In today’s economy, we hear a lot of talk about sales, coupons, discounts etc. which is why most companies assume that all customers are highly price sensitive. This is simply not true. I discovered this by reading a recent article by Arthur Middleton Hughes, “Why Customers Leave and What You Can Do About It”
In the article, Hughes discusses the two types of customers: transaction buyers and relationship buyers. Transaction buyers typically have no loyalty, whereas relationship buyers (if treated properly) will stay with you for a lifetime. Additionally, he outlines four reasons why customers leave and five ways to keep your most valued customers.
I only differ in opinion slightly, as I consider myself both, as I like to get the biggest bang for my buck in a lot of instances; however, I do agree that there are several companies with which I have a strong relationship. With the companies that I am truly loyal to – price is not a factor, as these companies have made me feel special in many ways and because of that have earned my loyalty.
What type of customer are you?