PART FOURVIEWING COMPLAINTS AS EMOTIONAL OPPORTUNITIES
166Complaining customers can be converted into loyal customers who engage in less negative word of mouth. As a result, treating complaining customers well is, in many ways, a simple economic decision. It has been estimated, as a general ratio, that it costs five times more to get a new customer than to keep an existing one.1
Effective complaint handling can make a major difference to customer retention rates—even after service failures. According to a Technical Assistance Research Programs, Inc. (TARP) National Consumer Survey study, if customers experience minor problems and their complaints are resolved quickly, 95 percent will repurchase ...
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