Last weekend the fans of Liverpool Football Club were so incensed about the proposed increase in ticket prices that they organized a walkout from the team’s game against Sunderland. With just over 10 minutes remaining in the game, and with Liverpool leading 2-0, nearly a quarter of the crowd – about 10,000 fans – simply left the ground.
Liverpool’s commercial team responded by cancelling the proposed hike in ticket prices and writing an open apology to the club’s fans. It’s probably not the end of the matter, but this move will help secure greater levels of fan support and open up further communication between the club and its supporters.
Most companies aren’t as lucky as Liverpool FC. Few customers get up and walk out so clearly. Instead, they slowly, incrementally move their business elsewhere. Their shift in spend is often unseen by the company until it is too late and even the customers are frequently unaware that their behaviour has changed. As a result, companies don’t always have a clear answer as to why customer retention is declining.
The only solution is to stay as close as possible to your customers, allowing them to help you navigate through future market opportunities and changes.
How are you working with your customers to encourage loyalty and to understand any possible issues to your ongoing relationship?
© Stuart Cross 2016. All rights reserved.