Are relationships meant to last forever? You can say so, but we all know that despite of the intensity we all feel at the beginning of a new relationship, whether it’ll last depends on our ability to keep up with the speed of change of our significant other and vice-versa.
But what do your customers’ experiences and the billion dollar corporation you work for have to do with the longevity of relationships? As far as I’m concerned, there are no companies out there. There are only people trying to get their expectations addressed. When it comes to any sort of negotiation, on one side of the table we have people labeled “customers” and on the other we have people labeled “companies”. Companies are nothing but a group of people working together under the same banner to deliver something valuable to another group of people (customers) who in turn are willing to use their money as an instrument of exchange to obtain this item of value.
Everything starts and ends with people and their ability to fulfill each other’s expectations. However, unlike relationships based on love, where both parts need to make an equal effort to keep up with the other’s speed of change, when it comes to companies and customers the effort is more likely to happen on the company’s end. Now, I’ve never heard of a company that wants to lose customers, and I’ve never met a person that wants to switch from their favorite product manufacturer or service provider. Yet, churn and attrition are official terms used to describe this unfortunate, although common decision that is usually initiated by the customer.
That is why when it comes to companies and customers, only one side holds the power: the customer. And once customers have chosen your business, believe me they want this relationship to last forever, but whether it lasts or not is totally up to you. Your number one job, no matter what business you’re in, is to deliver something valuable to another person in such a way that this person would exchange money for your offer.
Now, how do you make sure they’ll want to exchange money with you as opposed to your competition? Well, this opens a whole new can of worms, but I’ll sum it up by saying that the only way to win is to be more “worth it” than your competition. And the only way to do this is to know your worth. Being deemed “worth it” or not by your target audience is based on the cost/benefit analyses that play out in our brains prior to making any decisions.
This is the most powerful moment in a customer’s journey with a company or brand because it requires the customer to weigh out all the pros and cons that surround their purchase and determined whether the effort they’ll need to put forward in order to access that product or service is justified. A company with the ability to pinpoint the exact reasons that made a customer choose them or not is unstoppable. Imagine the power of knowing exactly which part of your business you need to improve or change in order to boost loyalty and reduce churn? So, make sure you find out how to discover your worth and start keeping up with the speed of change.