I have been speaking with customers, neighbors and even family members who tell me they feel like they are being taken advantage of and getting ripped off. First it started with Covid, then inflation and now many customers think it has turned into pure greed. Prices are outrageous.
Does this sound familiar? I go to my favorite local lunch hangout for many years because it is a good place and reasonably priced. Then, a few months ago, they begin charging $12.00 for a sandwich that use to cost $8.00. You talked to the manager/owner and they have no explanation but to tell you that prices have gone up. So, you stop buying the sandwich but continue to go there and order other items on the menu.
A few weeks go by and you look at the menu and some lunch items are up to $15.00. No way! Does it really cost that much to make? So you say adios. You have been spending hundred dollars a year in that place in the past but enough is enough.
It’s not the money; it’s the principle.
Then you go get your car fixed and you notice all of these additional add on expenses on your bill. Where did this come from? So you again talk to the manager and he has no explanation but to tell you it is out of their control.
What is going on? I certainly don’t do business like that. Do your customers feel the same way about your business? Are they fed up and going walk away?
We all understand and unfortunately have been experiencing the rise in inflation costs. But it comes to a point where your customers may think they are being taken advantage of. That’s not a good sign.
I always suggest to my coaching clients to:
· Be as transparent to your customers as much as possible.
· Build relationships by understanding their needs and wants
· Increase communication with your customers by talking to them.
· Offer more value in other ways by providing little extras.
· Gradually raise prices in small increments when absolutely necessary
· Provide a better customer experience.
Inflation is not going away any time soon. Do whatever you can to keep your existing customers happy and not feeling like they were taken advantage of as so many other businesses they visit have. Be different than them. Take good care of your existing customers or your competition will. Customer “quiet quiting” is for real.
“You can have more business in 2 months by becoming interested in your existing customers than you can in 2 years trying to get strangers interested in you.”
Need help with your Customer Experience Strategy? Contact John today for a FREE Strategy Session Call or let’s schedule a training workshop for your team. It might help you achieve the profits and goals you always dreamed of. Contact John at email@example.com or (704) 965-4090.
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John Formica is America’s Customer Experience Coach, team culture expert, keynote speaker, and Top 10 Global Thought Leader and Influencer on Customer Loyalty. For information on customer experience programs, leadership training, team culture, business growth, how to find and hire great people and tailored training programs just for you or to book John, contact 704-965-4090 or visit our website at JohnFormica.com.