Stop Ignoring the Most Profitable Customers

Show Me The Money = Baby Boomers

 

Amidst all the fanfare and buzz around millennials, it is important not to lose  sight of the buying power and resources of the more mature consumer. The baby boomers still represent a huge chunk of the U.S. population with over 74.9 million people; in fact, the millennial population is only a touch larger at 75.9 million. But what’s interesting about the baby boomers is that they have the disposable income to spend on what they want – something many millennials can’t do because of their age, income, and the rising cost of living. According to a recent article in Bloomberg Technology, millennials will spend more than $200 billion annually beginning in 2017, and $10 trillion during their lifetimes. But the spending power of baby boomers is predicted to be much higher with estimates at $15 trillion worldwide by the end of 2019.

***2017 Secret Service Summit Speaker Lineup Revealed

Most Hated Companies

In January a list of America’s Most Hated Companies came out. I doubt the

majority of businesses on this list will be too shocking to anyone. Companies need to create less company-centric and more customer-centric policies. If customer satisfaction creates loyalty and loyalty produces profit, then why do so many companies infuriate their customers with contracts, hidden fees, fine print, and unnecessary penalties? Historically, the most hated companies/industries are the ones that have their Customers locked into a contract, such as cable companies, cell-phone carriers, banks, and credit card companies that profit from customers who fail to understand or follow the rules about minutes used, minimum balances, overdrafts, or payment deadlines.

What Brands Do You Hate & Why?

I want to know which brands you hate the most and why. Tweet me your answer @johndijulius and I will share the results in an upcoming eService.

Being #1 In Your Industry Should NOT Be Your Goal

One of the reasons why leaders and employees give themselves higher Customer service marks than their actual Customers do is because they are comparing themselves to the rest of their industry. Whether you are a law firm, insurance agent, jewelry store, salon, or accounting firm, the comparison of your competition is really pointless. After your Customer receives a haircut at your salon, they don’t leave, go visit another salon and say, “Wow, my salon is so much better.” Your firm’s client doesn’t hang up with you and call another accounting firm. After your Customers deal with you, they then interact with other businesses. They finish their errands, go to the dry cleaner, go shopping and make numerous calls to other vendors. Your Customer facing employees need to understand this point. Here is a good exercise to do with them that really helps drive that point home:

  • Ask your employees to name nationally recognized World-Class Customer service brands.
      • Typically you will hear the staple brands such as Disney, Nordstrom, Chick-fil-A, The Ritz-Carlton, American Express, Zappos, Amazon, and Apple.
  • Next, ask your employees, “All great examples, however I didn’t hear any brands from our own industry, why is that?”

So if no one in your industry is known to be World-Class at Customer service, than you should not be satisfied with being #1 in Customer service in your industry.  Have you ever vacationed at Disney or spent a few days at a Ritz-Carlton Hotel? If so, what typically happens immediately following your visit is your Customer service expectations are much higher. You find yourself frustrated with the majority of your interactions with other companies within the next 48 hours because no one else’s experience compares. That is what everyone in your organization needs to focus on, being the best part of your Customer’s day and thinking for the rest of their day, “I wish everyone else treated me as well as (your company).”

 

More on Customer Service:

 

1 MINUTE VIDEO SERIES
BY JOHN DIJULIUS

 

 

I believe in price match guarantee. If you can find it higher somewhere else, we will raise our prices (& EXPERIENCE) & match it! Watch this 2-minute video on what I mean by price match guarantee.

 

“TAKE IT PERSONAL”

BY KATIE MARES

 

 

In Case You Missed It….

 

The DiJulius Group announces the Secret Service Summit Speaker lineup.

 

INSPIRE YOUR TEAM

 

For a limited time you can get your hands on 15 of John DiJulius’ latest book so you can share it with your team. These pearls of wisdom and motivation is for the leaders looking to inspire their teams to new levels of service delivery.

REGULAR PRICE $16.95 each

USE ONLINE CODE ’15QUOTES’ AT CHECKOUT TO GET THIS OFFER.

 

OFFER ENDS MAR 15th!

 

About The Author

John DiJulius

John R. DiJulius is a best-selling author, consultant, keynote speaker and President of The DiJulius Group, the leading Customer experience consulting firm in the nation. He blogs on Customer experience trends and best practices.

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