Researchers from the Institute Of Customer Service, as part of their UK Customer Satisfaction Index research, have discovered that in the UK typically…
- 60% of customers want a balance of price and service with at least threshold levels of customer service.
- 24% of indicated that they favour excellent service and would be prepared to pay a premium for it, and …
- 15% of customers are simply wanting the cheapest prices, even if this means compromising on the quality of customer service received!
So, what does this mean for your business? Well…. clearly it’s not the case that this spread is the same in every sector and it’s not definite that your customers can be split this way. but….
1. How Well Do You Know Your Customers?
The challenge is to work out where your customers are on this scale – or which customers are where on it! Do you know their attitudes to price and service – do you know which ones ‘value’ great service, and which ones only want the cheapest?
2. Are You Focusing On The ‘Right’ Ones?
3D businesses ‘Choose ‘Em or Lose ‘Em’! They focus on the customers they want to work with – their ‘offer’ and all their sales and marketing efforts are focused accordingly.
3. Is Your ‘Offer’ The Right One?
it’s worth pointing out that there’s no right or wrong here. If your focus is at the ‘value’ end of the market, just make sure that your offer hits the spot when it comes to price. Equally, if you’re at the ‘premium’ end, ensure that your the customer experience is’ ‘remarkable’!
How are your customers ‘split’? Do you know? This might be a useful reminder for you to find out!
