A friend of mine recently emailed me a very interesting article which really got me thinking.

 

Here is the gist of it…

 

Harvard researchers found that an alarming 96% of unhappy customers do not complain! They will either stay where they are disappointed or will silently take their business elsewhere. Given this, guessing how many dissatisfied customers you have can be a bit of a mystery. Some suggest dividing by 0.04 the total number of customers that have complained to you directly. For example, if 12 customers complained, then approximately 300 unhappy customers exist [12/0.04 = 300].

 

Researchers also found that for every one dissatisfied customers, between 8 -20 additional people hear about their negative experience!  Using our above example, 300 unhappy customers can mean that 2,400 people hear about it!

 

So why do unhappy customers choose to remain silent instead of sharing their complaints with you?

 

There might be 5 major reasons for that:

  1. You never asked them for feedback
  2. It’s too complicated and requires much effort
  3. They believe you don’t care or there is no point
  4. They simply don’t want to bother
  5. They are afraid of the possible outcome

 

My dear customers, friends, and blog readers!  At Banquest, we care! We created a 3-Question Survey that will take less than 60 seconds of your time.  It is completely anonymous and hassle free.  It would mean very much to my team and I, if you can click this link to take our customer satisfaction survey!

Happy Tuesday & Happy Selling!

–Kevin

How Many Unhappy Customers Do You Have?

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Beginning April 2018, you will no longer need to collect American Express® Card Member signatures for Card-present, point-of-sale Transactions.
When this change takes effect in April 2018, it will apply:
• Globally to all merchants (any size, any industry)
• To all Card Present Transactions (Magstripe, EMV, Contactless).
• To American Express Transactions of any amount.
Why?
• The need for signatures has declined around the world due to a number of advancements in the payments industry. These include the growth of contactless payment options, including card-based and mobile tap-and-pay methods, the global adoption of EMV chip technology, and the continued expansion of online commerce.
• American Express has also deployed advanced machine learning algorithms that allow for more precise detection of fraud while minimizing disruption of Card Members’ genuine spending.
What are the benefits?
• Provides a more consistent and simplified checkout experience for merchants and Card Members
• Delivers a faster checkout process for your customers
• It could also help reduce the operational expenses associated with retaining signatures.

receipt 2

Are there still mobile phones that don’t have a calculator? 😉

 

Happy Tuesday & Happy Selling!

–Kevin

New American Express Signature Policy

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Micro-businesses may be small, but they account for more than three-quarters of private-sector employers in the U.S., and more than 1 in 10 jobs across the country!
These businesses may not be comprised of large teams, but together, they’re the backbone of our economy.
Given reduced resources, micro-businesses may not always offer customers the bells and whistles of a larger corporation.

 

Additionally, customers tend to have a lack of trust in an unknown small business.

 

Paychex surveyed over 1,000 potential customers to understand how different factors build trust and impact their decision to support local businesses.
Read carefully what influences your potential buyers’ minds.

Small business

If your business needs a modern, updated, clean website or integrated credit card processing options, please drop us a line at sales@banquest.com.

 

Happy Tuesday & Happy Selling!

–Kevin

Trusting Small Businesses?

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As the cold weather sets in for an extended stay, I can’t help but daydream a bit about warm sunny climates and the green oasis of the golf course – doing business of course!

 

What is it about the sport of Golf that attracts the CEO’s, executives, and society elites?

 

Yeah, in case your doubting me, 90% of Fortune 500 CEO’s play golf!

 

“Golf provides a unique opportunity to bond with individuals for a significant amount of time in a peaceful serene surrounding,” says Accounting professor Bill Walsh. “If you have lunch with someone, that might be for an hour or so. In golf, you get to know the person much better since you’re battling the course together. In an age of teleconferencing, golf may be one of the last venues where you can maintain that personal contact.”

 

Playing golf together can also give a better insight into your partners business methods.  In a survey of business professionals, 50% agree that the way a person plays, is very similar to how he or she conducts business.

 

Some CEO’s however do get too caught up in the game.  Research consistently link CEO’s who play a lot of golf and those who run companies that underperform.

 

As with everything in life… moderation is key.

 

Happy Tuesday & Happy Selling!

Kevin

Playing Golf or Closing Deals?

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