Why Most Companies Lose 50% of Their Customers in Five Years

Did you know that the average company loses 50% of its customers over a 5-year period and only 10% of companies have an “excellent” service rating? (See Happy Camper info graphic below.) Black Mountain Software considers customer satisfaction so central to its way of doing business that these dismal statistics are hard for our team members to even wrap our heads around! Our customer retention and satisfaction scores are both excellent, but that doesn’t mean we’re sitting around in our easy chairs patting each other on the back. All of us here at Black Mountain Software are committed to working hard to continually improve.

In our 2012 Customer Satisfaction Survey, we asked a lot of questions beyond just having our customers rate our overall service and products, and we analyzed the data more thoroughly than just looking at averages. We understand that in order to do a great job, we need to learn from our customers how we can make their workday better. Here are some of the observations we made from the survey results, and what we’re doing to try to improve our scores (i.e., customer happiness!):

  • Observation: Although nearly 60% of Accounting customers and over half of Utility Billing customers gave BMS the highest possible rating (“Extremely Satisfied”) on service satisfaction, somewhat fewer gave that rating on product satisfaction. Action: Remember that 10% figure mentioned above? Our satisfaction results are vastly superior to the average company’s, but we know we can do even better. We will use customer feedback and requests regarding each Accounting and Utility Billing product and module to guide product improvements.
  • Observation: Many of our Accounting and Utility Billing customers do not use BMS add-on modules that would further increase their office efficiency. Action: We will keep our customers informed about our economically priced add-on modules and how the modules may help them achieve their operational goals and overcome challenges.
  • Observation: Use of BMS Built-in Online Help is low, but interest in online help and instructional documentation is high. Action: We will increase our clients’ knowledge of BMS Built-in Online Help, and continue making improvements to our help and documentation offerings.
  • Observation: Some clients, even long-term users of BMS software, expressed that they would like to “learn the software better.” Action: We will investigate possible ways that Black Mountain can increase users’ knowledge of our products beyond mini online training sessions and user workshops.

These are just some of the items that our customer survey feedback has us working on. We sincerely appreciate the input of our clients, providing us with the opportunity to earn their increased satisfaction and loyalty.

Source: Happy Campers – Customer Satisfaction & What it Means for Your Business

 

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