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Mike Osorio's RetailWire Blog
June 16, 2009
In-Store News: Customer Loyalty in a Post-Recession World
FROM RETAILWIRE:
According to Experian's latest Insight Report, consumers are less loyal and more doubtful about retailers than before. How might customer loyalty and retention change after the recession ends? What strategies will best win back customers post-recession?
MY COMMENTARY:
One clear truth of the post-recession period will be a continuing lack of the easy credit that allowed consumption to grow seemingly without limit. Consumers will usually be spending only this month's available cash vs. overspending on their credit cards. Retailers will be fighting for a slice of a smaller pie for the foreseeable future. Therefore, the necessity for developing meaningful customer experiences becomes paramount in the fight for loyalty. There is no single solution or set of solutions. Rather, the successful retailers of the future will first, truly believe in delivering a great customer experience. Words won't cut it--management must demonstrate commitment to this through their actions and investments in customer-centric environments, services, technologies, etc. Second, successful retailers will continuously listen to their customers in every way possible: focus groups, surveys, blogs, Twitter, and more. Finally, successful retailers will never forget they are merchants--and continuously deliver products that surprise and delight their customers. Sounds easy, doesn't it? We'll see.... |
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