Post by account_disabled on Mar 6, 2024 23:27:36 GMT -5
How to achieve customer loyalty in times of economic crisis? According to an article written by john aves, chief executive of cp2 experience, companies can adopt customer experience management measures to face this difficult economic time. Below, he explains it, based on his own experience as a client in the united kingdom: what is going wrong in the uk services sector? Last week I ended up very angry, after having bad experiences with my bank, my utility provider and my courier company. So I reflected on what had gone so wrong. Have I been unlucky or is there something more systemic? Covid, brexit, the cost of living crisis... Something that these suppliers should manage better if they want to maintain my loyalty as a customer. Or is this simply a perfect storm that has tested even the most efficient and well-run company? All signs point to the former.
Last week's experience reminded me of a stark observation from havas media group in its 2021 meaningful brands report: 75% of brands could disappear… and most consumers wouldn't care. This is exactly how I felt about my bank, my utility provider, and my courier company. I would gladly say goodbye to all three of them. As Buy Bulk SMS Service havas points out in his report, people are tired of empty or broken promises. Most customers have little faith that brands deliver on what they say they are going to do. Trust is at a low point. Customer loyalty is fragile in sectors suffering from the economic crisis those brands that intend to weather the economic crisis or simply cut costs could be falling into a sharp drop in loyalty, which has already been brewing for years. The number of complaints is breaking records, according to last month's ukcsi from the customer service institute.
Nearly one in five customers has had a problem with an organization. The top 50 list is dominated by the retail (non-food), retail (food) and leisure sectors. The sectors that have been left poorly have performed poorly. Very few banks or insurance companies are listed. Public services and business service companies (including delivery companies) were virtually non-existent. But public services, banking and insurance are even on the front line of the cost of living emergency that affects the country. This does not bode well for loyalty, which will be tested to the max (now and in the coming months) as consumers make difficult economic decisions and judge organizations based on their response. How to achieve customer loyalty in times of economic crisis? Companies that focus on delivering meaningful experiences, based on caring for people, community and planet, will have an advantage.