Customer loyalty, satisfaction and earnings growth in 2020

By Ineke Prinsloo

2020 looks set to be an epic fight for survival as numerous socio-economic factors come into play that will further challenge businesses and their ability to achieve greater levels of customer satisfaction in a bid to retain and grow their customer base – from a looming recession, abysmal economic growth figures, political uncertainty and a disastrous return of load shedding.

This is the takeout from a wrap up of the South African Customer Satisfaction Index (SA-csi) we conducted during 2018/2019 which polled almost 35,000 consumers across nine different sectors to obtain highly scientific insights into the overall level of satisfaction of their customers – namely Airlines, Banks, Clothing retailers, Mobile Telcos, Medical Schemes, Municipalities, Life Insurers and Short-term insurers.

Disruption
These exacerbating socio-economic factors comes at a time when businesses and in fact entire industries are grappling with immense disruption, and how to integrate technology, Artificial Intelligence (AI) and data analytics into existing business processes as enablers towards the ultimate customer experience while achieving crucial operational efficiencies.

Many long-established brands are fast realising that new disruptor competitors come with the distinct benefit and agility of a new slate – they simply don’t have the outdated legacy systems, processes and mindsets to integrate into truly customer-centric ways of doing business.

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