Debunking The Top 5 Myths About Customer Loyalty
It's not that complicated!
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There are a lot of strategies out there for increasing customer loyalty. Do they all work? Unfortunately, no they do not. But how can you separate fact from fiction? Here are the Top 5 Myths about Customer Loyalty from Forbes – distilled down for you!
Myth #1: Satisfied customers are loyal customers.
Just because your customers are happy with your service once doesn't mean they will keep returning. Simply put, satisfaction does not equate to loyalty. You need to continually impress and engage customers to keep earning their trust and business. This is a process of listening to your customers and improving your business to keep them satisfied. Only by continuing to give your customers great experiences that enrich their lives, will you create truly loyal customers.
Myth #2: Customer expectations are higher than ever.
There is high competition in almost every industry and customers have a lot of choices to choose from. They do expect a lot, but they also have been burned over and over by long customer service wait times and roadblocks at every turn. The result? Today, customers actually expect a poor experience when engaging businesses, which creates the opportunity to actually thrill them with easy, convenient customer service!
Myth #3: Great customer service is the key to building customer loyalty.
Even better than providing excellent customer service is not needing to provide it at all! The need for a customer to get help usually means that something has gone wrong in the customer cycle. Even if the customer service is excellent, the better your product offering and processes, the less they will need to engage with customer service and the happier they will be.
Myth #4: A great, loyalty-building customer experience costs more to deliver.
Perfecting your process doesn't need to be more expensive. When you focus on great end-to-end customer experiences it reduces the need for downstread customer services. In doing so, you'll gain efficiencies, reduce support costs, and eliminate unnecessary customer touchpoints.
Myth #5: There's little proof that being good to customers is good for business.
Your customers are your business (cheesy as it is to say) so treat them well! "Companies that offer a great customer experience outperform their less customer-centric competitors by an average 3-to-1 ratio in shareholder return," according to this Watermark Consulting's widely-cited Customer Experience ROI Study.
Discover the full article from Forbes - "Debunking The Top 5 Myths About Customer Loyalty."