For those of you who celebrate it… Happy 4th of July!
Given the holiday in the US, I’m turning to insight from one of our founding fathers, Benjamin Franklin, who said
“All human situations have their inconveniences. We feel those of the present but neither see nor feel those of the future; and hence we often make troublesome changes without amendment, and frequently for the worse.”
These words should provide a wake-up call to executives that underestimate the value of customer loyalty. Firms that consistently deliver better customer experiences end up with more loyal customers. But in a recent Temkin Group study, we found that only 19% of respondents believe that their executives regularly support decisions to trade off short-term financial results for longer-term customer loyalty.
The bottom line: Don’t underestimate the value of customer loyalty