Consumers are changing – but many companies have not realized that. The consumer decision making process has permanently shifted – widespread access to the internet has made it easy and natural for consumers to research every buying decision. The high degree of customer loyalty which was normal in the “good old days” is now just a pleasant memory of times gone by.
While much of the problem is certainly a more informed consumer, there is also the discussion that companies no longer care about their customers enough to foster brand loyalty. Companies seem to think that because they have an identifiable brand and a needed or sought after product or service, people will automatically become loyal.
Many companies have stopped going above and beyond for their customers
Many companies have stopped going above and beyond for their customers. Let’s take the wireless carrier industry as an example: for over a decade, their mantra was to bend over backwards for new customers, all while doing the bare minimum to keep existing customers. It has become the circus side show of flea jumping to the next guy who has a little better phone at a little better price. Only recently have some of the carriers realized that they’ve completely missed the boat by not going above and beyond for their existing customers, which has doomed all of the carriers from brand loyalty. Everyone knows that the next carrier is just as bad as who they have, so why switch?
Businesses seem to think that by offering a 10% discount during the holidays, or having a customer sign up for some sort of rewards program, will entice the customer to come back and spend more. People are fed up with loyalty programs that over promise and under deliver, which is why they are shopping for a better deal in the first place. “Oh, you want me to spend € 100 so I can save 10% on my next purchase? How about I go over here and buy the same thing at a 30% discounted rate and not jump through a bunch of hoops to get it ……”
Many companies have lost focus on their customers
Point is, companies, especially many large companies, have lost all focus on their customers and placed all of that focus on the bottom line and appeasing the share holders.
For those companies who do see what needs to change, they will usher the next era of business by leading the competitive edge.
WAKE-UP …… NOW!
Companies need to build relationships and go above and beyond for their customers. The future belongs to companies that have a centric customer focused corporate culture that ultimate leads to “The trusted company”.
Will companies be forced to turn into the mom and pop shop of the old days?
Short URL & title:
Many companies have lost focus on their customers — http://www.torbenrick.eu/t/r/idn
If you enjoyed this article, please take 5 seconds to share it on your social network. Thanks!