Lessons from Election Night
OK, first of all, this is not political. But I think there is a business/marketing learning to be had from this year’s election. The TV pundits gave the upstart virtually no chance, but at the end of the night, the states came in and Trump “upset” the experts to win the night.
In the aftermath, the analysts actually spoke to the voters and found that the preconceived notions and past habits changed, but only one side seemed to understand the opportunity. Voters there felt neglected and forgotten.
Thus the lesson – Are you still loving your loyal customers or taking them for granted?
The business world is littered with companies that didn’t adapt when a disrupter changed the playing field. Where the biggest share of efforts are spent on gaining new customers to grow market share, neglect of your core will result in the slow erosion of your most profitable customers.
What is your business’s loyalty program? How are you reaching out to ‘love’ your customers? Do you have any real idea what your base thinks about your customer service? If you are just assuming, you don’t really know.
Voting day in business is every day. If you are not satisfying your core consumers, they are waiting for some sweet talker to win them over.
Don’t just talk the talk, define measurement systems to ensure your loyalty with the core and keep nurturing them.