eringilliam: customer-loyalty*

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  1. Net Promoter Score (NPS) is a method to assess customer loyalty, and many businesses today consider it to be an important metric. But NPS is far more useful than just a number on a page. In fact, your NPS score is just the beginning. What truly matters is what you do with your NPS survey results. Once you’ve identified your Promoters, Passives, and Detractors, do you know how to follow up with them?
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  2. 50% of the customers say that they switch to a different brand if their needs aren’t met.

    On the contrary, customers wouldn’t change their mobile network operator over a single incident of bad connectivity issue. Similarly, even when a customer has to struggle for months to get a wrongly debited payment from their account, they are less likely to stop doing business with that bank.

    While increased expectations have led customers to frequently switch brands, there are certain industries like real estate, banking, and telecom where customers stay loyal by default. Why?
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  3. Asking for customer feedback gives valuable insight into how your customers perceive your brand. Whether it’s positive or negative, you can use the collected information to adjust and provide a better experience. It also results in a stronger seller-buyer relationship since customers’ opinion are valued and appreciated. So how and where do you collect this precious feedback?
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  4. The holiday season is in full swing. And while most ecommerce businesses have been preparing for this for months already, we can’t help but notice that many of these same businesses are missing one important element in their strategies. Sure, they’ve optimised their mobile apps, set up various discounts and promotions to reel customers in, and updated their merchandising strategies…But what about the customers? How are they experiencing the holiday rush? Are there certain funnels in which they’re struggling?
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  5. Every business wants to create and maintain a loyal customer base. According to Edelman, customers that continue to support your brand over time will spend 67% more than your new customers. In other words, your most loyal customers are critical to the success of your business. That is why it’s important to measure loyalty and continuously to ensure your customers are satisfied with your brand. Tackling this challenge is done best by going directly to your customers for input. So get started and try one of our free loyalty survey templates from the Survey Marketplace!
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  6. Love is patient, love is kind, but brand love is monetizable, and the first step to building brand love is engendering customer loyalty.

    In an option-heavy world, differentiating between loyalty and heavy-category spending can be tricky. Cardlytics CMO Dani Cushion led a panel at Advertising Week New York to outline the steps brands can take to not only accurately measure loyalty, but to also curate experiences and insights that can further drive positive relationships with consumers.
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  7. Customers have endless options when it comes to choosing new brands and services, which means their expectations are high. Immediacy, personalization, responsiveness, and product quality are a handful of the primary reasons customers will choose to be loyal to one brand over another.

    But one major component holds the key to earning and solidifying customer loyalty: correctly leveraging customer feedback.

    Here are six tactics to help strengthen your customer loyalty through feedback.
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  8. The Net Promoter Score (NPS) measures how customers feel about a company, brand, product or service. The initial research in 2003 that led to the NPS metric asked customers a series of questions designed to elicit their feelings about the company. The researchers, Fred Reichheld of Bain & Company in collaboration with the company Satmetri, wanted to find a question that would correlate with real-world customer behaviors. For instance, for a company to grow, it needs customers who recommend the company to others; customers who become repeat buyers; customers who don’t constantly shop around for the best price. The researchers tested many questions with customers, trying to find the one question that would identify those most desirable and engaged customers.
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  9. The Customer Effort Score (CES) is a metric that quantifies customer loyalty. It measures how much effort a customer has to expend to obtain an answer or solution to a problem. The CES metric is used in two ways. The first asks how much personal effort the customer expended to resolve his or her issue. It’s often reported on a scale of one to five, where one refers to the least effort and five the most. Using this format, you want as low a number as possible.
    The second format of the CES metric asks customers to agree or disagree with a statement that solving the problem took little effort. In this format, customers who choose five “Strongly Agree” that it took little effort, while those who choose one “Strongly Disagree.” Here, your goal is to achieve the highest number possible.
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  10. Technology has given businesses unprecedented access to new markets and unique opportunities. It has also empowered customers, enabling them to easily evaluate different offerings based on criteria that is important to them while comparing suppliers and pricing at the click of a button. This has resulted in an increase in competition, as businesses have become acutely aware that relying on preferential pricing or good customer service is not enough to guarantee customer retention.
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