10 Customer Loyalty Statistics Every Business Needs To Know

Loyal Customers Are Key

Spending more money on building customer loyalty is more critical than spending money on marketing. That is not speculation, it is proven fact! Companies who focus their attention on current customers, like business giant Amazon, will be the ones who succeed in the long run. Take a look at the following ten statistics if you have any doubts:

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3 Tips for Developing Talent to Maximize Revenue

As a manager or owner of a company, how do you know that your team members are doing everything they can to give your customers the best experience, every single time they come into your store or business? Have you ensured that your staff are effectively trained and have you implemented proper monitoring procedures to hold them accountable? If you answered no to either question, it might surprise you to learn that companies who increase their training budgets see increases in their profit margins as high as 24% (Business Training Experts).

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Stop Missing Your Steps of Service

Does your company have steps of service? Silly question, right? OF COURSE, you have steps of service. From a one-man operation to a huge conglomerate with a myriad of employees, you must have specific steps taken with each patron in order to for your business model to work. Even resellers, B2B businesses, and other companies that do not directly sell a widget have set procedures and processes that are essential to the sales process.

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Who Invented Mystery Shopping?

Mystery shopping was far from an overnight sensation. In fact, it took over forty years to grow from the seed of an idea into the thriving multi-million dollar industry it has become.

The business was started by iconic entrepreneurs such as JW Marriott and his wife, Alice. Fun fact – rather than starting in the theme park or hotel business, the Marriott’s first business was a small A&W stand that they later renamed the Hot Shoppe when they expanded their menu to include Mexican food items. In their humble beginnings, Marriott and his wife actually began doing their own form of mystery shopping, long before the idea became a business.

 

Employees at any of the restaurants the Marriott’s owned could expect the unexpected. Continue reading

Are Your Employees Stealing?

Employee Theft is a tough subject. As we find ourselves on (hopefully) the tail-end of the COVID-19 pandemic, its important to remember that even typically honest employees may steal under dire circumstances, such as a global pandemic. A study on Employee Theft, conducted by Forensic Pathways, found that 10% of employees will always steal, 10% will never steal, and the remaining 80% will steal under the right circumstances.

COVID-19 has created a sense of financial instability for just about everyone in the Unites States. Even for those who were not laid off, or furloughed, from their jobs may be directly connected to many who were. Two income households may have been reduced to one. Many people have taken in children, parents, or other family members who are struggling. Everyone is feeling the strain.

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Why Responding to Reviews is Critical

According to Reviewtrackers.com, a staggering 94% of consumers admitted that a bad review convinced them to avoid a business! A single bad review can negatively affect your business, but that does not mean there is nothing you can do about it. In fact, 45% of consumers stated that they were MORE likely to visit a business that responded to any negative reviews. Continue reading

Lessons from Amazon: Focusing on Experience

From the beginning, Jeff Bezos knew analyzing customer experiences was one of the most important aspects to his start-up company. According to Forbes, the founder and CEO of Amazon invested 100 times more money into investigating customer experience online than he did in advertising! In a time in which barely half of companies were investing in User Experience (UX) Audits, Bezos utilized the opportunity to become a leader in online sales by understanding what most companies were neglecting. He continued his UX search by looking into the difference of experiences when using a desktop versus a mobile browser and/or mobile app, making sure that no matter how a customer utilized the shopping giant, they walked away with a good experience. Continue reading

Reputation Management Made Easy

Word of mouth is no longer family, friends, and co-workers. It is word of internet – hundreds of strangers giving their opinions based often on a single experience. So many reviews nowadays include references to “been going there for many years but never will again” based on one bad experience. The years of good experiences were never documented or reviewed, but that one bad one will forever be hanging out there in the world of the web. The good news is, diligent Reputation Management can help offset any negative information being passed around. Continue reading

Improving Your Customers Experience

Since the onset of the COVID-19 pandemic, I have become a huge fan of ordering my groceries delivered straight to my door! Shipt is my app of choice. Their shoppers are amazing, and I always receive great customer service. However, recently I have run into some peculiar tech issues, that have seriously detracted from my experience. There are two different Targets within five miles of my house and mysteriously, the Target I order from somehow changed without my knowledge. Ordinarily, this might not be a big deal, except the Target my Shipt order switched to does not have any fresh produce and their selection is much more limited. Continue reading