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The Most Profitable Metric

In the hectic peaks and valleys of everyday business, it’s easy for staff members to lose sight of who their real boss is: The Customer. The demands of office routines and procedures, regulatory compliance, and unpredictable “fires” can quickly pull the focus away from creating a 5-Star service experience for patients or customers.“Great customer service” is a concept to which everyone pays lip service — but how important is it really to your bottom line?The Watermark Consulting group studied the direct impact of exceptional customer service on a company’s profitability.They looked at the cumulative stock returns for two groups of companies: the top 10 “Leaders” in Forrester Research’s Annual Customer Experience Index Rankings, and the bottom 10 “Laggards.”The analysis covered nearly ten years of company performance results. It spanned from the pre-recession market peak in 2007 to the post-recession recovery that continues today.The difference in results was astounding.The top 10 Leaders in Customer Experience outperformed the general S&P market average by 35%. The Laggards posted cumulative returns an average45% lower than the market average.The companies that ranked highest in Customer Service were on average80% MORE profitable.So here’s the BOTTOM LINE:  Great customer service is more than a nice business theory. It is rewarded, by customers and investors alike, with real financial growth.That you are good at what you do in your practice is expected by today’s consumer… It is world class customer service that will set you apart from your competition.When you dedicate yourself to consistently providing a positive, memorable customer service experience, you get:Higher revenues— customers stay with the business longer, are less...

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