Are we starting to come out of the recession? Is the worst over? Am I the only one a little sad about this? Don’t hate me for saying this. I know it has been a long recession, and I know it is not over yet. But I truly believe there have been so many benefits to this recession that have made all of us much stronger and our organizations much better today — and especially in the future.
Customer service is finally getting the attention it deserves
OK, so this might sound a little self-serving coming from a customer experience consultant. However, good customer service has been considered a “nice to have” amenity by the majority. Many of those companies are no longer around. The rest of us have both appreciated our commitment and realized that customer loyalty is an organization’s greatest asset in any economy.
Most industries have 20 percent fewer players today. I truly believe there are very few victims of the recession, because most of the businesses that failed to withstand these times were benefiting from a tidal wave that they were not responsible for creating. They were bringing down the professional reputation of our industry.
There are two factors that determine a company’s size and growth: 1.) Size of market — aka the size of the pie. How many customers are out there to fight over, and what can they spend? 2.) Market share — the amount of the pie we have. This is repeat customers, loyal customers, customers who refer us, customers who are not looking for the best deal and shopping us to the lowest bidder.
We have little control over the size of the market. If it shrinks due to economic constraints and government regulations, it shrinks. But we do control market share. That is driven by the customer experience that produces customer loyalty, which results in price becoming less relevant.
Renewed focus and drive
People are creative and working harder than they ever have before, and sometimes for less. Business is earned. Nothing is on autopilot. Professionals are returning phone calls, people are following up and demonstrating they care, and customers are being thanked. There is a genuine authenticity happening. Organizations have also had a rally cry that has forced employees and departments to come together, support each other and fight the battle to survive. This has created teamwork and a renewed sense of purpose.
We may have seen the worst of the recession. It probably will be awhile before we are fully back, but the clock is ticking, the opportunity is fading and the window is closing. Ask yourself, have you truly benefitted from this recession like others have?
John R. DiJulius III is the author of “Secret Service: Hidden Systems that Deliver Unforgettable Customer Service” and “What’s the Secret.” He is also president of The DiJulius Group. Reach him at [email protected].