REVENGE SPENDING will capitalize on the economic spike ? Brands that consistently deliver superior customer experiences and a high level of employee engagement .
For many , it ’ s been a year they lost out of their life . Everyone feels cheated . Many experts are predicting revenge spending which could potentially lead to incredible growth over the next decade , hence history repeating itself like the roaring 20s .
Revenge spending is a key reason to expect economic growth in the foreseeable future . Some are predicting a resurgence of social events , such as concerts , sporting events , travel , reunions , parties , business conferences , and conventions . Payne predicts that customers will want to make up for lost time , which will be great for the economy .
Although there has been tremendous job loss and countless business fatalities , companies that are obsessed with the customer and employee experience are exploding . It is critical that leaders invest in building experiential consistency at every touchpoint in the customer journey , by ensuring customer service training be provided continuously to all existing , new , and future employees . Excellent customer service companies understand that customer loyalty is won and lost with your customer-facing team members .
According to Hubspot , 75 % of customers “ don ’ t accept advertisements as truth ,” yet 90 percent of customers “ believe brand recommendations from friends .”
Excellent customer service companies intentionally allocate their advertising and marketing budget towards their customer experience strategy . Why ? Because they know customer expectations and customer satisfaction are not the same for potential customers versus retained customers .
Boosting your customer retention rate by as little as 5 % can increase your profits anywhere from 25 % to 95 %. New customer acquisition is extremely expensive compared to retaining current customers — 5 to 25 times more expensive . Loyal customers bring in more revenue , are less likely to price shop you , refer more , and are more forgiving than a new customer when things go wrong . The bottom line is the more you invest in customer service skills , the more happy customers you will have .
MAKE IT PERSONAL
Organizations must not let relationships ( customers and employees ) become mere transactions . Customers will stay loyal to the brands that help make them feel alive . The most successful companies in the world are not characterized by the best products in the world , but by redefining our expectations . Let ’ s face it , most products and services today are of similar quality . Excellent customer service is about delivering a personal touch throughout your entire customer journey .
Being able to build true sustainable relationships is the biggest competitive advantage in a world where automation , artificial intelligence , and machine learning are eliminating millions of jobs and disrupting entire industries , businesses , and careers . In the digital revolution , human interaction , compassion , empathy , and communication skills become a premium advantage .
With the increase in the digitization and automation of customer interactions , your employees must be focusing on building relationships with customers . The most memorable customer experiences are the ones where an emotional connection was made , where both customer and employee felt something .
John DiJulius is redefining customer service in corporate America today . He didn ’ t read the books on customer service , he wrote them : Secret Service , Hidden Systems That Deliver Unforgettable Customer Service , What ’ s The Secret ? To Being a World Class Customer Service Organization , The Customer Service Revolution , The Best Customer Service Quotes Ever Said , and The Relationship Economy . One of the most captivating and charismatic speakers today , John ’ s keynotes and workshops are used by world-class service companies to provide unforgettable customer service every day . In his high-energy presentations , he uses powerful visuals as he discusses the 10 commandments of customer service and explains how to improve the service aptitude of employees at all levels .
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