October 26, 2011
“I’m not the CEO. I’m not even a manager. So what if customer loyalty boosts the company’s profits. I’ll never see the money. Why should I care if the customers are loyal?”
Good question, and one I sometimes hear from employees, particularly those who are not in management positions. So what’s in it for you to go the extra mile and build customer loyalty? Lots!
What do Land’s End, Northwestern Mutual, Starbucks, Ritz-Carlton, Federal Express, Disney, Nordstrom, Zappos and Southwest Airlines all have in common? They are all loyalty-focused companies–and they’re all thriving. Loyalty-focused companies outperform their competitors. Loyal customers are more pleasant, purchase more products, refer new customers and are more forgiving when problems occur. This helps to make your company more financially stable.
Here’s what customer loyalty means for you:
Nearly every time we pick up a newspaper, we read about another company laying off thousands of employees. Certainly, there are many factors that cause businesses to fail, but strong customer loyalty can help a business stay afloat even during economic downturns.
Better benefit packages
When a business loses customers, it loses revenue. Period. When it loses revenue, the first thing to go is employees, and next, come benefits. A loyalty-focused company like Northwestern Mutual is going strong and still offers terrific benefit packages for its employees.
Career advancement opportunities
A stable company usually offers you the opportunity to climb the ladder and advance your career without leaving. There are more training opportunities available for you to develop new skills and learn about different facets of the business. No matter how large or small a company is, when it is loyalty-focused, it is generally recognized as a quality place to work. The number one question asked (in an envious tone) of new employees in the companies I listed above is, “Wow! How were you able to get a job there?”
Customer loyalty is the responsibility of everyone within your organization. It is earned by building positive relationships, one customer at a time, by employees just like you.