Nearly two-thirds of some 300 global executives surveyed said they don’t deserve their customers’ loyalty. More than half say their company doesn’t deliver unique and beneficial products or services, and eight out of 10 admitted they had no idea how much a customer complaint cost in terms of shattered loyalty and lost business. Ouch! Talk about hands-off management.
The eye-opening survey, conducted by Strativity Group, Inc., should be a true wake-up call to management teams and boards of directors everywhere. According to Strativity, the results show a shocking lack of investment by the surveyed companies in the training and technology necessary to satisfy, if not delight, customers. Heck, these executives aren’t even going through the motions!
What shocks me (besides the obvious) is the admission by executives that they do little, if anything, to differentiate their company’s or product’s ‘value prop’ or points of differentation. So, if they aren’t delivering a solid product and not differentiating themselves from competitors, are these executives not punching their own one-way ticket to Palookaville?
Maybe. Maybe not. Could the findings, instead, be shedding light onto one of the reasons why there’s been so much turmoil at the CEO level? Are the top kicks so obsessed with their own pay packages and delivering an overnight result to the Street that they’re neglecting the basic blocking-and-tackling needed to engage in, and nurture, a long-term customer relationship? Are the results merely reflecting a ‘take-the-money-and-run’ mentality on the part of some corner office occupants?
The survey also underscores a reality of public relations: no matter how good the product or service is, PR cannot overcome shoddy service or a lack of focus on customer satisfaction by the client organization.
I really hope Strativity Group continues to undertake surveys like this in the future. In fact, I’d love to see them slice-and-dice the results by company size, industry, job title, geography, etc. It would be a huge help to further analyzing what all this means. Hey, does that mean I’m not satisfied with their customer service?
Thanks to Greg Schmalz for point out this survey to me.