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.
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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:
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).”
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