Canadian companies are struggling to keep pace with the increasingly “always on” nature of their customers, their greater use of digital channels, and their growing acceptance of non-traditional providers. As a result, the “Switching Economy” – the potential revenue up for grabs in the Canadian market due to changes in consumer spending patterns and switching rates – has swelled to 163 billion US$, a 16 percent increase since 2010.
Many established companies are reacting too slowly to the needs of today’s “nonstop customers”, and consequently, they are seeing both a customer exodus and a decrease in their revenue potential.
This research shows how changing Canadian consumer dynamics are affecting the marketplace. Customers are no longer prepared to be loyal to a brand or provider and correspondingly customers are influenced by experiences as much as they are by offerings and rewards. The infographic shows that 40% of Canadians are extremely satisfied with their present providers but only 28% are extremely loyal to them. Moreover, 59% Switchers are driven by price and 65% by customer service when considering other providers. Customer loyalty will wane unless the customer service is good and better than alternative providers. And now, more than ever before, the definition of what is good service is changing and includes a growing push on convenience (including channel options and choice).
View the infographic to learn more about the impact of the nonstop customer. To increase customer retention and acquisition and win revenue, companies need to stop admiring the opportunity, be digital instead of "looking digital" and drive multispeed customer growth.