Bet you thought customer loyalty was an important marketing objective. So did I. Surprise! 😮
According to McKinsey & Company, “Consumers, including those you may have thought loyal, are considering someone else’s offerings more often than you realize.”
It appears that “new technologies and greater choice are changing how consumers are thinking and acting across their consumer journeys.” This is especially true for online purchasing where shopping apps “showcase options, simplify pricing, compare product specifications, and facilitate peer reviews is making it possible to size up brands effortlessly.”
That makes online comparison shopping very easy. As an example, last week I purchased an item from a seller who priced the product 35% lower than all other vendors! Now, that’s a big savings. Continue reading
We live in a world of distrust. 🙄 Between political upheaval, terrorism, and economic woes, people are in a state of malaise and suspicion.
According to the 2017 Edelman Trust Barometer, trust is in crisis around the world. “The general population’s trust in all four key institutions — business, government, NGOs, and media — has declined broadly, a phenomenon not reported since Edelman began tracking trust among this segment in 2012.”
In her recent post, Kathryn Beiser advises that even though business fares better than government in the trust department, “if it, too, disappoints, business risks falling victim to the rising tide of dissatisfaction that has impacted government in so many parts of the world.”
The Trust Barometer reveals that no action is more integral to building trust than treating employees well, and employees are also the most credible spokespeople on every aspect of a company’s business.”