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During 2008 and 2009, consumer confidence in corporations and their leaders steadily declined. Billion-dollar banks have failed, insurance and mortgage giants have declared bankruptcy, big box retailers have collapsed and once “too-big-to-fail” automotive companies have taken billions in bailout money from the U.S. government just to survive. All of this turmoil has left consumers wondering “Who can we trust?” and which business or industry will be the next to fail. In turn, in their quest to continually increase revenues, many businesses have forgotten that they have a responsibility to customers to meet or exceed their expectations. Thus, rebuilding consumer confidence and the bond that companies have with customers is critical.
As companies work to restore consumer trust and build better relationships with customers, they must think and communicate differently. They must gain a better understanding of customers’ needs, wants and concerns by continually gathering, analyzing and acting on customer feedback. This ensures that customer needs are incorporated into the design of customer experiences and in the company’s products and services.
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