Over at CustomerThink, they recently wrote a great post about what you should do in these tough economic times to retain your customers. As you’ll see budget cuts to the sources that bring in your customers – like marketing and advertising – it’s critical to keep the customers you currently have. Took keep them through these difficult times, you must keep your customer service quality high and give them no excuse to switch to a competitor.
In a recent post by Ron Shelvin, he states his point on why customer loyalty’s landscape is changing. Just as everything else is undergoing major change, for example, the advertising industry and their struggle with television ads, so is the customer loyalty landscape. Shelvin believes the two key factors that are responsible for this evolution in customer loyalty are: social change and globalization. Companies today want us to buy their products, and remain loyal to them. The landscape of their customer base has transformed into an educated public with needs that can be serviced from anywhere on the globe thanks to the internet. With their high levels of education, and their high expectations of service, companies focused on loyalty need to have their customers constantly in mind. As a result when customers are unpleased by service, they show what power they control: their business. Customer loyalty may be dwindling in today’s society, but if businesses truly provide for their customers needs, customers will stick with the business that they feel treats them the best.