| The average company loses half their customers in 5 | | | | organization closer to the set goals. Clearly define |
| years and half their employees in 4 years¹ This | | | | these and communicate them. |
| has significant impact to overall customer, employee, | | | | Invest in your employees. An attitude of indiffence to |
| investor and supplier loyalty. Loyalty is the degree to | | | | your customers causes an average of 68% of |
| which these groups are loyal to your product, service | | | | customers to stop doing business with you.² This |
| and organization. | | | | attitude of indifference is displayed and communicated |
| In today's market, being customer focused is a key to | | | | by employees both within the organization and to |
| survival and longevity. High levels of loyalty have | | | | customers. A commitment to communication, on-going |
| positive impact on customer satisfaction, profitability, | | | | learning, culture development and rewarding |
| and reputation. Happy employees work harder, | | | | performance all help in creating a positive attitude and |
| produce more and stay with an employer longer. | | | | work environment. |
| Investors and suppliers feel increased confidence in the | | | | Identify the target customer group that will purchase |
| organization and their actions reflect that. | | | | your product and service. These customers should |
| Evaluate current levels of loyalty. Information can be | | | | clearly see the value in what you offer, have the funds |
| gathered from customers, employees, suppliers, | | | | to pay for it and be looking for long term |
| partners and investors. Ask questions such as: How | | | | customer-supplier relationships. Are you currently selling |
| satisfied are you with our product and service? How | | | | to your target audience? Should you be targeting other |
| well are problems handled? How can we better serve | | | | groups? The closer you are to your defined profile, the |
| you? Ask your employees how satisfied they are in | | | | higher loyalty and profitability you will experience. |
| their jobs and how well are they communicated with. | | | | The bottom line is that Loyalty has significant impact. |
| These all affect loyalty. Find areas to improve on, and | | | | Customers, employees, suppliers and investors are |
| then act on them! | | | | important to the success of your business. Take the |
| Create clear mission, vision and value statements and | | | | time to re-evaluate your success with each group, and |
| goals. These provide the map to guide daily behavior | | | | watch as your performance, profitability and potential |
| and long term performance; it invites people to adjust | | | | increase! |
| the activities, projects, tasks to support and shift the | | | | ¹ Frederick F. |