“We see our customers as invited guests to a party, and we are the hosts. It’s our job to look after them and make every important aspect of the customer experience a little bit better” – Jeff Bezos, Amazon
We all are either customer or have been in their shoes at any given point in our busy lives. Thus, we all realize that when we don’t get served appropriately how disappointed and ungainly we feel about the entire situation. Similarly, in our business or work, we have customers who do not need to feel the same way and it becomes our whole and sole job profile to keep it that way.
Gone are days when businesses could be big and powerful without bothering much about its customers.
Gone are days when businesses could be big and powerful without bothering much about its customers. Take the case of Bank of America when it was forced to withdraw a proposed debit card fee after widespread customer backlash. They have also been seeing customers leaving their bank and opting for smaller ones to get more personalized service. (read more)
So what we see above is a clear case of poor customer experience driving business out. Well, you might continue to sell more and earn profits but at the same time, you will keep observing that customers don’t stick with your brand and they are always looking to change. A small analytics will reveal that new customers coming in is higher than repeat customers which really does not usher in loyalty. Because business is not just building relations with partners or vendors but also with customers.
Another clear case of not building healthy relationships was realized by Comcast when they lost nearly 400,000 subscribers in a year. That’s a large amount of deflection for any company. Though poor customer experience might not be the only reason but it will be one of the reasons for this loss. (read more)
So what makes a customer stick? Well if we make any person valued and hold them in high esteem you have got yourself a new brand ambassador without spending millions on celebrities. Case in point is the story of how a 3-year old’s question about the name of a bread in Sainsbury Super Market went viral and the company acknowledges the response to change the name. They could have been rigid and stuck to the old name, after all, that’s a 3-year old’s suggestion matter but that was not the case for Sainsbury. Now they have thousands of people as their customer because these folks followed Sainsbury’s response to the suggestion online.
The age old adage “Customer is the king” should be changed to “Customer is the God.”
The age old adage “Customer is the king” should be changed to “Customer is the God.” In today’s world if businesses do not build a strong customer centric model then they lose everything in a matter of minutes.
I covered a few points on this crucial subject, let us know your thoughts in the comments.