Good Customer Service Turning Refunds Into Big Profits

Customer refunds can be such a big issue for both small and even large companies. Most companies just don?t like giving money back that they believe they have already worked hard for and to them it is just a drain on profits. Wrong, Wrong, Wrong!

Customer refunds are not a drain on profits and in fact it has been the experience at my company that customer refunds actually add to the bottom line net profits. My business partner and I run several successful fire and flood restoration companies in British Columbia, Canada and we profit from our customer refunds.

How do we profit from our customer refunds?

First off we as a company have a belief that almost all our customers are honest and that if they have a complaint or want a refund it is an opportunity to learn and profit from the situation.

Secondly we know that if we have an unhappy customer and we can do whatever it takes to make them happy we will have one of our best customers for life. In fact it is usually a customer who has come in with a complaint or wanting a refund that once made happy will become a cheer leading customer referring us to all their friends.

The amazing thing about customer refunds is that I have seen so many companies big and small who would not handle customer refunds properly go broke over time.. Any time my wife and I deal with a new company and have a problem I can predict with 100% accuracy whether that company will still be in business in a few years time.

If a company won?t give to its customers first that company will not be able to receive healthy profits. This is the law. What ever you want you must first give it away. If you don?t have the faith that your customers are doing the right things then it is a sure sign that your company is not doing the right thing when it comes to customer refunds and customer service.

When you consider the life time value of a customer against the cost to acquire a new customer I don?t believe any company can afford to have any unhappy customers. If you take any unhappy customers and turn them into cheer leading customers for your business you will find that they will be not only be some of your most profitable customers in the long term but also they will do your advertising for you by sending you some of the best referral customers.

Napoleon Hill wrote, "In every adversity, there is the seed of an equal or greater benefit"...

Give your customers refunds and by doing the right thing for your customers your profits will skyrocket.

This article courtesy of  http://www.seed-4u.com.
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