The Customer Love Formula

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Top Takeaways:

• The reality of today’s digital world is that the transformation of technology is never done. Therefore, all companies need to continuously change and pivot to keep up with their customers’ expectations and rest of the business world.
• A lot of companies may have an intuitive belief of where their customers are in terms of their needs, expectations, and pain points. Unfortunately, they don’t do the necessary research to keep their finger on the pulse of where their customer is right now.
• Customer behavior is vital in keeping your business profitable – and there are more customer behaviors besides buying and coming back to buy again.
• Many studies have revealed that while the emotional and rational side of a person plays into purchase decisions, the emotional side tends to be more powerful in purchasing behavior.
• Customer love is the feeling that you can count on a brand to give you what you need and more, along with a feeling of alignment or spiritual connection. The companies that inspire a lot of customer love have better business metrics overall.
• The formula for achieving customer love is spilt into three parts: meeting customer needs, periodically delighting your customers and standing for something that resonates with your customers’ values.
• Brands with high customer love consistently have more growth, profit, and valuation.
• There is a proven transformation process companies can use to improve their fulfillment of the ‘love formula’:
  • Step 1. Understand Your Customer
  • Step 2. Map the Customer Journey
  • Step 3. Build the Future
  • Step 4. Optimize the Short Term
  • Step 5. Lead the Change

Quotes:

“In this time of rapid change, you really don’t have a choice if you want your business to remain relevant and successful. You must keep changing with the times.”

“Remember that in the end, companies don’t buy anything. Only people buy things. There’s no company behavior.”

“To achieve customer love, you must consistently meet the needs of your customers, occasionally delight them in unexpected ways, and align with their values.”

About:

Howard Tiersky is the Wall Street Journal bestselling author of Winning Digital Customers: The Antidote to Irrelevance. Howard is the founder of two companies that enable large brands to win in the digital world: FROM, The Digital Transformation Agency and Innovation Loft.

Shep Hyken is a customer service and experience expert, New York Times bestselling author, award-winning keynote speaker, and your host of Amazing Business Radio.

This episode of Amazing Business Radio with Shep Hyken answers the following questions … and more:

1. What is customer love?
2. What are the similarities between B2B and B2C companies?
3. How can companies stay relevant in today’s digital world?
4. How do you make customers love doing business with you?
5. What is the difference between customer love and customer loyalty?