Sears, Kmart Closings Reveal Dangers of Ignoring Customer Experience

Join Thousands of CEOs Getting Free Daily Business Coaching Videos

Want practical tips, strategies and ideas that our clients use to scale their businesses?  We invite you to sign up for our free daily business coaching videos where you’ll get in-the-trenches insights that drive huge results.  Click here to sign up.

Sears Holdings announced that it would close 100 to 120 of its Sears and Kmart stores after the much anticipated Holiday rush resulted in disappointing sales. This is just another example of the tendency for “dumb” executives to focus solely on profits… And forget the customer experience in the process.

This is further evidenced by online forums which are buzzing with irritated customers complaining about deteriorating stores, poor customer service and unexciting merchandise. In fact, Gary Balter from Credit Suisse commented that the company “effectively asks(s) customers to pay for a poorer shopping environment than available at competitors and online.”

Executives often fall short of recognizing that customers have all the power.

There’s more competition and options available to them than any other point in history and the key to succeeding in this environment is to keep your eye on the customer. Smart executives and business owners constantly ask themselves ‘how can I give my clients a better advantage, benefit, or value by shopping at my store?’

Executives and entrepreneurs should consider the following questions when assessing their customer experience:

  • What are the real reasons that our customers come to our store?
  • How many more ways can we create value for our customers?
  • What ways can we enhance the shopping experience by making it easier, more convenient and enjoyable?
  • What process, information and training needs to be in place to make sure that our customers are buying the products that are going to best meet their needs?
  • How can we maximize, enhance and improve their usage of our product so that they are happy with their results?
  • What methods are in place to communicate with our customers and make sure that their needs are being addressed?

Companies that compete solely on price becoming commoditized entities with low customer loyalty and high attrition. We’ve seen the research that people are more likely to spend more money for a better customer experience with a company that they trust…

The narrow-minded focus on profits can and will hurt long-term sales.

what now?

Continue reading for more resourceful information.

UNLOCK PREDICTABLE GROWTH:

Empower Your Team & Diversify Your Strategy Today