Customer Loyalty So You Have It?

The 20th century business model focus was labor intensive. Creating satisfied customers was the goal.  However, the 21st century has changed the marketplace forever.

With the click of a mouse thanks to the dramatic impact of ever changing technology, your satisfied customer can leave and become easily satisfied by your competitor. What will you do then?  Continue the same practices, policies, and procedures through archaic customer service training?

Customer loyalty is truly about your bottom line.  Did you know that a 5% increase in customer retention can have a 25% to 100% in profits?

Take a moment to think about the impact of this figure to your bottom line. You already have satisfied customers.  By converting them, you save money by not acquiring new customers which is far more costly.

But the real power is that these loyal customers become your greatest marketers. They are singing your praises to everyone through Word of Mouth (WOM) advertising. And everyone in business knows that you cannot pay for a referral.

So what is keeping you from building loyal customers?  In many cases it may be your policies, procedures and customer service training.

For example, some organizations focus on timing the interactions between associates and customers.  Speed becomes the driver of the customer experience.  The customer cannot complain that the transaction took too long, but they will complain about being treated like a number, like an empty bag, like less than a human being. Have you ever had that experience?

Smarter salespeople are coming to realize that unresolved problems are keeping them from loyal customers.  If a customer has a problem and that problem is resolved to the satisfaction of the customer, repeat sales happens.  In other words, resolved problems create loyal customers who want to come back and spend or invest their dollars with you.

TAKE ACTION to think about your customers.  What can you do to build loyal customers?  If you do not have a customer loyalty strategic action plan, then construct one is where to begin.

And remember, the digital disruption will impact your customer loyalty strategies.

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