No Match Found
Competition for customers has never been fiercer. Consumers have more choices, and they’re moving faster. Technology has accelerated shifts in consumer behaviors, but how people engage with brands digitally can vary greatly among demographics—not only by age but race, ethnicity and where people live.
Suffice it to say, the quality of customer experience is critical. In our recent PwC Customer Loyalty Survey, 32% of consumers said they would stop buying from a business if it provided inconsistent experiences, and 55% said they’d stop after several bad experiences. These aren’t idle threats, as 26% of survey respondents told us they actually stopped using a brand in the past year, and bad experiences—with products and services and/or customer service—were the top reasons.
In this volatile environment, brands should embrace the age of customer attraction. Businesses that aren’t laser-focused on higher customer expectations—what initially attracts customers and keeps them coming back—may not be in business for long. That’s a simple fact, but there’s not a simple solution. In our research and our relationships with industry leaders, we’ve found that companies with strong customer attraction often have a gravitational pull, drawing in a diverse range of customers who are fiercely loyal and advocate for the brand. This attraction often forms when a company’s core values firmly align with their customers’ beliefs and when the company delivers a differentiating customer experience.
The concept of customer attraction may seem complex, but the main elements fall into two categories.
Many companies focus more on capabilities attraction, which can seem more tangible to business leaders accustomed to managing hard assets. But an effective customer attraction strategy—one that helps drive long-term growth, loyalty and brand value—hinges on balancing values with capabilities. Bringing that focus on values into the ongoing consumer experience conversation can be crucial to unlocking sustained customer attraction.
Here are five actions you can take to develop and execute an effective customer attraction strategy that will help drive measurable outcomes and impact.
Learn more about what drives consumer behaviors and customer attraction in the PwC Customer Loyalty Survey 2022.