Knowing how to gather and use customer feedback is what can eventually turn a small business into a multinational corporation, and there are statistics to prove it. Customer feedback can have the similar impact on the auxiliary services on college campuses as well. As we all know, loyal customers can grow a business much faster than regular sales or marketing can. It is because it’s 5 to 25 times more costly to acquire a new customer than to keep an already-existing one happy. Secondly, the no.1 source of new leads is customer referrals. And lastly, loyal customers purchase 90% more and spend 60% more than new customers.
While these statistics don’t mean that you shouldn’t be trying to get new customers, they do, however, reinforce that keeping your existing customers and students happy makes good business sense. And to do that, you will need to center your entire business strategy on customer feedback.
So, here is the most efficient way to build a long-term strategy around customer feedback.
https://www.touchwork.com/how-to-build-a-long-term-strategy-around-customer-feedback/
Brands have more access than ever to the direct feedback of their customers. If you’re smart, you’re using this feedback to guide virtually any decision about your brand strategy. With that said, many marketers wondered: What was IHOP thinking?
Changing its name to “IHOb" was a surprising move that many were quick to criticize. Now that it’s back to its original name, there are a few things marketers can learn from what many deemed a “PR disaster.”
In a customer-centric world, too many brands are afraid to take risks. But IHOP’s bold move represents the smart risks that can actually center the customer’s needs while increasing market share.
https://www.mediapost.com/publications/article/322162/the-customer-centric-risk-you-need-to-take.html/
According to 3Cinteractive, 64 percent of brands reported an increase in loyalty program membership over the last year. Loyalty programs are becoming more sophisticated, moving beyond the traditional spend-and-get model, to omnichannel and multichannel programs that recognize customers for every interaction they make with a brand. Smart marketers are capturing and leveraging loyalty data to understand their customers better and market effectively to them.
We’re seeing significant advancements in loyalty as brands seek new ways to add value for customers. Here are the seven biggest trends impacting the loyalty landscape currently.
https://marketingland.com/7-biggest-trends-driving-customer-loyalty-232518/
Developed by Fred Reichheld at Bain & Company, the Net Promoter Score (NPS) is a customer loyalty metric that measures customer satisfaction using an index that ranges from -100 to 100. Customers are asked one question – if they’d recommend the company to a friend – and then asked to respond using a scale from zero to 10, with zero being “not likely” and 10 being “extremely likely”. Customers are then organised into three categories as detractors, passives or promoters, based on their responses.
https://www.cio.co.nz/article/643948/what-net-promoter-score-nps-guide-cios/
When your customers feel valued, they stay loyal to your business. Loyal customers also help you get new customers by telling about your business to their friends and coworkers. They do free word of mouth marketing for you and as a result, your business grows. Therefore, you need to value your customers and make them feel special. Below are 5 ways for it.
https://www.business2community.com/customer-experience/how-to-make-your-customers-feel-valued-02105469/
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.
http://www.itnewsafrica.com/2018/08/using-data-intelligently-to-drive-customer-loyalty/
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.
https://www.business2community.com/customer-experience/monitor-your-customer-effort-score-ces-to-determine-customer-loyalty-02111647/
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.
https://www.business2community.com/customer-experience/how-important-is-it-to-measure-your-net-promoter-score-nps-02115530/
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.
https://www.business2community.com/loyalty-marketing/6-steps-to-stronger-customer-loyalty-02124786/
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.
https://www.thedrum.com/news/2018/10/23/when-building-brand-loyalty-just-listen/
