Business Coaching

We’v all heard the expression that time is money. But new research shows that for potential customers, time spent waiting could mean they’ll spend their time – and money – elsewhere.

A study done by Professor Dan Zakay at Tel Aviv University shows that even if people have committed to buying a product, a long wait time or a long line to buy could reverse their decision.

“When people are waiting in line, they have already committed to buying something, but because they don’t like to wait, that commitment can change,” Prof. Zakay explained to PhysOrg.com. “The value of waiting, so to speak, is worth billions of dollars. Clients are easy to lose and hard to keep, especially when customers call in to buy something.”

Customers want to feel like the company they’re waiting for feels their time is valuable. There are some clever ways to make customers feel this way; for example, at amusement parks, lines for rides should be fragmented into segments, so the line doesn’t look as long as a long, straight line might be.

To avoid losing customers, incorporate Zakay’s findings into your own business. Even letting customers know they might have to wait a bit or giving them coffee or cookies while they wait could go a long way, therefore, retaining their loyalty.

Remember, it’s not always about the product itself…customer service is a very important part of business, too.