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Archive for November, 2009

“Back in the good old days”, Fortune 100 companies recruited beautiful women with sexy voices, coiffures, expensive dresses (and brains). They were called “Receptionists”. It was their job to sit at the front desk and be the “face” of the company. After the company name hanging on the wall, the beautiful receptionist was the first thing people saw. The receptionist had to have brains. She had to be tactful and diplomatic in handling whoever contacted the company. She was the front line of what would be called: “Customer Service”.

Today the majority of incoming communication is by telephone and email. A pretty receptionist is nice but not that important. When someone contacts the company, these days, they are likely to encounter the dreaded “telephone tree”. This diabolical device, certainly not invented by customers, can be an additional source of and addition to their frustration, consternation and (frequently) anger. It is not uncommon for customers to be placed on hold for over an hour.

They are calling customer service because they either didn’t get what they wanted or they have a problem. They are not real happy, and what do they get? The Telephone tree.

Bestselling author of Freakonomics Stephen J. Dubner, says, “I am probably typical in that I hate making a customer-service call to just about any large company. The odds of getting useful information in anything under a half hour are pretty slim”. He seems to be the flag bearer for frustrated consumers who want to fight back, “I can imagine that some people won’t be interested in giving out their phone numbers, even to a website that’s providing a free and pretty useful service,” he writes. “I can also imagine that some people may be tempted to exploit this service, getting a customer-service rep on the line and then, since it cost nothing to do so, hanging up on them out of spite for all the past injustices”. Ouch!

IT’S ALL ABOUT YOU!

Is your customer service guilty of causing this kind of frustration? How quickly does your company respond? How long do your callers wait on hold? What do you do to keep customers satisfied, happy and above all: keep them as a customer? Klixxx contacted some industry leaders to get their view. Mary Gillis, Queen of Marketing at FlashCash says, “These days, it is Customer Service who responds to whoever might have a question, complaint or query. The CS person might never be seen. But their ability to reply in a positive manner is what puts a “face” on a company”. According to Ms. Gillis, “The first and most important thing to do is to have dedicated Customer Support Specialists, who are happy and professional”. Klixxx couldn’t agree more.

WHAT IS CUSTOMER SERVICE?

Let’s define the term. Doug Howardell, of ACA Group (Canada) a management consulting firm says, “Customer service is the ability of an organization to constantly and consistently give the customer what they want and need”. If you are in business to provide XYZ and you take the customer’s money but don’t provide XYZ, the customer will probably contact you…duh! They want to get what they paid for. If your company does not give the customer what they think XYZ entails, in a timely manner (making them wait on hold for an hour) then you are not doing a good job of Customer Service.

YOU ARE A SERVICE ORGANIZATION!

You provide an intangible service. You are not selling stainless steel widgets! If yours is a website, then you are a service company! Harmik Gharapetian, of Epoch, who was named the Xbiz Business person of the year, says, “At the heart of what we do, Epoch is a service organization. What makes us stand apart from our competition is the way we handle the customer experience. We’ve concentrated heavily on our philosophy and approach to customer service…the average caller gets to an agent within 5-10 seconds and never has to navigate though a myriad of phone menus. Our agents are trained extensively before taking their first call. I can truly say that our customer service is state-of-the-art”.

THE ART OF KEEPING CUSTOMERS AND THE COST OF LOSING THEM

A lot of professionals know that the cost of acquiring a customer is up to ten times the cost of keeping them. If you are good you can make a great presentation and sell the prospect…once! But the way you handle the bump in the road; how you respond to your customer’s call for service, will determine if that person remains a customer or goes off to your competition.

Professionals will also tell you that it is easier to sell someone you are already selling than it is to establish a new relationship. So, companies frequently bend over backwards to make sure the customer stays a customer.

123Resourcing Customer Service Call Centers offer Customer Support on a pay per call/pay per minute or flat fee per month basis. Fabian Buys of 123resourcing.com says, “When customers take the time to call and complain about charges it means the membership is over. The program has lost a client and incurred a potential chargeback. Our company has standards in place to evaluate a customer’s level of dissatisfaction and offer them the proper alternatives. In certain situations we advise clients to allow us to give their client a 3-6 months complimentary password. For example, if a consumer charged a recurring membership for 6 months, it is beneficial to everyone involved to refund 1 month’s membership charge and give 3 months free access. Versus risking 6 months charge backs, which in reality is 6 separate charge backs, it’s a win – win situation.”

Professionalism is being able to handle the irate caller and keep them as a customer. “This is not a job for random part-timers,” Mary Gillis says. “You need educated, intelligent staff. These people are often the only people who interact directly with your consumers; they are the representatives of your company. If they don’t know their stuff, your company looks foolish”.

YOU NEED A GAME PLAN

A good strategy planning session makes sense. Put down in black and white just what your policy is (or policies are). Who will handle specific kinds of queries or complaints? Mary thinks, “Another important aspect is to ensure that your CS team is included in major decisions. They know how consumers react, they know what sort of issues will come up and (they) can contribute meaningfully to your projects. So, educate your CS Team, keep them in the loop and keep them happy so that they can be the type of representative that YOU would want to answer YOUR questions.”

DO YOU KNOW WHO YOU’RE TALKING TO?

Who is your customer? If you are a doing business in other countries, do you have people on staff who can speak to customers…in their language? Harmik Gharapetian, of Epoch says, “Since the Internet is a global marketplace, we staff our customer service department 24-7-365 and our agents can accommodate customers in over 100 languages”. Now that’s Customer service!

HOW TO PROVIDE EXCELLENT CUSTOMER SERVICE!

What can your company do to keep customers happy? Here are some tips:

1. Answer the phone. When someone calls and hears the phone ring and ring, it sends the message that nobody is in the office. And it raises questions. Is the company out of business or incompetent? Are they understaffed? Do they have the capability to handle the customer’s needs? Not answering quickly is a big mistake!

2. Do What You Promise. There is a basic law of CS that Mary Gillis cites and that is doing what you say you will do. “By remembering the one true secret of good customer service and acting accordingly; ‘you will be judged by what you do, not what you say.”

3. Listen to what they have to say, really listen. Customers hate having to repeat their complaint over and over just because the person on the other end isn’t really listening. Active listening, asking questions and determining the problem is very important.

4. Handle the complaint. Find a way to give them the satisfaction they want. It’s an opportunity to be creative or to find the person in your company who can give the customer what they want.

5. Be there for them. Be human. Be nice. Give them a good experience with your company even if you can’t make a sale. By being the Good Samaritan, they will remember you.

6. Teach the staff your philosophy. Make sure the staff all sings the same song. Let them hear you handle some complaint calls so they know your feelings and how you want the job done. They will follow you by example.

7. Go “The Extra Mile.” Just as in #5 above, when you are kind, courteous and respectful, but above all friendly and helpful, people remember you and come back.

8. Offer A Token Gift. As Fabian Buys of 123Resourcing Customer Service Call Centers, does, offer a gift. He gives them 3 months free access. You think they’ll remember that? Damn straight.

Good customer service is the heart and soul of a company with a future. You can offer promotions, price reductions, tie-ins and other incentives, but if your service to your customers – when they really want it – is nonexistent, then your company will need a beautiful receptionist with brains.

Different sources define value investing differently. Some say value investing is the investment philosophy that favors the purchase of stocks that are currently selling at low price-to-book ratios and have high dividend yields. Others say value investing is all about buying stocks with low P/E ratios. You will even sometimes hear that value investing has more to do with the balance sheet than the income statement.

In his 1992 letter to Berkshire Hathaway shareholders, Warren Buffet wrote:

“We think the very term ‘value investing’ is redundant. What is ‘investing’ if it is not the act of seeking value at least sufficient to justify the amount paid? Consciously paying more for a stock than its calculated value – in the hope that it can soon be sold for a still-higher price – should be labeled speculation (which is neither illegal, immoral nor – in our view – financially fattening).”

“Whether appropriate or not, the term ‘value investing’ is widely used. Typically, it connotes the purchase of stocks having attributes such as a low ratio of price to book value, a low price-earnings ratio, or a high dividend yield. Unfortunately, such characteristics, even if they appear in combination, are far from determinative as to whether an investor is indeed buying something for what it is worth and is therefore truly operating on the principle of obtaining value in his investments. Correspondingly, opposite characteristics – a high ratio of price to book value, a high price-earnings ratio, and a low dividend yield – are in no way inconsistent with a ‘value’ purchase.” Buffett’s definition of “investing” is the best definition of value investing there is. Value investing is purchasing a stock for less than its calculated value.

Tenets of Value Investing

1) Each share of stock is an ownership interest in the underlying business. A stock is not simply a piece of paper that can be sold at a higher price on some future date. Stocks represent more than just the right to receive future cash distributions from the business. Economically, each share is an undivided interest in all corporate assets (both tangible and intangible) – and ought to be valued as such.

2) A stock has an intrinsic value. A stock’s intrinsic value is derived from the economic value of the underlying business.

3) The stock market is inefficient. Value investors do not subscribe to the Efficient Market Hypothesis. They believe shares frequently trade hands at prices above or below their intrinsic values. Occasionally, the difference between the market price of a share and the intrinsic value of that share is wide enough to permit profitable investments. Benjamin Graham, the father of value investing, explained the stock market’s inefficiency by employing a metaphor. His Mr. Market metaphor is still referenced by value investors today:

“Imagine that in some private business you own a small share that cost you $1,000. One of your partners, named Mr. Market, is very obliging indeed. Every day he tells you what he thinks your interest is worth and furthermore offers either to buy you out or sell you an additional interest on that basis. Sometimes his idea of value appears plausible and justified by business developments and prospects as you know them. Often, on the other hand, Mr. Market lets his enthusiasm or his fears run away with him, and the value he proposes seems to you a little short of silly.”

4) Investing is most intelligent when it is most businesslike. This is a quote from Benjamin Graham’s “The Intelligent Investor”. Warren Buffett believes it is the single most important investing lesson he was ever taught. Investors ought to treat investing with the seriousness and studiousness they treat their chosen profession. An investor should treat the shares he buys and sells as a shopkeeper would treat the merchandise he deals in. He must not make commitments where his knowledge of the “merchandise” is inadequate. Furthermore, he must not engage in any investment operation unless “a reliable calculation shows that it has a fair chance to yield a reasonable profit”.

5) A true investment requires a margin of safety. A margin of safety may be provided by a firm’s working capital position, past earnings performance, land assets, economic goodwill, or (most commonly) a combination of some or all of the above. The margin of safety is manifested in the difference between the quoted price and the intrinsic value of the business. It absorbs all the damage caused by the investor’s inevitable miscalculations. For this reason, the margin of safety must be as wide as we humans are stupid (which is to say it ought to be a veritable chasm). Buying dollar bills for ninety-five cents only works if you know what you’re doing; buying dollar bills for forty-five cents is likely to prove profitable even for mere mortals like us.

What Value Investing Is Not

Value investing is purchasing a stock for less than its calculated value. Surprisingly, this fact alone separates value investing from most other investment philosophies.

True (long-term) growth investors such as Phil Fisher focus solely on the value of the business. They do not concern themselves with the price paid, because they only wish to buy shares in businesses that are truly extraordinary. They believe that the phenomenal growth such businesses will experience over a great many years will allow them to benefit from the wonders of compounding. If the business’ value compounds fast enough, and the stock is held long enough, even a seemingly lofty price will eventually be justified.

Some so-called value investors do consider relative prices. They make decisions based on how the market is valuing other public companies in the same industry and how the market is valuing each dollar of earnings present in all businesses. In other words, they may choose to purchase a stock simply because it appears cheap relative to its peers, or because it is trading at a lower P/E ratio than the general market, even though the P/E ratio may not appear particularly low in absolute or historical terms. Should such an approach be called value investing? I don’t think so. It may be a perfectly valid investment philosophy, but it is a different investment philosophy.

Value investing requires the calculation of an intrinsic value that is independent of the market price. Techniques that are supported solely (or primarily) on an empirical basis are not part of value investing. The tenets set out by Graham and expanded by others (such as Warren Buffett) form the foundation of a logical edifice.

Although there may be empirical support for techniques within value investing, Graham founded a school of thought that is highly logical. Correct reasoning is stressed over verifiable hypotheses; and causal relationships are stressed over correlative relationships. Value investing may be quantitative; but, it is arithmetically quantitative.

There is a clear (and pervasive) distinction between quantitative fields of study that employ calculus and quantitative fields of study that remain purely arithmetical. Value investing treats security analysis as a purely arithmetical field of study. Graham and Buffett were both known for having stronger natural mathematical abilities than most security analysts, and yet both men stated that the use of higher math in security analysis was a mistake. True value investing requires no more than basic math skills.

Contrarian investing is sometimes thought of as a value investing sect. In practice, those who call themselves value investors and those who call themselves contrarian investors tend to buy very similar stocks.

Let’s consider the case of David Dreman, author of “The Contrarian Investor”. David Dreman is known as a contrarian investor. In his case, it is an appropriate label, because of his keen interest in behavioral finance. However, in most cases, the line separating the value investor from the contrarian investor is fuzzy at best. Dreman’s contrarian investing strategies are derived from three measures: price to earnings, price to cash flow, and price to book value. These same measures are closely associated with value investing and especially so-called Graham and Dodd investing (a form of value investing named for Benjamin Graham and David Dodd, the co-authors of “Security Analysis”).

Conclusions

Ultimately, value investing can only be defined as paying less for a stock than its calculated value, where the method used to calculate the value of the stock is truly independent of the stock market. Where the intrinsic value is calculated using an analysis of discounted future cash flows or of asset values, the resulting intrinsic value estimate is independent of the stock market. But, a strategy that is based on simply buying stocks that trade at low price-to-earnings, price-to-book, and price-to-cash flow multiples relative to other stocks is not value investing. Of course, these very strategies have proven quite effective in the past, and will likely continue to work well in the future.

The magic formula devised by Joel Greenblatt is an example of one such effective technique that will often result in portfolios that resemble those constructed by true value investors. However, Joel Greenblatt’s magic formula does not attempt to calculate the value of the stocks purchased.

So, while the magic formula may be effective, it isn’t true value investing. Joel Greenblatt is himself a value investor, because he does calculate the intrinsic value of the stocks he buys. Greenblatt wrote “The Little Book That Beats The Market” for an audience of investors that lacked either the ability or the inclination to value businesses.

You can not be a value investor unless you are willing to calculate business values. To be a value investor, you don’t have to value the business precisely – but, you do have to value the business.

Recently, there was an article on CNNMoney that spoke about the “secrets” of the elite rich in the United States. In turn, several articles were written about this article, including one that stated that the richest of Americans “built their wealth with diversification, wealth preservation and strategic growth.” That is a ridiculous statement in itself because two of those strategies, diversification and preservation don’t help build wealth. Perhaps the richest of Americans use these two strategies to maintain an even keel AFTER they have accumulated great wealth, but certainly they didn’t use them during the accumulation phase. According to this article, a survey of Northern Trust uncovered that the “richest Americans do not heavily rely on high-risk investment vehicles like hedge funds to make money, but are moderate risk takers who put more than half of their asset allocation into U.S. stocks and cash.”

Again, just as former hedge fund manager and multi-millionaire Jim Cramer said that he used certain financial journalists, including ones employed by the Wall Street Journal, as pawns to spread misinformation far and wide to benefit himself, again this is an example of investment institutions using the media as pawns to spread their myths to keep the masses of retail investors ignorant. The CNNMoney article made it appear that the richest of Americans built their wealth by being conservative and slowly growing their money over time. That’s an oxymoron right there. To state that the rich became rich by slowly growing their money over time. Well, if they are slowly growing their money and becoming even richer, then this implies that they were rich to begin with. So how did they accumulate wealth? Surely not by “slowly growing” their money.

Sure, some of the “richest Americans do not heavily rely on high-risk investments” because they ARE ALREADY EXTREMELY RICH. The majority of ultra-rich do NOT build their fortunes by speculating on high-risk investments as is commonly believed. Often they build fortunes utilizing volatile assets and investments but that does NOT mean they were engaging in risky behavior. Many times, investing in a hedge fund can be much riskier than investing in some of the assets that your investment firm will tell you is “risky”. But investment firms will gladly place a portion of your money in hedge funds because the fees they earn from hedge funds are so high even as they advise you not to put your money in a much less risky investment with much greater earning potential. And THIS IS THE SECRET that investment firms never tell you.

Volatile assets that often can be used to build great wealth are NOT RISKY if they are purchased at entry points that are extremely favorable and provide a low-risk point of entry. 99% of investors don’t understand what high-risk investments truly are because they have been misinformed by their advisors and their firms for the past half of a century. Purchasing volatile assets at low risk-high reward entry points greatly mitigates and neutralizes the great majority of risk of volatile assets. If you don’t understand this concept then you need to.

Many millionaires that are wealthy but that could be extremely wealthy fail to build enormous wealth because investment and financial institutions mislead them about certain investment opportunities and describe them as complex and risky and are able to convince their clients of this belief because they never properly explain risk-reward scenarios to their clients. However, those investors that are extremely wealthy are the rare breed that understand this concept. If investors had a choice between allocating $1,000,000 in a historically volatile Investment A that has a 78% chance of returning a 250% gain versus an Investment B that has a 95% chance of earning 9%, most investors would choose Investment A.

However, because Investment A may exhibit 50% more volatility than Investment B, the great majority of advisors would steer their client away from the former investment into the latter one. In fact, this is exactly what even “prestigious” firms that cater to ultra high net-worth clients do because they allow misinformed, uneducated investors dictate the rules of engagement to them, and they would much rather appease such powerful, important people with slow,minimal gains rather than empower and enlighten them and boost their returns like never before. They would choose to steer them away because they present the investment opportunities incorrectly, merely telling their client that while they could earn 350% from Investment A there was also a very realistic probability that they could lose $300,000, and that shooting for the slow but steady $90,000 a year is much better for them.

If you are thinking to yourself, “That makes absolutely no sense?” Why would firms not earn 20% a year for their clients if they could instead of 8% a year? The answer is because the overwhelming majority of investment firms, no matter how prestigious their brand, are merely highly glorified sales machines. They fail to convince clients to invest in phenomenal investment opportunities that sometimes arise like Investment A because in order for Investment A to be a moderate risk, very high reward investment, it must be entered at a low risk entry point so that the probability of being down $300,000 at any give time would be reduced from perhaps 50% to 20%.

And that even if their timing is not optimal, then a firm must educate the client that as long as they don’t panic when they are down, the odds are still extremely high that they will earn a 250% or better gain. However, the greatest factor that determines why firms will not seek this strategy is time. Engaging in much better strategies such as these for their clients would take massive amounts of time in client education and enough time in research that the amount of assets gathered would take a serious hit.

So because it is not in a firm’s interest to engage in activities that maximize portfolio returns (unless it is their own institutional portfolio), instead, we have Chief Investment Officers at top investment firms making statements like, “”Generally they [the richest of Americans] want to see prudently managed growth without a lot of surprises, which is why we emphasize diversification.” Again, this is a sales & marketing campaign statement, not an aboveboard statement about how to make money for clients.

If clients are uncomfortable with strategies that would actually built great wealth for them instead of producing mediocre or subpar returns, their discomfort only originates from the fact that the largest investment firms have been deceiving their clients, just as Jim Cramer had deceived the thundering sheep herd for years, about the realities of building wealth. This discomfort originates solely from the fact that he or she has been kept in the dark for so long. Thus, we have a misinformation-driven cauldron of investors making bad investment decisions that exists today. In 2007, you’ll still find Chief Investment Officers of very well known firms making ridiculous statement that investors need to invest at least 50% of their stock portfolio in U.S. stocks if they wish to grow their portfolios exponentially.

How are they going to grow their portfolios exponentially with more than half of their stocks in a stock market (the U.S.) that has NEVER been the best performing market in the past 25 years (even among developed stock markets)? How will they grow their portfolios exponentially by buying stocks in market that trades in what is quite possibly the worst currency on earth among developed markets (the U.S. dollar)? Yes I know that when the U.S. dollar shows a brief spike in strength as is likely to happen soon (I’m writing this article in April, 2007), that many people will question what I am saying, but this is only again because they are victims to the mass deception mind-games of the investment industry. I suppose if planning to earn better than subpar returns in your stock portfolio is engaging in risky behavior as Chief Investment Officers of various firms claim, then yes, I whole-heartedly endorse engaging in risky behavior.
And because so many people, yes, even those considered quite wealthy, fall victim to the preaching of investment industry demagogues, there is a second mistake that many rich investors will soon make.

Another survey of wealthy U.S. investors uncovered that a large percentage of investors with investment assets of over a million do not employ any type of investment advisor but plan to do so soon giving the increasingly gloomy nature of the U.S. stock markets. To that, this is what I have to say. Making money in difficult markets is ten times more difficult than making money in bull markets. If investors believe that it will be increasingly more difficult to make money in U.S. stock markets, but yet top investment firms in the U.S. continue to preach that more than half of your portfolio should be in U.S. stocks (mostly to cover their respective firm’s inadequate coverage of emerging markets), how is the hiring one of these men possibly going to improve these investors’ future performance outlook?

But there is an EXTREMELY important distinction to be made here. What I’ve written above applies to the behavior and mindset of some of the richest people in America, but not THE very richest people in America. The very richest people in America, those you might categorize as the world’s ultra-rich, possess a very different mindset and behavior set than those that are just rich. The ultra-rich have positioned their portfolios extremely differently from how the rich people discussed above have positioned their portfolios. The reason why articles regarding their behavior and investment decisions are virtually non-existent is because they don’t grant interviews and they don’t want people to know what they are doing. But I’ve investigated what they are doing, and trust me, it is nothing remotely similar to the behavior of wealthy investors described by Northern Trust and other investment firms.

If you would like to find out why the ultra-rich always manage their own money or able to find the 1 in a million consultant truly capable of providing them the returns they desire, consult our resource of “101 Reasons Why Managing Your Own Money is the Only Way to Build Wealth.” Even if the ultra-wealthy have someone managing their money for them, the only way they were capable of finding this 1 in a million financial consultant was due to the fact that if they had to, they could manage their own money successfully as well. Only be first fully understanding the most successful investment strategies themselves could they identify an advisor capable of employing such strategies. However, a great majority of ultra-wealthy continue to handle and make their own investment decisions.

Every online marketer hope with make a success in online business within the shortest period of time to generate sufficient income that enable them to enjoy luxury lifestyle. They have bought many money making, life-altering packages with the hope of achieving the success effortless and in the quickest way. But, many of them have failed and quit with disappointment. If you are one of them, you might wonder why you can’t success as you expected when you start the online business; and, why the business techniques and strategies taught in the money making or life-altering packages did not work for you.

Most people start to involve in online business because they believe that they can earn much money from this business by just putting on simple website and/or run a few pay-per-click campaigns like what they understand from those money-making packages. This is the myth of effortless success that makes many of online marketers blind to the truth…The truth is anyone can be successful with online business if they understands that consistent effort is what will set them apart from the thousands who get nothing from the very same business.

Believe it or not, everyone can make money using any of the money making packages which are sold online. Because people are doing it every day and many of them are successful; of course many are failed as well. What make the different? Is the money making package or the effort put in the process of implementation of the techniques thought in the package?

Well, the only reason for those who success is they understand that this is nothing so called ‘magical’ will happen just because they bought the latest and greatest life altering product. They know that there is not magical way to make effortless success. No matter how good is the life-change product, you need to do your part: the time and effort to make your own online business a success.

You see those super affiliates or million dollar online marketers make money so easy, their simple products can sell like hot cake. Their blog or website is a traffic magnet that attracts thousands of visitor everyday. Their articles get read and people tend to buy or follow what they propose. You see the success part of these gurus, but you ever think of how much work they have put into the business before they achieve the rockstar status?

For those who tried and failed in their online business “know” it’s hard to get to make their dream lifestyle come true. But, for those who already at the top and enjoying the success lifestyle with their online business ‘know’ it’s easy for anyone to get success if they are willing to work hard on the right things to get there.

However, taking action and working hard is only part of the equation. In other words working hard in the wrong way won’t get anything done even though you have put in your efforts. You have to find the right tool and techniques to get you where you want to be. Only then, your hard work and action lead you to achieve your success.

Summary

The bottom line is there is no effortless success in online business, if there is, the person just get lucky. You can be successful in your online business like other million dollar online marketers if you have put in your efforts to work in the right way with the right tool.

When you open a dollar store you soon discover there are so many different, yet important aspects to the business.  There are so many responsibilities that must be dealt with on a daily basis that it can be very difficult to get them all covered.  Still other duties might come up weekly or monthly.  Yet they are often just as important.  One of the most critical responsibilities you face is customer service.  This is a 24×7 duty that cannot be forgotten even for a moment.  In fact it is among the most critical responsibilities you are charged with handling.

When you open a dollar store, success in the customer service arena involves not just your performance, but also that of every employee.  In this article I will present 4 critical questions to ask as a test of your overall customer service performance.  So let’s get started.

1. How skilled and competent are you and your employees at providing memorable service to each and every customer?  It is important to offer every new employee customer service training during their initial job orientation.  Be sure to set clear expectations regarding customer service at the same time.  Experienced employees should receive periodic reminders, updates and reinforcement through daily feedback and in writing on their performance reviews.  .

2. Is there true commitment, caring and satisfaction associated link to your business?  One of the real keys to becoming successful at customer service revolves around having a commitment and caring about the job, company and your work.  No matter how hard you try, if you or your employees are unhappy it will be reflected in the overall quality and success of your customer service.

3. Do you and your employees take deep pride in providing outstanding professional customer service at all times?  As mentioned above, when you open a dollar store with plans for success, you are committing to providing only the best of customer service.  Be sure to reward those employees who role model exactly the customer service you wish for your business.  Don’t forget there is great power in you role modeling outstanding customer service at all times as well

4. Let’s finish with the most important question of all.  How well do you and your employees meet the responsibility of providing outstanding customer service?  It is critical that each and every customer who comes in contact with your business receive the same high-quality customer service.  If there is less than top-quality customer service provided, overall satisfaction is jeopardized.

If you plan to open a dollar store know the quality of your customer service helps to determine your overall success. The measure of customer service includes many metrics.  Customer complaints and how they are handled is certainly to be included.  More positive measurements include customer retention, average sale size, sales volume, the number of sales transactions and frequency of customer visits.  Don’t forget to examine word-of-mouth referrals from existing customers as well.  These and others metrics provide the numbers to support your overall level of customer service performance.

To your dollar store business success!