Earlier this week I spoke at an event in Glasgow about how to build customer loyalty.
As usual, we talked about good and bad experiences. The audience were quick to share bad experiences they’d had. It was the usual mix of banks, mobile phone providers and utility companies. These days people can rattle off bad experiences pretty easily. It’s a sad state of affairs.
But no surprise, Indeed 84% of customers don’t think companies will meet their expectations, whilst the average customer churn rate in the UK has now reached 20% (according to a Royal Mail data services survey earlier this year). That’s one of the highest rates in the EU.
It’s almost as though companies don’t care, and are prepared to keep on churning through customers. Madness!
So what makes a good experience in these circumstances? I asked that question on Wednesday, as I do at every workshop I run.
The answer? A good experience is now one where companies meet our expectations. No ‘wow moments’, just doing what they’ve said they’ll do. It’s become so unusual, that we now think of that as a good experience.
So, if your churn rate is higher than you think it should be, there’s what you need to do – meet your customers expectations.
That shouldn’t be so difficult, should it?