Customer loyalty. It’s becoming an increasingly archaic concept with the advent of new and progressive technology. Our world is becoming smaller, and with it advertising agencies are becoming bigger, boasting greater access than ever to the general market. With an unprecedented ability to undercut others’ prices (due to increased information), a seemingly endless variety to broadcast information (think social media, television, internet), and incredibly detailed insight into the consumer (maybe a little too detailed), advertising could potentially be the cause of declining customer loyalty, and with it, declining customer retention. With this immense increase in available information, agencies are able to better figure out what consumers want, or think they want, and they thus act accordingly in order to swipe customers from the competition.
That said, there are those out there who are admirably combatting such declining rates of customer loyalty fairly effectively. How do they do it? Listed below are three unconventional methods successful companies are using to retain their customers:
Although setting accurate expectations can be difficult to do, and even harder to communicate properly, it is necessary to foster a long-term sustainable customer-employer relationship. During sales, it can be very tempting (considering the financial incentive) for the company to tell a consumer only what they want to hear. However, although this may work fairly well in bringing on new customers, it is not an effective way to retain them. Aside from the obvious moral contradiction of not being entirely honest, misleading customers is bound to cultivate a relationship of not just distrust, but disappointment. Businesses and services are not perfect and should not be presented as such. To do so only strings along a customer until they run out of patience. However, if accurate expectations are set while clients/customers are being brought on, then they will be more open to any potential discrepancies or slight obstacles down the line.
Although you might think that having a successful product or service should result in more churn, that is wrong. In fact, what happens all-too-often is that a successful product or service actually has a higher customer turnover rate, essentially indicating that customers were leaving because they no longer needed help.
Well, the way around this is to build client relationships that truly matter, that extend beyond the confines of detached emails and office cubicles. By personalizing your professional relationship (to an extent), you will be humanizing your service and thus will be more valuable to the customer in question, because no not only are you providing an effective capitalistic value, you are providing personal and emotional value as well.
Figure out when and where customers tend to drop off from your product or service. By understanding when consumers are most susceptible, you will be better able to influence their decision at the time. Invest in these pivotal moments, and deliver a great customer experience at those exact times. By following through at these moments of vulnerability, your service will present itself as valuable right when consumers may start to feel otherwise. Anticipate their oncoming negative perception and build out a relationship that will make it more difficult to quit.
In our day and age of Millennial job hopping, decreased attention spans, and increased ADHD, it only makes sense that customer loyalty is decreasing. Yet, that does not mean we need to embrace the failure as failure. We can embrace failure as an opportunity, learn from it, and reverse the trend. Good luck!