated. At its core, good customer service can be reduced down to this: listening to the customer, letting the customer know that their complaint has been acknowledged and catalogued, and working to remedy the situation.
A good positive attitude and staying calm when dealing with irritated or dissatisfied customers can go a long way towards keeping a customer happy and preventing them from spreading negative feedback in a public forum. Let’s look at five tips for effectively dealing with customer complaints.
Tip #1 – Take a Proactive Stance
A good attitude and a proactive stance can go a very long way towards calming an unhappy or angry customer. A disappointed customer wants to know that they are being heard and that steps are being taken to remedy their situation. Clearly communicating that you are working to fix the situation and doing so in a positive manner will satisfy most negative customer scenarios.
Tip #2 – Act Quickly to Fix the Problem
Once a customer is calm and is feeling a little better about your company, your next step is to fix the problem. When you promise to address a problem, you must follow through or risk damaging your company’s reputation. Failing to follow up on that promise could backfire and leave customers feeling that they were manipulated.
Tip #3 – Always Stay Calm
If a customer writes an email or posts a negative review online, then they are obviously very unhappy. But if a customer is angry enough to pick up the phone and call, you can be fairly certain that the customer is extremely upset. Don’t be surprised if this anger boils over on the phone call. That’s why your customer service people need to be ready to deal with that anger in a calm and collected manner. Customer service team members or salespeople should never match the anger of a customer. Instead, they should focus on demonstrating that they are committed to fixing the problem. It will benefit you to invest in employee training so that employees are ready to deal with angry or disappointed customers.
Tip #4 – Look for Customer Dissatisfaction Problem Patterns
If the same complaints and issues come up again and again, there’s a larger problem you must address. Don’t dismiss multiple customer complaints from different customers as a “headache.” Instead, view it as an opportunity to improve your goods and/or services. Once you have detected a negative customer service pattern, be sure that you and your team move quickly to remedy the problem. Your business will be stronger for doing so in the long run.
Tip #5 – Track Your Success
Never assume that you have successfully addressed customer service issues until customers have, in fact, verified that the situation is resolved. That’s why you should follow up with customers and ask for feedback via either questionnaires in the mail, email follow ups, or phone calls.
Customer complaints that are not appropriately addressed can fester and become larger problems. The time, effort, and money you invest in boosting the quality of your customer service team will yield significant positive results for the long-term.
The post 5 Tips for Dealing with Customer Complaints appeared first on Deal Studio – Automate, accelerate and elevate your deal making.
Finalizing a deal is usually a complex process with lots of room for error, misunderstandings, miscalculations, and good old-fashioned wild cards. That’s why it is critical to carefully think through the deal process well in advance. In this article, we’ll explore the top ten steps you can take to avoid wrecking a good deal.
- Confidentiality – Topping our “how not to wreck a deal list” is confidentiality. Everyone involved in the deal MUST take steps to avoid a breach. Experienced business brokers are experts at maintaining confidentiality.
- Flexibility – Inflexibility can absolutely destroy a deal. You shouldn’t go into a deal expecting to have all of your terms met.
- Be Open to Negotiations – Sellers are used to being their own bosses, but when it comes to successfully selling a business, no factor is quite as important as a willingness to negotiate.
- Advance Preparation – Sellers should have several years of well-prepared records and legal and accounting documents on hand. You can be 100% certain that any serious buyer will want to see your records and take a look at your financials.
- A Reasonable Selling Price – An inflated price will decrease the number of buyers that take a serious look at a business. Additionally, an unreasonable price may make a seller look uninformed. Business brokers and M&A advisors are experts at handling valuations. One of the single best ways to boost your chances of finalizing a sale is to establish a fair and justifiable price for your business.
- Maintain Operations – Far too often sellers lose track of the day-to-day operations once their business goes on the market It is absolutely vital that sellers continue operating their business as though it may never sell. It can take months or years to sell a business. The last thing any seller wants is for their business to lose value when they are in the process of trying to sell.
- Keep up the Momentum – A lack of momentum can kill a deal. Working with a business broker or M&A advisor is an easy way to make sure you maintain momentum throughout the process.
- Consider Your Buyer’s Needs – Serious buyers will need a variety of information from sellers in order to obtain financing. You can expect buyers to need appraisals of assets, information on environmental regulations, and more. Sellers should have this kind of key information ready and waiting.
- Encourage Competition – In general, it is a good idea to create a competitive situation – one in which prospective buyers know that there is more than one interested party. Brokerage industry professionals understand the delicacies of presenting this information.
- Seller Participation – Finally, sellers must stay involved in the entire process, and that includes being willing to help buyers during the transition. Showing a willingness to help during the transition period will help to foster goodwill and trust.
There are many reasons why a deal could potentially fall apart. You may not be able to control every single variable, but by following the ten key tips outlined in this article, you will be well on your way to increasing your chances of successfully completing a deal.
The post The Top Ten Ways to Avoid Wrecking a Deal appeared first on Deal Studio – Automate, accelerate and elevate your deal making.
Just as people will form judgments and ideas about you as a person based on first impressions, the same holds true for your company. It is always best to put your “best foot forward,” and this is true whether we’re talking about your personal life or your business. Periodically, every company should step back and evaluate its initial point of communication with customers and clients.
In today’s digitally interconnected world, it is critical that customers and clients feel as though they are not just being listened to but are being heard. Emails must be responded to promptly. This is true regardless of whether the email is from a customer requesting more information about your goods or services, or if it’s a message with a question or complaint. If your company is unresponsive, this fact can quickly spread on social media.
Of course, customers and clients still pick up their phones and make calls. While many people’s first impressions of your business are increasingly likely to be via your website, the phone call experience is still important. When callers reach your business, it is vital that they receive a professional and warm reception. Whether the point of contact is a live person or a message, the experience should be a trouble-free and low stress experience.
Far too many businesses overlook this variable, but you can be quite certain that not all of their competitors do. Your navigation system should be easy to navigate. If possible, there should be an option to talk to an operator so that callers don’t get lost within frustrating phone labyrinth filled with dead ends. Callers might not remember a positive phone experience, but you can bet that they will remember a stressful one.
When a team member greets a caller, the response should be pleasant and should include some version of “How may I help you?” Every operator should know company basics, such as your times of operation and the key names of your personnel. They should also demonstrate a willingness to help. Your team members should understand that their job depends on the success of the company and that they are on the frontlines of maintaining a positive business-customer relationship. Professionalism is a must, and team members should never lose sight of this fact.
Finally, your key management executives should invest the time to experience your company’s sphere of communication. What is it like to call your company and interact with team members? What improvements could be made?
In this very digital era, it is important to remember that there is still no replacement for human interaction. When a caller reaches out to your company for information or assistance, it is best to use technology judiciously. Try to opt for the human touch when possible. While the person answering the phones at your business might not be the highest paid person on your payroll, always remember that their job is an essential part of your company’s image.
When buyers are looking to make a purchase, the most important step they can take is to perform due diligence on both the business and the seller. And yet, many sellers don’t their due diligence on buyers.
Deals fail all the time. Sadly, this means that all parties lose a tremendous amount of time and effort. Additionally, sellers not only waste time, but often lose money due to business disruptions while working with a prospective buyer.
Let’s look at a few warning signs that might identify a troublesome buyer. The sooner you spot these red flags, the sooner you can avoid potential problems.
Sellers should ask several key questions of buyers:. The list includes:
-What, if any, other businesses have you considered to date?
-How much equity will you be committing?
-Do you have any experience with my kind of business?
Sellers should look for warning signs early on to avoid wasting considerable time. Listen to your gut instincts. If you feel that a prospective buyer isn’t serious and may only be window shopping (or if you feel that the buyer is looking for a far greater deal than you are willing to provide), then simply move on. When you cut your losses early on, this frees you up to focus on prospective buyers that are a better fit.
What if your intermediary informs you that there has been no communication from the prospective buyer after they received the memorandum? Simply stated, this lack of communication could mean that the prospective buyer has changed their mind, or was never that serious in the first place.
Another red flag you might see is when the process is turned over to a junior member of the prospective buyer’s management team. Another is when the prospect doesn’t provide details or information concerning their financial capability to successfully complete the deal. If any of these three red flags pop up, you should consider being proactive. You and your broker might want to reach out to the prospective buyer and ask to meet to discuss the situation.
Warning signs can also occur just prior to closing. Even after the letter of intent has been signed, problems may arise. An inexperienced attorney representing the buyer, one that simply doesn’t understand what is involved in a deal, can doom what could have otherwise been a good deal. The same is true for an over aggressive attorney. One potential remedy for this situation is for your own attorney to intervene and discuss the situation.
Spotting warning signs is about more than not wasting everyone’s time. When you can observe these indicators and act effectively to address them, it can help keep deals on track. Working with a business broker or M&A advisor is an excellent way to not only spot red flags, but also to know how to respond appropriately. The end result will be more successfully completed deals.
Damon Neth is a Professional EOS Implementer of the Entrepreneurial Operating System®. He co-authored a best-selling book entitled X-Formation: Transforming Business Through Interim Executive Leadership. He also has founded five companies and acquired four other companies. Additionally, Damon Neth is an accomplished entrepreneur and a leading EOS® business coach.
EOS® is a powerful set of business tools that provide a framework that empowers companies to create a clear vision throughout their entire organization, and in the process, boost the health of the company as a whole. This article discusses EOS® and how it could potentially transform your organization.
What is EOS® All About?
EOS® is based on the book Traction: Getting a Grip on Your Business, which is written by Gino Wickman. The effectiveness of EOS® is underscored by the fact that EOS® is currently utilized by over 10,000 companies around the globe.
EOS® is a powerful set of tools that, as Neth explained, “are being used by businesses every single day to grow, transform and capitalize on opportunity and deal with problems. These tools provide strategic advantages and strategic tools that many organizations implement to become better, to beat their competition, to become stronger.”
How Can EOS® Benefit Your Company?
Through EOS®, it is possible to establish a clear vision for your organization. Neth points out that cultivating this vision is about finding clarity of purpose so that every team member is pulling in the same direction. When used from the top to the bottom of a company, the tools provided by EOS® can have a transformative effect. Discipline and accountability are key focal points of EOS®, as it is through discipline and accountability that the health of companies can be enhanced greatly.
At the core of EOS® is the concept that everyone should share the same company vision. That means that there must be good, consistent and steady communication. In order to facilitate this level of communication and understanding, it is necessary to have a transparent system in order to remove barriers, blockers and impurities. When properly utilized, EOS® creates an opportunity through which everyone can not only identify their own issues, but also find ways to solve those issues.
The most important asset that any company has is its people. As a result, it is absolutely essential to not only find the right people, but also to guide those people as efficiently and effectively as possible. As Neth explained, “You’ve got to be clear and transparent with people about what you need and about what success ultimately looks like. You want to make certain that everyone in the organization understands their job.”
In a world that is becoming increasingly complex, the role of the generalist is quickly being eroded. In its place, we discover that people’s roles within companies are, by necessity, becoming more and more specific. All of this points to the increasing importance of clarifying people’s roles within companies, and what is expected of them. Gray areas need to be eliminated as they impair team members’ understanding of their duties and responsibilities.
Communication is Key
Everyone in the organization should understand not only the role of their respective department, but also their role within that department and the organization as a whole. Once again, the key to success boils down to good communication and clarity of purpose and roles within the organization. Everyone must be rowing in the same direction, and it is through weekly measurables that true progress can take place.