At a time when every advantage is assailable competition is heating up ….fast. The placid times when one could “shake a tail feather” only to retain a customer for life is over. Sure with hypercompetition protruding from every orifice firms are compelled to promise the moon to obtain a customer. Share this!
But …. hold on. Something happens down the road. With low or no entry barrier to competitors, those with or without work track records, reliability rather than promises to the “moon” is the most valuable competitive advantage for the long term. Fred Reichheld in a LinkedIn article provides additional suggestions. Albeit, warnings in the form of suggestions.
People don’t leave on a whim. They leave because they have reached the breaking point.
As part of their research, my colleagues organized focus groups of customers who had recently left one provider and asked participants to write stories about their experiences. Virtually everyone recounted a whole series of bad episodes. “I finally had enough and switched,” said one participant, adding that he wouldn’t return even if the company paid him.
There’s one good way to nip this kind of exasperation in the bud and build loyalty among your customers: Ask them for feedback, then act on it. Resolve the issues people raise. Fix the procedures or policies that cause the issues in the first place.
If your board of directors are doing there jobs, and you are doing your job there will be a shake up before it has to be ordained from on high: The almighty customer. If you’d like me to visit your firm and pick my brain on how to improve your bottom-line click here. The link will take you to my contact page on my website. Thank you. Jim
Jim Woods is a leadership development and small business training consultant deploying his unique abilities in competitive strategy and growth training.