Join Jill Griffin for an in-depth discussion in this video The challenges of the search-and-switch marketplace, part of Creating Customer Value.
- Human beings have an innate hunger for information. Neuroscience studies have shown that we as humans experience real pleasure in acquiring information. We all know how gratifying it can be to type a few words into a search box, hit the return key and have a host of relevant listings and links pop up on the screen. For many of us, it's downright habit-forming. While seeking out information is a natural tendency, there are certain events that can aggressively trigger your customer to search out other buying options.
A big service mishap can do it. A budget cut can do it. But perhaps most worrisome is the fact that that your customer's simple curiousity or sheer boredom may be all that's required. What makes today's search and switch landscape even more threatening, is that your competitors can make the act of switching away from you so effortless. All it takes is the tiniest signal of interest from your customers, and your competitors can lure them away with a promise of easy switching.
Here's what I mean. A few years ago, my company surveyed 500 executives across a wide cross section of industries. 59% of sales executives and 43% of marketing executives, reported they wooed potential customers by offering them assistance in moving their accounts. Monetary incentives, paperwork help, and switch kits are just a few ways competitors are making it easy for your customers to leave you.
Suffice it to say, it's a jungle out there. And it's never been easier for competitors to poach your best customers. But enough of this gloom and doom, it's time to talk solutions.