Your best investment. (It ain’t stocks)

Today we heard official news that we already knew:  We are in a recession.  So what are you going to do?

My newsletter today, It’s Time to Invest, encourages us to invest in our most valuable asset, the loyalty our customers have for us. There are many things that we should cut back on, but our customer relationships and the loyalty that comes from those relationships are worthy of more attention – and investment – than ever.

Please share your comments!

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Posted in Loyalty
5 comments on “Your best investment. (It ain’t stocks)
  1. richard says:

    Steve

    I can’t tell you how true this is. I am currently having to reevaluate a vendor relationship as there is apparently a shift in Corporate Culture.

  2. leonghw says:

    i ate at a local restaurant last week.
    it has a unique combination of factors that makes me loyal and disloyal at the same time. let me elaborate.

    Touchpoint 1:
    as i stepped into the restaurant, one of the waiter RECOGNIZED me as a frequent customer and nodded his head to ACKNOWLEDGE me. Loyalty point +2

    Touchpoint 2:
    after placing the order, he brought me the food PLUS the extra gravy i’ve asked for the last time without me asking again. Loyalty point +1.

    Touchpoint 3:
    then at the payment counter. i pulled out 50 bucks for a meal that costs 5. the cashier immediately pulled a sour face and grumbled that i should have paid him the exact change or something smaller than a 50. for a customer facing staff like a cashier, this rude behavior is not tolerable.
    Loyalty point -10.

    my point: to make customers loyal to you, treat them well & know what they want before they have to ask the second time around. make them feel that they matter to you. that’s relationship.
    companies should invest in mystery shopping to know how their customers feel and think while purchasing from them.
    rewards & points doesn’t make loyal customers as almost every big companies have their rewards & points. what makes yours so special?

    strong customer service is hard to replicate compared to rewards & points programs.

    rgs
    leong

    • Great story Leong. All of the personal recognition from the waiter (where he, by the way, was loyal to you) was destroyed by the cashier who didn’t consider you worth very much.

  3. bonnieL says:

    Thanks Leong – a reminder to all that above and beyond means consistent above and beyond.

    bonnieL
    triiibe on!

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