WJR Business Beat: Earning Customer Loyalty Is Harder Than Ever (Episode 419)

On today’s Business Beat, Jeff addresses the difficult business of attracting and retaining customer loyalty. Now, more than ever, customers are fickle.

Tune in below to learn how your business can keep customers from straying:

 

Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE.

Are you an entrepreneur with a great story to share? If so, contact us at [email protected] and we’ll feature you on an upcoming segment of the WJR Business Beat!   

Good morning, Paul!

Well, it used to be that if you earned a customer, you had a shot at a customer for life by simply providing a good enough level of customer service and customer experience. Well, we’re here to tell you on the Business Beat this morning, those days are gone.

Businesses have to work harder than ever these days to retain a hard-earned customer as consumers become less and less loyal and more and more opportunistic over the past year. In fact, 71% of consumers worldwide switch brands at least once. More than anything else, consumers are simply looking for better deals these days as expected and if someone else has a better deal, consumers are going to hunt for it and find it and buy it instead of buying from you. In fact, about two-thirds of consumers switched brands in the past year because they found a better deal, typically driven primarily by a better price point, but not always. More than half were seeking better product quality while 48% switched due to a brand that they would otherwise be loyal to not providing enough adequate customer service. Product availability and convenience relating to the shopping and buying experience were also heavy influencers that made consumers make a switch.

Now for some good news. However, consumers are more loyal to getting what they view as value in their experience. Value, of course, is part driven by cost. But other aspects of the consumer experience contribute to value as well, such as expertise and guidance that the brand provides, supreme customer service and higher quality in the products a brand sells all count toward the perceived value that a consumer receives. And if you focus on value, you’ve got a good shot at keeping that customer as a loyal one.

The bottom line: Attracting a customer is hard. It’s expensive at best in today’s world. Once you’ve got it, a customer’s attention and consideration, focus on providing the best possible level of value to your customers if you want to keep them.

I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.


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