In today’s economy, you can create a competitive advantage while achieving employee and customer loyalty and retention by making customer experience your biggest priority. Since the pandemic, customer experience in nearly all industries has dropped to a two-decade low. Customers, patients, clients, tenants, guests, or whatever you may call the person buying your services and products have been frustrated during these tough times. Due to an unprecedented booming economy, leaders started taking shortcuts, solely focusing on sales and profit, reducing their hiring standards to fill positions because of rapid growth. They expected and demanded more of their employees including their customer service representatives, yet did not invest in the employee culture and customer experience. All of this caused employee burnout, low employee morale, high turnover–enter the Great Resignation. Lack of employee retention led to decreased customer retention. Add to that the supply chain issue and the customer service recession ensued.
If your customer experience is not consistently great, you’d better be the cheapest.
Is The Customer Service Recession Ending?
However, there is evidence that CEOs realize the critical importance customer experience is to customer retention, loyalty, referrals, sales growth, and employee opportunities. Companies are investing in customer experience like never before and it is paying off. More and more organizations are finally realizing that the customer experience they deliver is their biggest competitive advantage.
According to the American Customer Satisfaction Index (ASCI), fueled by strong consumer demand, U.S. Gross Domestic Product (GDP) grew by 4.9% in the third quarter of 2023 – well above most predictions and driven by a 4% increase in consumer spending. Customer satisfaction – a major driver behind consumer spending – posted its largest increase in 25 years. Nevertheless, customer satisfaction remains at a low historical level.
“The most fundamental tenet of a well-functioning market economy is that companies are rewarded for treating their customers well and penalized for treating them poorly,” said Claes Fornell, founder of the ACSI and the Distinguished Donald C. Cook Professor (emeritus) of Business Administration at the University of Michigan. “This is still true with respect to customers, as companies with high customer satisfaction continue to have greater revenue growth than competitors with lower ACSI scores.”
Building a Competitive Advantage
The key to building a competitive advantage through long-term customer loyalty is not by chasing price or luring new customers with discounts, rather it is time to focus on building a positive experience so engaging, so memorable, that your existing clients can’t stop talking about you to others.
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Brand NEW Workshop
Presentation Skills to Get Ahead in the Corporate World
Being a great leader entails being able to inspire and get everyone in your organization to rally around a common purpose and ignite their passion to execute your vision. You can improve your own competitive advantage by being a great presenter. This involves a combination of skills, techniques, and personal attributes. In this two-day workshop you will learn the keys of how to nail your next presentation. Practice makes perfect – you will be delivering your presentation and receiving feedback multiple times during this 2-day workshop.
In this workshop, we will cover:
- How to put together and deliver a great presentation
- The 5 elements of a great presentation
- Having more confidence in front of an audience
- How to present more clearly and be more concise
- Engagement with the audience
- Effective use of visual aids
- Passion and enthusiasm
- Good timing and pacing
- Avoiding the very common pitfall of using slides that are hurting your presentation and detracting from your message
- How to identify your presenting “weakness” and how to turn it into a strength
- And much, much more!
Chief Revolution Officer John DiJulius of The DiJulius Group talks to Michael Caito, serial entrepreneur.
Michael’s entrepreneurial roots date back to the early 1990s when he and two partners launched Restaurants on the Run with a mere$6,000. Michael spent the next 20 years building that business. When the company sold in 2015, it was valued at 12x EBITDA and scaled 10 markets, 600 employees and $40 million in revenue.
Today Michael is the owner of the MAP Management SystemTM.
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