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