What do you think are the major reasons companies fail to reach their revenue goals?

The famous McDonald’s restauranteur, Ray Croc, used to say “There is no competition”. What he meant was that we can’t blame others for our failure with customers (I would add children or spouses as well!)

Some years ago, Rockefeller Corporation did a study which asked, “Why do customers leave companies?” Their findings, in David Letterman bottom-up style:

• 1% – The customer dies.

• 3% – The customer moves away.

• 5% – The customer has a friend who provides the service.

• 9% – The customer is lost to a competitor.

• 14% – The customer is dissatisfied with the service.

• 68% – The customer believes you don’t care about them.

So what is the opportunity here? Just ask:

1. When was the last time you “touched” your best customers with a special VIP offer?

2. How about your “medium” customers with an up sell or a product line extension?

3. And rather than kick your worst customers to the curb, how can you monetize that relationship (and recoup your investment) by finding a strategic partner for whom those customers could be bright new sources of revenue?

As P.T. Barnum said, “There’s a customer born every minute”!

Paul Travis is an interim marketing executive at OneAccord. Mr. Travis is based out of Seattle with 25 years of experience in high technology, marketing, and consulting. He can be reached at Paul.Travis(at)oneaccordpartners.com and at 206-910-2222.