Emotionally satisfied customers deliver a 23% premium in terms of share of wallet, profitability, revenue and relationship growth!
Glendora, CA (PRWEB) April 12, 2011
Many organizations claim to provide good customer service and say that they are rated highly in customer satisfaction surveys. In truth, customer satisfaction is a poor indicator of your chances to retain customers and increase business. A focus on the customer experience is far more productive.
The best metric known for determining the value an organization is creating is customer loyalty. Customer satisfaction has been proven to be a weak predictor of loyalty. While customer satisfaction is a condition of loyalty, it does not guarantee it!
Customer Satisfaction vs. Customer Loyalty
60% to 80% of customers who defect to competitors said they were satisfied or very satisfied just prior to defection. Understanding a customer's buying and utilization experience is key to establishing customer loyalty. Sales and support processes must accommodate customers rather than "pull" them through your process.
The "Loyalty Effect"
"Emotionally satisfied customers deliver a 23% premium in terms of share of wallet, profitability, revenue and relationship growth!"*
*Manage Your Human Sigma, Gallup Organization Research
What does it take to develop loyal customers?
It takes developing the "X-Factor" -- developing emotionally satisfied customers. The day to day actions of sales and service teams - how customers perceive value is the key to building emotional bonds that drive customer loyalty. By understanding customer's cycles and aligning processes and the entire organization in a supportive manner, Emotional Satisfaction vs. Rational Satisfaction will result.
Rationally satisfied customers believe they received the right product or service at an acceptable cost/value relationship but will quickly change providers if they believe they can receive equal or greater value from another provider.
What Can Be Done?
Standardize Service/Selling Processes
- Establish a common service-selling language
- Develop customer-centric behaviors
- Build world-class attitudes and beliefs
- Capture best practices and replicate them
Focus on Loyalty to Drive Growth
- Build emotional satisfaction, the X-Factor of customer loyalty
- Create customer value by improving attitudes and beliefs
- Develop process discipline in service - selling and coaching
Using Glowan's 4D approach leverages the X-Factor and focuses entire organizations directly on customers.
Interested in developing customer loyalty and increasing the top and bottom lines? Join Glowan Consulting for this program and create the Loyalty Effect with the entire customer base! info(at)glowan(dot)com
The Glowan Consulting Group is in the business of transforming individuals and organizations utilizing its L3 leadership development and executive coaching activities. Our network of experienced business professionals are skilled not only in all facets of developing leaders and managers, but also in operating businesses and preparing organizations to gain competitive advantage in the rapidly changing global environment.
Glowan Consulting Group
This press release was distributed through PRWeb by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company listed above.
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