Having fully engaged employees can help reverse the trend in the decline in brand loyalty by consumers.
According to Ernst & Young, 25% of buyers consider brand loyalty in their purchasing decisions. If you look at the list of reasons that drive employee purchases below, you can see multiple behaviors that engaged employees display and could help address and improve.
- 52% of consumers have switched providers in the past year due to poor customer service. (Accenture)
- 15% of shoppers would give a brand or product a second chance after a poor experience. (InReality)
- 73% of consumers cite price and value as the leading factor that determined brand loyalty. (Support.com)
- 49% of consumers will gladly switch brands for a coupon. (GfK))
- 73% of Millennials are willing to pay extra for products and services from companies dedicated to social and environmental change. (Nielsen)
- Top three reasons consumers switch brands: cheaper pricing (31%), rude staff (18%), and too many mistakes (16%). (Verint)
Put in place Employee Engagement Strategies to drive your bottom line.
I highlighted the following key words above; Poor Customer Service, Poor Experience, Value, Social and Environmental Change, Rude Staff and Mistakes. The point that I am trying to emphasize is that if employees have pride in their work and company, they are more likely to deliver high quality and value added service to your customer base. This should help a consumer think twice before making a purchase decision that moves away from your brand. Your customer facing staff is critical to customer retention and it has been proven over time that it is cheaper to retain a customer that solicit new customers.
The other interesting piece of data I see her is that Millennials are will to pay extra for products from companies with a social conscience. Considering those Millennials are also a major force in today’s workforce, one could easily conclude that it could be a driving force in their engagement at work.
In today’s competitive economy, it is critical to small businesses to leverage critical strategies like conducting an Engagement Survey and Strategy to ensure they are getting the most from their employees. Maximize your most important resources to grow your business and remind competitive.