It is interesting that the customer basics seem to come back when times are bad.  Companies who hold true to customer fundamentals during good times have a higher rate of success in tough economic times.  They shrink less and grow faster as the upturn starts.  This makes perfect sense, but it is only obvious when things are at their most difficult.  Unfortunately, for some companies it’s too late to change as they lose customers, market share and profit.

We Think it Matters

There is an article on MANAGESMARTER by Andrea R. Nierenberg that I thought was worth sharing.  I would say that these points are great ones that should be embedded in the DNA of company cultures.  They lead to growth and prosperity in good times and success in difficult times like we are having today.  There will be winners and losers in this economic down turn.

14 Ways to Keep the Loyalty When Times Are Tough

1. Start off by taking an inventory of their needs and expectations, then develop solutions.

2. Be someone they enjoy working with.

3. Stay in touch with them via their preferred method of communication.

4. Ask for their advice and feedback.

5. Think strategically.

6. Do something that is “out of the box.” 

7. Stay on their radar.

8. Be dependable and reliable.

9. Show your appreciation and say Thank You. 

10. Make sure you know what the competition is up to.

11. Build a true foundation of trust.

12. Put yourself in their shoes and see the world from their eyes.

13. Keep these five basic expectations top-of-mind to your clients: Rapport, Recognition, Reliability, Responsive and Resolution.

14. Aim for share of wallet, share of market and share of heart.

Thank you Andrea for the 14 points and the very actionable information that companies can take advantage of to build loyal customers and internal stakeholders.  You bring the point home that doing the right thing for customers in difficult times will lead to even more loyal customers in good times. 

Personally, this isn’t the winning formula for bad times. It’s the formula of success for all times, regardless of economic conditions.

Posted under Customers, General