The 3 biggest myths about your customers and a common Goldfish

by Stan Phelps

in purple goldfish project

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Customer Experience is now more important than ever

CX is a game changer. Here are three leading indicators why:

1.  The cost of customer acquisition continues to rise, making increasing retention the lowest hanging fruit in marketing.

2.  Consumers now have a stronger voice given the emergence of social networks like Facebook, YouTube, Twitter, and Yelp.

3.  Competing solely on price can commoditize your product or service.

In a recent Temkin Group survey The State Of Customer Experience Management, 2011, more than 200 large companies were asked about their customer experience efforts.  While 7% of respondents think that their company is a customer experience leader today, 61% want to be their industry leader within three years.

Everyone wants to go to heaven…but no one wants to pay the price.

Are customers complicated?  Perhaps we can learn a few lessons from the common goldfish.  I have a preoccupation with goldfish, mostly because I’m fascinated by the variability of the growth of a goldfish.  Another reason is that, similar to customers, there are many myths about the common goldfish.

3 biggest myths about goldfish

Takeaways: Find ways to maximize lifetime value, reduce attrition, and drive positive word of mouth.

Today’s Lagniappe (a little something extra for good measure) – BINGO. Rowan Atkinson, aka ‘Mr Bean’ wins a goldfish at the local carnival.  Funny stuff indeed.

A marketing lagniappe, i.e. purple goldfish,  is any time a business goes above and beyond to provide a ‘little something extra’. It’s that unexpected surprise that’s thrown in for good measure.

How do you stand out in the sea of sameness? How do you win repeat customers and influence word of mouth?

Are you Giving Little Unexpected Extras? What’s Your GLUE?

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