Customer Value Report
Contents
Executive Summary Introduction What Customers Value Customer Loyalty Controlling Our Financial Relationships End of The Great British Pastime? Conclusion
6 8 10 14 18 22 26
Executive Summary
Low Res. 4
What do we value?
Our Financial Relationships
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rice is the single most important factor for 75% P of when we’re purchasing but it’s not the most important when it comes to repeat purchases. Quality, value for money and service all play their part. Good customer service means different things to different people, but xx% of us agree that knowledgeable, courteous and trustworthy staff are the most important factors. And those factors become more important the older we get. Unfortunately we don’t have a very high opinion of the current level of customer service in the UK overall. In particular, trust and knowledge come low on the list so the reality is not matching our expectations Supermarkets are viewed as providing good service by 1 in 5 of us – but almost the same number of us think no-one is providing good customer service – with the 35-44 age group the most cynical. But overall, 60% of us say we find the level of customer service in the UK acceptable.
What creates loyalty and who do we tell about it?
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The end of a great British pastime? •
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hen we feel loyal to a brand, we keep shopping W – but the margins are small. 60% of us think this, but that leaves 40% of us who don’t. The younger age group had the highest level of loyalty, with 75% of 16-24 age group saying they would continue to shop if they felt brand loyalty. Loyalty is built partly on trust and that trust is built, first and foremost, by having a positive experience. Price is part of the mix but not as important. That positive experience leads to repeat purchase with almost a third of us saying we would pay more if the service was good. A quarter of us said price wouldn’t matter is the service was poor. The virtuous loyalty circle is created – A positive experience creates trust. Trust creates loyalty, loyalty creates repeat purchase and repeat purchase comes from having a positive experience. We’re much more likely to tell others about a bad experience than a good one – only one in ten of us would tell someone about a positive experience, whereas one in four of us would tell at least 10 people about a bad experience. And we’re more likely to tell people about good experiences face to face and bad experiences through online and social networks.
0% of us feel we have control over our 9 finances, with men and women feeling equally in control. Only 7% of us feel as though we’re rarely in control. Control is best achieved through budgeting with 70% of us budgeting all the time or regularly. This comes in different forms – the most common being allocating money for regular bills and payments. Nearly one fifth of us even use spreadsheets to keep track of our monthly expenditure. But with all this control and budgeting, only two thirds of us can be honest even with ourselves about our spending. We are less honest with our partners, friends and parents. With our trust in financial services shaken, trusting anyone with our financial affairs is also difficult. A quarter (25%) of us do not trust anyone with our financial matters. And while we’re not always honest about our spending, some of us are also not honest about what we save. Nearly one in five of us has a secret stash of savings.
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e really do hate queuing, and in particular we W dislike queue jumpers the most. We also hate the time is wastes. Listening to someone else on the phone also irritates us about queuing, and yet nearly 1 in 5 of us would use the time to call people on our phone! And it seems the other queue always moves faster. Nearly three quarters (74%)of us think this happens at least half of the time. Choosing a queue to join has also become more complex. It’s not just about joining the shortest queue, a quarter of us like to look at the people ahead of us in the queue and try to work out how long they will take. And almost a fifth of us look to see who is serving and assess their speed.
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Introduction
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The customer should be, and should always have been, at the heart of any business. From the basic principles of competition theory, customer service is what can differentiate one product provider from the next. And once a business has mastered treating their customers well, and providing them with something they value, they will keep coming back, right? More sales, more revenue, more profit. Job done. So why is it not that easy? Firstly, the idea of value being added by offering great customer service not only varies between different groups of customers but it also changes over time. Different personal circumstances and economic environments change what consumers want and value, never mind that people are different - one man’s joy is another man’s sorrow. The UK is experiencing its deepest and longest downturn in living memory and it’s having an impact on what consumers purchase, how they purchase and why. And in an increasingly technological age, there are many new ways of communicating with your customer and providing them with a service in a way that makes sense to them. But there is also a question over whether great customer service will naturally build customer loyalty. Are consumers going to be repeat purchasers on the basis of price, service or a combination of factors, even in these difficult economic times? Price will always be a factor – no-one wants to pay more than they have to. As is service - it’s doubtful that consumers would want to deal with a company that cares little for its customers. So where is the balance between customers feeling they are getting a great deal and getting great service? And what does that great customer service look like? This research will examine what customer service means to us, how customer service levels, within a selection of UK retail environments, affect our opinion of and trust in a brand and ultimately our propensity to remain loyal and retentive customers. And does that loyalty still equate to having a long term relationship with customers, to everyone’s benefit. Whether travel, leisure or finance, this report will examine the impact, both positive and negative, customer service has on the money we spend and the relationship we have not just with the retailers, but with our money. And finally, should queuing continue to be the Great British Pastime? The following research results were gained from an online survey carried out between 31 August 2012 and 7 September 2012 across 2011 adults in the UK.
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What Customers Value 8.Credit_ Card_ WP_01_071_ v3 HiRes.tif
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There’s a difference between price and value. It may seem obvious to point out, but price is only one part of what we value in a product or service. By asking consumers their opinions on their spending habits and what motivates them to purchase, this report will develop a clearer picture as to what we really value. Everyone loves a deal, or feeling like they’ve got a great deal when purchasing their goods. Whether it is cars, holidays or financial services, over 80% of us say we always look around for the best deal. With food and drink, clothes and supermarket shopping, that figure hits 95%. Nobody wants to feel like they are being ripped off and nobody would actively seek a bad deal.
What does good customer service mean? There are a number of factors that make up good customer service. All these factors involve the company and its staff and their interaction with us as the customer. In top place is staff being knowledgeable about the product or service(73%), while being courteous is a close second (69%). Trustworthy, responsive and accessible all gain a response of more than 50%. Being quick is less important as is being reactive or proactive. In a world with so much information readily available, being contacted directly is of less importance, while speed is not seen necessarily seen as a sign of good customer service.
But what is most important to us when deciding to buy? Price, inevitably, comes out a clear winner with 75% of us saying we consider price the most important factor. In difficult economic circumstances, this is unsurprising. No-one wants to pay more than they have to. Added value is a distant second at 8% and Customer Service at 6%. (Chart on page 4) However, when asked about what single factor most affects a repeat purchase, price is not the overwhelming factor falling into, albeit a close, second place (28%) and quality takes top spot (29%). Value for Money is a close third (24%) and good service comes in at 14%. (Chart on page 18) Interestingly, the younger age group (16-34) reacts more to price and quality than the older age groups (45+), who are more interested in added value and customer service. This indicates that at different ages we have different priorities which possibly reflects past experiences, levels of disposable income, the proliferation of technology products available and the channels through which products are purchased. So for repeat purchases and building longer-term relationships, we look for more than just a good price.
The need for that service to be delivered in a courteous manner increases with our age. It is less important to the 16-34 age group but much more important to the 35-54 age group and even more so to the 55+ age group. Trustworthiness becomes more important with age also, while the 16-24 age group regard a quick service as more important than the 55+.
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Age: 16-24
Age: 35-44 For both men and women and across all age groups, the perception of customer service in the UK remains similar, with all groups showing little difference in their ratings. This universal perception of poor customer service is regardless of what we value. We’re not receiving it.
What is the reality versus our expectations? It’s a subject that is important to us all and one we all like to comment on, so what do we think is the current standard of customer service in the UK at the moment? Unfortunately the two most common answers are negative, providing a dim view of how customers are currently being treated. Slow and unknowledgeable are the most commonly held opinions, attracting a response of 42% and 31% respectively. Almost the same numbers of us think customer service is both courteous and discourteous showing the diverse range of experiences in the UK – 26% and 23% respectively. And while trust and knowledge are a key issue when rating good customer service, those attributes only gained a response of 17% and 13% respective showing a divergence between what we expect and what we are getting as consumer.
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This is a very telling position, given the different types of products desired by different groups, different ways of buying and different retailers used.
The good, the bad and the ugly? Supermarkets are perceived as giving the best customer service, with just over a fi fth (22%)of us saying they top the list, perhaps because most of us shop most frequently in supermarkets and they are the retailer we would have most regular contact with. Worrying though is that almost the same number says NO-ONE gives good customer service . In not being able to name any type of retailer that gives good customer service, the whole shopping experience in the UK is being dragged down by perception. Bottom of the list is utility companies, with Telecoms, Leisure facilities and Financial Services also low down the list.
How do we like our Customer Service delivered? By its very nature, customer service is about providing a personal service that adds value to the product you are buying. So it’s no surprise that face to face contact is the most welcome way to receive that service. But given technology and time resources, it is interesting that the 16-24 age group feels the same way as those over 55 – more than half in those age groups prefer face to face contact. Those in the 35-44 age group are the least likely age group to want face to face contact, preferring email, perhaps because that’s the period in their lives where careers are fl ourishing, families are growing and time is at a premium. The 16-24 group is the least likely age group to want telephone contact, with email preferred.
Age: 16-24
The 16-25 age group feel holiday providers and clothing retailers provide the best service, again possibly because they are most likely to interact with those types of retailers, while the 55+ age group rate supermarkets the highest. The 35-44 age group is the most cynical, with the highest percentage across the age groups that feel no-one provides good customer service. Given the low percentages shown when rating the customer service levels for various retailers, and the large number of us saying we don’t believe anyone provides good service, when asked if we think the level of customer service in the UK is acceptable, 61% of us say yes, showing a degree of satisfaction with the service on offer. However, as 39% say no, there is obviously a lot of work to be done to change the perceptions of a large number of people in the UK. And we obviously get more critical with age as those over 55 are the least accepting of current service levels.
Age
16-24
25-34
35-44
45-54
55+
43%
54%
63%
64%
65%
57%
47%
37%
36%
35%
This perhaps feels a little counter-intuitive considering our earlier cynicism, but perhaps while we are unable to pinpoint particular retailers providing good service, we are not willing to label the whole of the UK as being poor at customer service. Or have we just got used to a substandard level?
Age: 35-44
It would be easy to assume that with technology at everyone’s fi ngertips that face to face contact would become obsolete and less traditional methods of contact take over. But it seems we all still like that personal touch and when it comes to customer service, and a sense of tradition still exists. We may feel face to face contact instils a sense of trust and is easier for knowledge to be transferred. As these are the two main factors we regards as essential in providing good customer service it would seem important for retailers to provide this. However as these are also the two areas we regard as being poorly executed, it is obvious there is a gap in what we want, what we are getting.
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Customer Loyalty
12
Now that we’ve established what we value, and that we expect to get good value, it is clear that customer service is a big part of what we look for from those we buy from. Trust and knowledge are key components of that added value we expect, and harnessing these aspects could lead to a more positive perception and even endorsement of a retailer’s strength. But will this lead to customer loyalty or is price still king? Meeting the expectations of what we value will surely be positive but how is the current environment and advancing technology altering how we buy, what we buy and how we share those experiences? Will a positive experience automatically lead to greater loyalty or does the consumer power of a negative experience have a greater impact on future sales?
So loyalty does create repeat purchases and receiving good value creates that loyalty. But the margins are small and more needs to be done to build that loyalty. It cannot be taken for granted.
The virtuous loyalty circle? Having a positive experience is the key factor in building trust in a brand. Almost 70% of us said a positive experience would enable us to develop trust in a brand. Price is the next most important factor with knowledgeable staff and confidence in the brand close behind. So price is not the most important factor in building trust in a brand but becomes one of the elements that make up that essential mixture.
Positive experience
69%
Cost
58%
Knowledgeable staff
57%
Confidence in the brand
55%
Accessiblity
74%
Punctuality
24%
Personal relationship
21%
Reassurance
21%
Where do our loyalties lie? When we feel loyalty with a brand, we continue to shop. But it’s close. 60% of us would continue to shop with a brand if we feel a sense of loyalty towards it, but 40% wouldn’t. Surprisingly, it’s the 16-24 age group that feels most loyal, with almost 75% saying if they felt loyalty, they would continue to shop with that brand. The 45-54 age group is the closest to being indifferent about loyalty leading to repeat purchases, with almost a 50:50 split, an important group who are possible at an age where their disposable income is relatively high.
Age
16-24
25-34
35-44
45-54
55+
74%
65%
62%
54%
59%
26%
35%
38%
46%
41%
Over three quarters (81%) of us agreed with the statement that we would repeat our purchase if we had a positive experience. Almost a third (31%) said we would be prepared to pay more if the service is good, while a quarter (24%) of us said the price wouldn’t matter if the service was poor. Increasingly, price is being pushed further down our list when we dig a little deeper into what we really want.
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Positive Experience
Repeat Purchases
Loyalty
14
Trust
I would make a repeat purchase if I had a positive experience
69%
I would be prepared to pay more if the service was good
58%
If the service is poor it doesn’t matter about the price of the product
57%
Taken together, the virtuous circle is complete. A positive experience creates trust. Trust creates loyalty, loyalty creates repeat purchases and repeat purchases come from having a positive experience.
Tales of woe or happy thoughts? While having a positive experience should be what every retailer strives for to gain the trust and loyalty of that customer, the word of mouth benefit of that positive experience must also be considered. Only one in ten of us (10%) would tell no-one about a positive experience, while most commonly we would tell 5 people. There’s even a hard core of one in ten of us (10%)that would tell 10 people. That would make the message spread very quickly. Women are more likely than men to tell of these experiences and through all age groups, we like to tell of good experiences. However, of greater importance to retailers is when we have a bad experience. Fewer than one in ten of us (7%) would tell no-one and a quarter (25%) of us would tell 10 people. So news of a bad experience is likely to travel even further as we are keener to tell tales of woe than happy thoughts.
We may be afraid to make a good recommendation in case those experiences are not matched for someone else in the future. Or it maybe it’s just easier to moan than to praise. We appear much more likely to talk about a bad experience than a good one but with our opinion of customer service already low, and what we want not being matched by the service we are getting, this gives us plenty to talk about. By that measure, the cost of a customer talking about a bad experience could outweigh the benefit of talking about a good experience.
How do we tell our tales? For positive experiences, we are much more likely to tell people face to face. It’s a stronger endorsement in the environment as we tend to believe those telling us face to face or at least be able to judge the strength of truth in what is being said. Negative comments tend to be communicated in less direct methods, possible due to a reticence to either speak badly of something in face to face company or by the relative ‘safety’ of email, online and social media networks. Email, blogs, Twitter and Facebook are much more likely avenues to vent some anger. In all cases, it’s the social interaction that creates the opportunity for this type of conversation – in the pub, at the school gate – where brand reputations can be built or damaged. So feeling a sense of loyalty does increase the chance of repeat purchase and that loyalty grows out of having a good experience. For the younger age group, loyalty is at a high, and should be cultivated and harnessed. But it seems that the older we get, the more cynical we get and the more disappointed we are in the service we are getting. Along the way we lose some of our sense of loyalty through bad experiences. And that affects everyone. Bad news travels and it seems in ever quicker ways.
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Controlling Our Financial Relationships
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According to this research, financial services providers are not rated highly when it comes to customer service and offering added value. With such an important part of our lives, this is a worrying trend that needs to be addressed and could reap rewards for those who get it right. Trust and service are the key things we look for most when purchasing financial products, followed closely by value. Access and convenience are of lesser importance. Are we getting this? At a time when many people are feeling fi nancially squeezed, it is more important than ever that banks provide value by helping customers understand their money, what they have and how to manage it. But with consumer trust in banking shaken due to the well documented failures, including stories of poor customer service, it is an uphill battle for traditional banks to engage with their customers. Value is of increasing importance and offering that value could be the fi rst step to restoring some level of trust. And as we have already read, with trust comes loyalty. Across other retail environments, this may seem a more straightforward transaction. Is it the same with fi nancial services? Who do we trust with our fi nancial affairs? Do we even trust ourselves?
How in control of our ďŹ nances do we really feel? It is positive to see that over 90% of us feel we have some degree of control over our fi nances, and of that number,30% of us feel we are always in control. Only 7% of us feel we are rarely in control and fewer than 2% never in control. Men and women show equal levels of control but it is the older age group (55+) that are exerting the greatest control. Almost 50% of over 55s say they always have control of their fi nances. Those who are married and have children also show an additional level of control over their fi nances, perhaps unsurprisingly when there are wider household and family costs to consider.
Very often
33%
Sometimes
30%
Always
29%
Rarely
7%
Never
2%
One way to feel in control of our fi nances is to budget. And it seem most of us do – or try to. Almost 70% of respondents say they budget either all the time or regularly, with a further 23% saying they only budget occasionally. However, of that 70%, only 40% of us say they always budget our fi nances so taking control does not necessarily mean creating specifi c budgets. Again, those over 55 have a greater propensity to budget whilst those in the 16-24 age group are much more intermittent with their planning. Always
40%
Very often
31%
Sometimes
24%
Rarely
4%
Never
1%
Budgeting comes in different forms with over a quarter (27%) of us saying we plan every penny of our monthly spending, with women more likely than men to go to this extent. Almost a fi fth (18%) of us even use spreadsheets to keep a track of our monthly expenditure, using business like precision and planning. Most likely is that a certain sum, above regular bills and payments, is allocated – a third of us (34%) budget in this way.
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Allow myslef a set sum to spend outside of regular payments Every last penny accounted for No planning at all
35%
27%
18%
Employ an accountant
1%
Are we honest about our spending? Despite the high proportion of us who say we regularly budget our fi nances, only two thirds (67%) of us say we are always honest with OURSELVES about our own spending. A further quarter (25%) of us say we are usually honest, with less than a tenth (6%) of us saying we are honest about our own spending only half of the time. (chart on page 248)
Usually
Who do we trust with details of our ďŹ nancial matters? Partners are the most likely people to trust with fi nancial details, with 60% of us saying we would trust our partner. But over a quarter of us say we do not trust anyone with details about our fi nances, indicating there is a core showing a deep-rooted level of distrust in discussing any fi nancial matters. Women are more likely than men to discuss fi nancial matters with their parents, as are the 16-24 year old age group compared to any other age group, which allows a level of infl uence from a different generation. The 45-54s are the most distrustful age group with over 30% trusting no-one with fi nancial details, while over 50% of those who are single or divorced also say they trust nobody with their fi nancial details.
Your partner
59%
Nobody
27%
Your parents
24%
Your friends
8%
Your work colleagues
1%
67%
25%
About half the time
6%
Seldom
1%
Never
1%
18
This would seem at odds with the level of control we believe we have over our spending. So many of us say we budget – often very tightly - and yet so many of us cannot even be honest with ourselves about what we spend. It makes that level of control look very fragile.
27%
Use spreadsheets to plan and keep track
Always
While we have the highest level of honesty with ourselves, two fi fths (40%) of us say we are honest with our partners, with friends, parents, children and colleagues coming lower down the list of people we even discuss fi nances with.
Do we have a secret stash? While not wanting to be honest about our spending, maybe to hide some bad shopping habits, it seems some of us do also not want to be honest about what we save.
No
82%
Yes
18%
Almost one in fi ve (18%) of us have money secretly saved, with the 16-24 group and those who are single most likely to have a secret stash of cash. The 35-44 age group are the least likely age group and those who are married are less likely than those who are single to have secret savings possibly because this is the age group with high outgoings possible due to a large mortgage, young families and less overall savings, never mind secret ones. Whether it is because of the recent high profi le failures within the banking system or a long and steady decline in service levels, the fi nancial services industry has a long way to go to build trust. But while this may seem an uphill struggle, it seems many of us do not even trust ourselves with our own money showing an even greater need for help with the basics. Building that trust will involve ensuring customers have a positive experience, meeting the values we regard as most important when dealing with our fi nances.
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End of The Great British Pastime?
20
According to Wikipedia, the first paper on queuing theory was published in 1909. So we were already queuing for things well before the advent of buses, bars and supermarkets. More recently, a study showed the average UK adult wastes 5 hours and 35 minutes queuing every month. (Daily Telegraph 26 March 2009). Queuing is said to be a British pastime. We all do it, and we all have particular views about it. But given our dislike for it, we treat queuing in different ways and have different issues with those queuing around us. Will understanding how and why we queue help companies provide a better service to their customers? We seem to be prepared to queue for the latest high tech gadget – being accepted as all part of the fun, and excitement, being ahead of the crowd. But we appear to feel very differently about queuing for everything else.
Do we really hate queuing? It seems so … Yes, we really dislike queuing. British people may be known for their patience when queuing but that doesn’t mean we like it. While there is a small amount of support for tolerating a necessary queue, very few of us like queuing. That’s probably no surprise, but given it’s such a common occurrence in the UK, what is it about queuing that really annoys us?
33%
18%
13%
Queue antics? Which annoys us most?
63%
Queue Jumping
62%
Wasted time
18%
Mobile phones
12%
Holding a place
4%
Standing with starngers
2%
mp3 players
And both men and women agree that men are more intolerant of queuing.
Like Queuing? 55%
But while we dislike it, there are rules. Queue Jumping annoys us the most with the time it wastes coming a very close second. Interestingly, listening to someone else on their mobile phone is the third most popular annoyance about queuing. This is more annoying for the older age groups rather than younger, who are actually more likely to be the ones on the phone, while those in the younger age group are more annoyed by having to queue with strangers. So we not only dislike the fact we have to queue, we also dislike the other people queuing with us.
Dislike
Tolerate
Hate Loathe
4%
Never
2%
Like
Our second favourite pastime – complaining? By far, the most likely response to a queue jumper is to complain to them directly – 72% say they would complain to the queue jumper directly. 10% would say nothing and put up with it, but 17% would have a mutter under their breath. And to show a certain level of camaraderie, 10% said they would complain to the rest of the queue. Men are braver than women in facing the queue jumper directly, whereas women are more likely than men to mutter under their breath.
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Queue Jumpers!? 72%
Complain to the queue jumper
46%
Talk to other people in the queue
18%
Mutter under your breath
34%
None of the above
10%
Say nothing
17%
Talk on your mobile
Complain to someone
16%
Read
5%
Mention it on Facebook
11%
Use Facebook
3%
Do nothing
7%
Eat
2%
Get someone else to say something
5%
Use Twitter
2%
Tweet about it
10%
The older age groups are more likely to complain directly, while those in the younger age groups are more likely to say nothing or mutter under their breath Almost 5% said they would mention it on Facebook, showing the prevalence of social networking sites in making a statement However, while we say we hate queuing, 17% of respondents say they have joined a queue without even knowing what was at the end of it!
Do we use our queue-time wisely? While we feel queuing with strangers is a reason for disliking queues, we tend to spend our time in queues talking to other people. The most common way to pass the time is to talk to fellow queuers. And again while having someone else in the queue talking on a mobile is regarded as irritating, nearly one in fi ve of us (17%) said they would spend the time in a queue on their mobile. One in ten (11%) of us said we would be on Facebook while one in 20 of us (5%) said we would be on Twitter.
22
Queue time?
Women are more likely than men to talk to other people, talk on the phone or be on Facebook. Men are more likely to do nothing but wait. And it’s possibly no surprise that the 16-24 age group are the most likely age group to be using Facebook, twitter and a mobile phone. The 55+ group are the most likely age group to talk to others in the queue.
Does the other queue always move quicker? Is it an urban myth that the other queue always moves faster? Nearly three quarters of us ( 74%) reckon it happens at least half the time. So if the majority of us think the other queue is moving faster, who is in that queue?
Is choosing a queue a skill? While it may seem obvious to choose the shortest queue, with years of experience under our belts, the great British public looks at other factors when determining which queue to stand in. The shortest queue is still favoured by almost a third (30%) of us, however, a quarter of us (25%) like to look at the people in the queue to try and judge how long they will be at the counter. A further quarter of us (25%) like to watch each queue to see which is moving the fastest, while nearly one in fi ve of us (18%) like to look at the people serving and choose their queue depending on who looks to be the quickest.
Which Queue? 30%
The shortest queue
26%
Look at people in the queue first
25%
See which is moving faster
16%
Look at the person on the teller
Younger people are more likely to go for the shortest queue, while older age groups take in more information about who is in the queue and who is serving, perhaps drawing on years of experience. Unless it’s for the latest iphone, we don’t like queuing, but if we have to do it, we want there to be some order to it. An organised queue makes it tolerable. And we’re starting to use our time queuing more constructively, happy to be on the phone, Facebook or chat to others. With this, though, comes the opportunity to complain about the queue and for that complaint to be widespread before you even get served. As it is seen as such a common occurrence and something to be endured, any retailer who can cut down the queuing time, or provide an alternative and constructive use of queuing time, could gain a valuable service advantage. If nothing else, it would be a pleasant surprise for their customers.
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Conclusion
24
We all want to feel like we’re getting a good deal, and we are, predominantly, a price conscious nation particularly in these difficult economic times. But we also realise that value is more than just price and our propensity to repeat purchase is guided by more service orientated reasons than price alone. And that’s where life gets complicated as we all have a slightly different opinion of what good customer service looks like. And it not only varies between people, but also changes over time, depending on the product or service being purchased and our personal circumstances. But even with great service and a great price, customer loyalty is becoming increasingly fragile and our connection with the companies we buy from becoming more difficult to sustain. As our needs and wants change, so must the service being provided and companies must keep up to date with the varied demands of their customers. And that’s not as easy as it sounds. Providing customer value is a mix of many different things that all need to work together at just the right time. And it could be argued that with customer loyalty so fragile, is there any reason to create that value? And the answer is a very loud Yes! We are all too keen to share our bad experiences and if companies become complacent and are not at least striving to provide value, the outcome could be disastrous. There is still plenty to do. Our expectations are, in many cases, not being met and across the UK as a whole we regard customer service, and therefore customer value, as being quite poor. Part of what needs to be considered in creating that value is our own relationship with money. While we want to feel in control, and many of us believe we are, we still need to find a level of honesty about our spending habits in order for that control to be fully realised. Too often we kid ourselves about what and why we are buying. And if we cannot trust ourselves, how can we trust anyone else? So where to start? Companies could do worse than starting with trying to reduce the length of time we queue. It may be regarded as ‘the Great British Pastime’ we dislike it – the time it wastes, the people we have to queue with and, more than anything, the people that jump the queue. Unless it’s for the latest gadget, we hate queuing. And the only thing worse than a queue is a queue without rules!
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