with your company longer and deepen their
relationship with you...
less price sensitivity
products or services to others
Make Customer Service an Essential Part of Your
Create Customer Value:
10 Lessons from Konosuke Matsushita
Delighted and loyal customers will
return for follow-on business without considering alternatives of comparing
the competition. Though, there is
of factors that influence customers' decisions to remain loyal, true
loyalty is based on your company's continuous delivery of superior value.
Customer loyalty is a major contributor to
sustainable profit growth.
7 Routes to
To win customer loyalty, you must first
satisfy your customer
80/20 Principle, loyal customers –
the top 20% of total customers – usually account for more than 80% of your
sales and profit growth.
In highly competitive markets,
there is a big difference between satisfied customers and completely
satisfied – or loyal – customers. The former, if they have a choice, can
easily switch to another supplier, while loyal customer would stay longer
with your company and recommend its services to others. Thus you should
rather be concerned than pleased if, according to your surveys, majority of
your customers fall into the satisfied category. Turning them into loyal
customers through building customer relationship and delivering superior
value should be your prime task. >>
Customer satisfaction is a critical component of your
sustainable profitability and growth. To make make
customer service an
essential part of your corporate culture and produce empowered and motivated
employees who are committed to ever higher standards of
customer service and
satisfaction you must demonstrate continuously that in your company's order
of priorities, customer service comes before all else. You must develop a
collecting customer satisfaction data and relaying this
information to those responsible for
value creation, and develop a system that rewards people for building
and maintaining customer relationships...
Love your customers.
If you ignore them, they will very quickly ignore you, and
If you focus more attention towards post-acquisition
customer engagement, you will enjoy cumulative benefits: the customer base,
revenue and cash flow will keep increasing, while the pressure off
acquisition as the sole driver of growth will be taken off...