How can we improve customer loyalty?
Unless your brand offers services or products that connect with people on an emotional, visceral level (think how football fans feel about their favourite club) customer loyalty is a myth. Most customers stay with a brand as long as it fits their needs in ways that satisfy their standards. Figuring out who your services or products fit the most is half the solution. How to keep them engaged—not just loyal—is a whole nother challenge.
Other than poor service, why do customers leave?
Research shows that 80% of businesses believe that they’re offering a great customer experience. Only 10% of their customers agree (Bain & Co). Companies only lose 5% of their customers to competitors—but they lose 68% because they don’t show their customers enough interest. Where do you think your time should be spent?
Don’t happy customers mean we’re on track?
Short answer? Nope. Customers may be satisfied by the brand they buy from, but that doesn’t stop them from exploring what’s new. Maybe they’re curious. Maybe they’re bored or following the latest trend in the market. The challenge is switching your satisfied customers to delighted customers who act as natural believers and promoters for the brand.