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Focus on Customer Loyalty in Difficult Times

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The document discusses strategies for businesses to build customer loyalty during an economic downturn. It recommends focusing on customer loyalty as the highest return, lowest risk strategy. It emphasizes listening to customers, understanding their challenges, adapting to changing needs, providing value in core areas, and finding opportunities to offer unexpected help to customers in crisis to create lifelong loyalty.

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Driving Customer Loyalty in a Down Economy Gregory North, Senior Vice President, Quality Programs
At times the news seems all bad
But we know that in every crisis, there is opportunity ,[object Object],[object Object]
Decisions, decisions ,[object Object]
Survival Strategies in a Down Market ,[object Object],[object Object],[object Object],[object Object],[object Object]
Risk vs. Reward High return, low risk? Focus on customer loyalty – retain and grow High return, high risk? Place a big bet – invest and innovate Racing to the bottom? Slash prices, offer discounts Spiraling to hell? Cut costs, maintain margin Feeling lucky? Sit tight, this too shall pass
Perhaps your customers have the answer Focus on customer loyalty – retain and grow
Best Buy sure thinks so ,[object Object],[object Object],[object Object],[object Object]
They are not alone ,[object Object],Source: AMEX Small Business Monitor Survey - 2008 2nd Half
Focus on the Customer: More Than a Defensive Play ,[object Object],[object Object],[object Object]
Implications for you ,[object Object],[object Object],[object Object],[object Object]
Not everybody is listening ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source : Newsfactor Business Report Rx for the Downturn: Better Marketing, Customer Service By Brendan B. Read April 6, 2009
5 Steps to Capitalizing on the Downturn ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Get Listening ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Increase frequency and number of listening posts for gathering VOC
Get Personal ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Don’t be afraid to ask your customers about their challenges
Be Aware ,[object Object],[object Object],[object Object],Look for changing needs and expectations
Stay Focused ,[object Object],[object Object],[object Object],[object Object],Map your value add to the changing need
Go the Extra Mile ,[object Object],[object Object],[object Object],Seize opportunities to provide unexpected value to customers in crisis
Summary ,[object Object],[object Object],[object Object],[object Object],[object Object]

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Focus on Customer Loyalty in Difficult Times

  • 1. Driving Customer Loyalty in a Down Economy Gregory North, Senior Vice President, Quality Programs
  • 2. At times the news seems all bad
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  • 6. Risk vs. Reward High return, low risk? Focus on customer loyalty – retain and grow High return, high risk? Place a big bet – invest and innovate Racing to the bottom? Slash prices, offer discounts Spiraling to hell? Cut costs, maintain margin Feeling lucky? Sit tight, this too shall pass
  • 7. Perhaps your customers have the answer Focus on customer loyalty – retain and grow
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