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95 percent of complaining customers are willing to forgive a major service mishap if you resolve the problem in the next interaction. Failing which, it costs 6-7 times more to acquire a new customer than to keep an existing one, every lost customer hurts your business even more.
Thanks for your invitaiton, I will agree with experts answers.
Bad reviews are like bad word of mouth. They will spread so fast that will instantly notice the decline in sales. It would cost up to 20-30 customers; people tend to share their bad experiences much more than their happy ones.
Thanks for the invite ............................ agreed with the answers Mr. Emmanuel Wamweta
I would imagine that it would be analogous to a customer review about a product. If a customer is happy, they would tell about 10 to 12 people, and if they've had a bad experience, they would have told about 20 people.
A bad review can cost the business alot & in many differeent ways, but its important to know how it actaully impacts on each indiviual party involved in & with the business in this case.
Business in general- financial losses, debt expenses & "loss of business".
Employees- loss of morale, loss of confidence in management, comflicts, social strife, poor attitude towards work.
Management- comflicts & conflicts of interest, employee turnover rates increase, termination of contracts.
Stakeholders & directors- reduction in dividents, loss of confidence in management & business operations, termination of contracts
Human nature- you remember bad things longer and they have a deeper impact on the mindset. A bad opinion destroys much more than what 10 good opinions can build up.
it costs much because if people see this review their vision will be different on the company
