How Loyal Are Your Customers?
Ever have the sneaking suspicion that your best customers are having a torrid affair with *gasp* another brand? Or perhaps not a long-term passionate relationship, but just a little fling?
Should you have the chance to press for an explanation, it would go something like this:
Great Expectations Customer: "But you weren't there when I needed you. I was looking for something you couldn't give me, something more."
Exasperated Customer: "You're too complicated--I'm tired of jumping through hoops for you."
Opportunistic Customer: "Brand X was just there, looking so good that I couldn't help myself... but it didn't mean anything, I promise."
Fickle Customer: "Well, I'm not really a "'til death do us part" kind of person."
Relevance-Hungry Customer: "I'm bored to death with you." (Isn't that the most painful one to hear?)
Do you know why your customers have strayed, or who they've been seeing when you're not around? The answers to these questions are more important to your business than you may realize--they could shed light on missed opportunities to build your brand and your profits.
Some thought leaders have posed the question of whether brand loyalty is dead. If loyalty exists, how much does it matter to you? How do you track the impact of high loyalty and retention--or its flip side, customer attrition--on your revenues and your bottom line? Does loyalty make your brand stronger, more valuable?
Better still, what practices do you follow to ensure you're making the most of that precious 20% of your customer or client base that offers 80% of your opportunity?
Keep your brand alive. Do what it takes to exceed expectations, offer a better value, a more satisfying experience, deeper market penetration, more convenience, or greater meaning and relevance in response to your market's needs and aspirations.