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How do you build customer loyalty in tough economic times?

Listening to the customer becomes even more crucial in economic downturns. It is the company that continues to meet customer needs by creating customer value, even if it means cutting into profits, that will come back quickly once economic conditions improve. 

Some of this is seen by watching current tv advertisements. Take for example, LensCrafters, an eyeglass company, who is currently advertising free lenses for children 17 years and under – www.lenscrafters.com. They have reached out to parents at a time before the new school year starts, recognizing that when there is a diminished household budget, children will be a high priority. By drawing the family into the store, they are also building household loyalty, not just that of a single customer. In many households there are multiple members who need corrective vision.

Another example is Sears’ protection plan when purchasing appliances, should the consumer lose their job – www.sears.com. Again this program is designed to attract and retain customers.

In both of these examples, the companies are striving to create customer value, which in turn has been shown to result in increased customer loyalty.

Pamela Toft
Vice President
Walker Information  

About the Author

Walker Weekly

Walker is a consulting firm specializing in customer experience. Helping businesses for more than 75 years, Walker’s diverse team of consultants provides tailored, comprehensive solutions to help companies achieve their business objectives and grow shareholder value. Walker specializes in customer retention and growth, using predictive analytics and other innovative approaches. Walker works with some of the world’s most influential businesses as well as emerging organizations of all sizes. For more information, please visit www.walkerinfo.com.

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