Retaining and Gaining Business in a Troubled Economy

“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”  – Warren Buffet

Today’s customers are making smarter choices. They are more vocal, more cost driven and less brand-loyal. Among the key consumer expectations are: convenience, competency, proactivity, personalized service, and studies continue to show that frugality and conscious consuming are still among the biggest retail trends in the U.S.

Sensible retailers are making smarter choices too! Many businesses, especially those that are driven by discretionary consumer spending, are well advised to improve the customer experience.

Recent studies revealed that in the U.S. alone, over 70% of consumers have ended a business relationship due to poor service, two-thirds have taken their business to the competition, and the remainder just STOPPED – decided not to purchase at all! Moreover, when you consider the potential impact of social media, even one lost customer can equate to many, many more.

So how do you best position your brand to retain and gain business in a troubled economy? Know what your customers want, need and expect – then work to exceed these expectations. A quick (and relatively easy) start is to experience your services from the customer’s point of view. Mystery shop your own business from every angle (inquiry, purchase, complaint, etc.) then answer the following questions:

1. Would I do business here?
2. Would I recommend an associate/friend?
3. Given a viable alternative, would I return?

This simple, yet telling exercise should give you a clearer picture of your organization’s customer service strengths and opportunities. Develop an actionable strategy, then go and GET it! Every effort of every member of your organization should focus on Getting new, Expanding existing and Taking back (recouping) lost business.

Lynda Fleming - Director of Learning & Development, Frontline Performance Group