I have been trying to slowly increase the demand again in my research business for sometime now, and I read an interesting article today from business columnist, Francis Kong, that hits the bullseye in terms of what I have been trying to do. I want to start this post with an anecdote that Mr. Kong used -
After spending a happy evening drinking together, two acquaintances promise to meet again in 10 years at the same bar, same time. Ten years later, the first guy walks in, looks around, and sure enough, his friend is there on the barstool. He clasps the old friend's hand and cries, "The day we left, I didn't really think I'd see you here!" The friend looks up, stares, sways slightly, and asks, "Who left?"
Well, so between customer satisfaction and customer loyalty, Mr. Kong pointed out in that article using that anecdote, that customer loyalty is much better than customer satisfaction - and I think that's what has sustained my research business even through the toughest years. Now that everything is starting to look up again, I am trying to foster customer loyalty among my customers, to ensure the cash flow - and for now, it looks like it's happening. One thing that worked is training some of our new staff to become as proficient as the veterans. And of course, that process of continuous hiring never stops and another batch of five writer-researchers start again this week. I do hope out of this group, we get to keep at least two of them to work for us through the next year. That way, by having competent staff, we could ensure that our customers come back to us again and again!
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