Most of the world is now seeing the light at the end of this long dark pandemic tunnel.
Will the post-pandemic times really be fueled by an economic boom?
Now, there is a tremendous amount of pent-up demand for people who have missed out in the last 18 months.
Customers are now pickier than ever about which companies they do business with. While the effects of the pandemic have been long-lasting, many consumers are getting excited about the opportunities for social interaction.
According to Fox Business Network, there’s reason to be extremely optimistic. Over the last year and a half, consumer savings are at a near-record high. That, combined with the government stimulus money for both businesses and consumers, means we’re most likely going to see a consumer trend of revenge spending.
The Rise of Revenge Spending
Revenge spending is a key reason to expect economic growth in this foreseeable future. Many experts are predicting revenge spending which could potentially lead to incredible growth over the next decade.
Some are predicting a resurgence of social events such as concerts, sporting events, travel, reunions, parties, business conferences, and conventions. Customers want to make up for lost time which will be great for the economy.
The question is which companies will capitalize on the economic spike?
Brands that consistently deliver superior customer experience and a high level of employee engagement will reap the reward.
How to Capitalize on Revenge Spending
Leaders must invest in building experiential consistency at every touchpoint in the customer journey by ensuring customer service training is provided continuously to all existing and future employees.
Excellent customer service companies understand that customer loyalty is won and lost with your customer-facing team members. The more you invest in customer service skills, the more happy customers you will have and the happier your employees will be.
With the increase in the digitization and automation of customer interactions, your employees must be focused on building relationships with customers. The most memorable customer experiences are the ones where an emotional connection was made and both the customer and employee felt something.
Are you ready? Is your organization prepared to take advantage of and capitalize on revenge spending?
For more information and resources on how to capitalize on revenge spending, check out The Customer Service Revolution podcast. If you’d like to listen, head over to Episode 056: How to Capitalize on Revenge Spending.