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Opinion Loyalty Execution

CX: Giving Customers Something To Be Loyal To

Here’s a question for you.  Your company isn’t satisfied with its customer retention rates and you’re wondering what the issue is. IE. What's driving down customer loyalty?  The tendency will be to look at competitors and see if they’re offering lower prices or better packages.

The Bigger Question

But there’s a bigger question to be asked: Are you giving your customers anything to be loyal to? When you’re talking about commoditized services or products, the main differentiation is pricing. It doesn’t matter if it’s banking services, air travel or a gas station. If the only thing that keeps your customers coming back is pricing, then you’re not giving them anything to be loyal to.

If there ever was an argument for customer experience as a focus area, this is it. Giving your customers something to be loyal to.

Something they can:

  • get emotionally engaged with
  • talk about to their network
  • take away something about your brand differentiators

High Bar, High Impact

It’s not an easy task, but look at the value to your business. The tighter your margins, the less you can afford high customer attrition. Building and growing your customer relationships is key.

The article linked below touches on this exact problem — as it’s faced by the big mobile operators world wide. The fact that O2 has started to leverage it’s arena business to offer early access perks to its mobile customers shows the future of competition in commoditized industries.

It can all be summed in one phrase: Customer Experience Differentiation

Feb 26, 2014 | Original Link

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