Customer Loyalty is myth in today’ age
Everyone is craving for loyalty — at home, from employees and definitely from customers. While the means are different, they easily boil to the easiest thing — financial reward.
We all are aware that both at home and with employees the success has been limited and recent studies at work front demonstrate that financial reward only go so far, it’s the engagement that matters. Engagement at work place boils down to providing an conducive atmosphere to be heard, grow or for some a balanced work-life. It essentially boils down to customization the package for each employee to suit their needs and most HR and managers are not doing a good job at it.
Commerce since ages have been experimenting with means to excite customers. Lower prices definitely have always been popular across continents and inflation with financial instability has only broadened its application. But with everyone offering low prices, differentiation (USP) is lost.
My locality has been on a growing spree in the last year. The quality in F&V has been pathetic coupled with high prices. On the grocery segment, we did few departmental stores along with the omnipresent kiranas. Now suddenly there has been a rush of big stores like Nilgiris, Star Bazaar and others making a foray here along with smaller (or no) names store. Every one of them is making business and definitely have a rush for the first few weeks and not because of low prices or amazing quality of products. There is also not enough marketing drive to justify the crowd on an ongoing basis. So what are we missing or what is the reason — Excitement of something new. A new store, new possibilities (price, quality, assortment, availability, etc.) is driving them to try something new.
We at NOOS have been experimenting with no marketing and very little social media push. The only way to be available is when the customer is looking for something that we sell and customers do find and order us from across the country, even though we are operating only in Bangalore. This marketing experiment along with the above outlines few critical theories of marketing in today’ age
- Be there (physically or digitally) when you are needed, everything else is plain noise for the customer.
- Provide non-financial excitement to drive loyalty. Keep surprising them, every one has a child in themselves.
- Fulfilling the need is more important than bells-and-whistles.
The day we at NOOS know a better way to bring in customers, which is non-financial in nature, we will share it. We just know that it is not going to be an easy implementation even if it was an universal truth.
Cheers to driving loyalty!