Thoughtful Thursdays – Consequences of waiting too long
Losing a loyal customer to a competitor should never be a complete surprise. If it is, you may be experiencing the consequence of waiting too long.
It takes a lot for a loyal customer to change suppliers. A true loyal customer will give the incumbent the opportunity to respond to situations where business may be at risk. They may tell you directly or drop hints that something is amiss. If you wait too long to respond, the consequences may be disappointing.
Sometimes business wait too long because their success has nurtured a culture of arrogance that blinds them. They being believing that there customers would not go somewhere else to buy. They rest on their laurels.
Some companies will go as far as choosing a customer service strategy that makes their customers jump through hoops. They assume that the majority will give up and continue to buy. You do not need to look very far to see this kind of policy demonstrated.
When the customer leaves, the ex-supplier inundates them with apologies and offers to try to win the business back. They use words like “you are a valued customer” or “it’s not too late to change your mind” to get your business back.
At this point it is too late. They did not see or hear the signs the loyal customer was giving and if they did, dismissed them as insincere. This is huge and costly mistake.
You cannot put a price on a loyal customer base. When you are talking with them, listen to what they are telling you and never take anything for granted.
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