How to Earn and Keep Customer Loyalty

Today’s buyers –– empowered by the Internet, assured by the enormous choice in every segment of commerce and capitalizing on the acute vulnerability of sellers struggling in this current selling climate –– have taken control of the entire purchase progression

The confluence of technology and choice described in Robert H. Bloom’s The New Experts, started customer loyalty down the slippery slope –– ultimately, customer loyalty died. Buyers no longer care which seller they buy from –– which gives buyers all the power. But buyers do care about fulfilling their needs and making the best purchase decision –– and that is how you can win them over at four critical customer moments.

The Four Moments That Count

1. The Now-or-Never Moment –– your first brief contact. It is impossible to overestimate the importance of your prospects’ initial contact with your company.

2. The Make-or-Break Moment –– the lengthy transaction process. Most leaders know from experience that far too many transactions fall through at the Make-or-Break Moment, the extended period of consideration, negotiation and decision to purchase.

3. The Keep-or-Lose Moment –– the customer’s continued usage. This is the period when your buyer is actually using your business’s products or services. It is important to nourish and maintain your relationship with a customer while that current customer is using, consuming, enjoying and relying on the product or service he or she purchased from you. Maintaining performance is essential at this moment.

4. The Multiplier Moment –– repeat purchase, advocacy and referral. Your Multiplier Moment is your conversion of a one-time customer into a repeat customer and an advocate and referral source for your company. Customers’ repeat purchases from your firm and enthusiastic recommendations of your firm will produce transactions that require far less investment and will create far more profitable revenue. This is why your business must sustain its performance long after the completion of the transaction and throughout your pivotal Multiplier Moment.
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Book Review: The New Experts

Customer loyalty is dead. So claims business growth expert and author Robert H. Bloom in his new book The New Experts: Win Today’s Newly Empowered Customers at Their 4 Decisive Moments. The business book, recently summarized by Soundview Executive Book Summaries, discusses Bloom’s “Four Decisive Customer Moments.” These four moments form a strategy to attempt to capture the attention, as well as the business, of an empowered, distracted consumer base.

The New Experts offers a fascinating look at how the buying public shifted from reactive to proactive and gained control of the purchasing process. However, the book’s greatest strength is the system of four specific moments Bloom names as the turning points for an interaction between seller and potential customer. Bloom emphasizes that the role of the seller is to attempt to create preference with the buyer, a quality that Bloom insists is different from loyalty.

Each of the four decisive moments demonstrate Bloom’s unique perspective on the current marketplace. During Bloom’s career, he helped craft and implement growth strategies for companies such as BMW, L’Oreal, Nestle and Southwest Airlines. Of particular importance is the first moment, the “Now-or-Never Moment.” In an interview with Soundview Executive Book Summaries, Bloom said the following:

The four moments are co-dependent and sequential. If you don’t win the customer at the Now-or-Never Moment, you never get to the second, third or fourth. You have to be alert and you have to continue to create preference, not loyalty, for your brand.

Through concise, instructive writing, Bloom empowers sellers with the method to create the customer preference he describes above. Based on the statistics that appear in the book, the sense of urgency created by Bloom’s text is not overstated. With a global network of sellers from which to choose, buyers are truly in command. The New Experts provides an opportunity for any reader to gain a more level foothold.

For more information on the business book summary of Robert Bloom’s The New Experts, visit Soundview online at Summary.com.