In the business world, the year 2021 may forever be known as, “The Great Resignation”. The year that more than 47 million US employed citizens voluntarily quit their jobs in a single year.
At the onset of COVID in March of 2020, most businesses ponied up and went to extraordinary measures to keep their customers as happy as possible. They rallied the troops/employees and set high expectations. Everyone worked harder, was more diligent, and went to extra lengths to make sure both customers and ownership were happy.
Then, in the ensuing months of 2021 and even early into 2022, the investments of time, effort, and energy paid off as companies-built brand equity and business for many was flourishing. But with all the extra customer service and extra-special attention, the bar was being set higher and higher.
Then came “The Great Resignation”. The exodus of employees with higher expectations from consumers without rising capability can lead to disaster. This disaster may very well be referred to as, “The Great Customer Resignation”.
In fact, a credibility crisis may already be here. A summary of a recent Gallup poll/article, (Workplace May 2022, Is the Great Consumer Resignation Next?) stated: “In 2020, the percentage of employees who strongly agreed that their organization cared about their overall wellbeing surged to 49%. Today, two years later, that % plunged to 24%”.
At first, it was the overworked, burnt-out, and disappointed employees who were walking. But, be prepared because your customers may be next? The Gallop poll also stated: “When customers are actively disengaged and don’t believe you deliver on your promises, the result is a 19% decline in business outcomes, on average”.
The Gallup article suggested that to avoid the Great Customer Resignation, leaders need to look at and then take three important steps to build necessary capability:
- Define what matters most to who you are as an organization
- Measure what matters most
- Change what matters most
To see the entire Gallup article click here.
As the Great Customer Resignation descends upon the business world and your competition continues to grow, making sure your customers KNOW they are appreciated is key to customer retention and continued growth. To see 11 Ways to Show Your Customers You Appreciate Them, click here.
