It's devastating when you lose a long-term customer to a competitor. It’s even worse when you’ve been there for them, consistently providing top-notch service for years. You feel betrayed by their lack of loyalty.
Plus, you’re ticked off at your own company too. You did everything possible, but they didn’t give you a good enough price to compete effectively. Or, your offering just wasn’t quite as good as your competitors.
Here’s the deal. You may be seriously deluding yourself about the reasons you lost the business.
Recently the Corporate Executive Board did an in-depth analysis of customer loyalty drivers. Here are the primary factors they uncovered -- and the percentage of their contribution to loyalty.
- 19% - Company/Brand Impact
- 19% - Product & Service Delivery
- 9% - Value-to-Price Ratio
- 53% - Sales Experience
Stunning, isn't it? YOU are the biggest factor of all. Your personal impact during the sales experience is greater than all the other factors combined.
Customers stay with your company because of what it's like working with you. But it's much more than just having a "great relationship" with them or taking care of all their problems.
Your customers want you to be an invaluable resource to them – all the time. Specifically that means they want you to:
- Bring them ideas, insights and information to help them achieve their business objectives.
- Provide guidance on how to make a good decision, who needs to be involved and the next steps.
- Keep them up to date about any changes that could impact them – positively or negatively.
- Challenge their thinking and provide them with fresh perspectives.
Are you doing that with your best customers today? If you're just focused on your relationship, it's simply not enough. You may be at serious risk of losing them if a competitor comes in and provides the value they're looking for.
Don't let it happen to you!