Feature from Miami Marketing Associates Reveals US Businesses Lose $83 Billion Annually Due To Poor Customer Service

    MIAMI, FL, October 21, 2013 /24-7PressRelease/ -- New research by Shankman Honig, a customer-consultancy in New York, reveals that US businesses lose an estimated $83 billion due to poor customer service. This is in accordance with an average amount of $289 that a company would gain per customer if they had not left for a competitor. This may be due to a negative customer experience (entrepreneur.com). James Frost, entrepreneur and Managing Director of Miami Marketing Associates says: "The figures show clearly how important customer service has become. Consumers are not only looking to buy your product or service, they want value for their money and appreciation."

James Frost also believes that start-up businesses often underestimate how crucial it is to focus on a positive customer experience. The results of a study published by the Small Business Administration reveal that 30% of new businesses fail within two years and 50% fail within five years (entrepreneur.com). James Frost of Miami Marketing Associates believes that there may be a connection and encourages new business owners to treat their customers well in order to succeed. "Without customers, no business can grow or survive," adds James Frost.

About Miami Marketing Associates: http://miamimarketingassociates.com/

The Shankman Honig study supports James Frost's call for a positive customer experience. "First of all," explains James Frost, "people talk about their experience, usually if it has been a significant one. Just think about yourself, would you tell anyone about your shopping experience if everything just went well?" In fact, on average 15 people talk about a good experience with their family, friends and colleagues, while 24 consumers tell others, following a bad customer experience (entrepreneur.com). "This means that a brand may now have lost 24 potential customers without having been given the opportunity to show those consumers what the company or their products are made of," explains Miami Marketing Associates Managing Director, James Frost.

The research also shows that often businesses are not aware about the service level they provide. According to the Shankman Honig study, 80% of the businesses asked believe that they provide 'superior' customer service to their customers, while only 8% of their customers actually believe they have received 'superior' service from those same firms (entrepreneur.com). "The numbers are shocking but couldn't have summarized it better," says James Frost of Miami Marketing Associates. "There is still a long way to go. Customer expectations are high." In the mean time, James Frost sees great opportunities for businesses: "The customer service experience is what can differentiate your business from others; it is what can make you stand out." James Frost adds: "New business owners are usually full of new ideas and inspiration. If they recognize the need of 'superior' customer experience, they will increase their chances for business growth and an increasing ROI."

Miami Marketing Associates is a direct sales and marketing company based in Miami, Florida that promote and sell services on their clients' behalf by focusing on strong customer relationships and exceptional service. Due to their success and having achieved increased customer retention and growth, Miami Marketing Associates have now been asked by various clients to expand into further markets in the first quarter of 2014.

Sources:
http://www.entrepreneur.com/article/228129

http://www.entrepreneur.com/article/225415

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