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Jackpot!

Well, it finally happened. I know a big lottery winner! As I’ve shared the news with people I know, there is always the same reaction. How long do you give them before they blow all of their winnings? Is it really responsible to be spending any of it? You know what’s going to happen, right? They’ll blow it!  Ouch.  These are just a few of the reactions I received, and who can blame them? This is exactly what I thought as well, and history proves it. Listed here are the stories of 10 lottery winners who won big and lost it all. 

So, what happens? What causes people’s luck to run out? Let’s be honest – a lot of it is just plain foolishness. However, some of it is friends and family taking advantage and turning their backs on the big winners. Interesting what the power of money can do.   As corporations, we are all focused on gaining profitability and focus on our customers and competitors to maximize the bottom line. However, what if all of that effort was wasted because we were sitting on a jackpot the whole time and didn’t capitalize on it?

Case in point – many organizations do not have a centralized way of gathering customer feedback. There could be hundreds of thousands, if not millions, of dollars ready to be spent by your customers that the organization doesn’t know about. That revenue, if not noticed, will end up in someone’s hands. There is also always some revenue at risk of moving to the competition. You have to locate it, save it, and start to repair the relationship. 

There is simply no way to collect on and retain your jackpot if you aren’t centralizing and organizing feedback from customers. Sure, many in your company know and understand customer needs. Often times, however, that feedback is too decentralized to make any sense of it on a broad scale. Do yourself a favor and start to think about collecting on a jackpot that already exists, your current customer base. From there, the mega-jackpot of starting to take share of your competitor’s customer base is more within reach!

Do you have examples of revenue that was saved or gained through a centralized customer feedback program?

Katie Kiernan
Senior Analyst

About the Author

Walker Weekly

Walker is a consulting firm specializing in customer experience. Helping businesses for more than 75 years, Walker’s diverse team of consultants provides tailored, comprehensive solutions to help companies achieve their business objectives and grow shareholder value. Walker specializes in customer retention and growth, using predictive analytics and other innovative approaches. Walker works with some of the world’s most influential businesses as well as emerging organizations of all sizes. For more information, please visit www.walkerinfo.com.

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