Customer needs and preferences keep changing and evolving. Thanks to data availability and analytics, companies can leverage deep customer insights and adapt. The recent changes in customer behavior as a result of the prolonged global pandemic and enforced lockdowns have significantly altered buying preferences and channels. Here are 4 key focus areas for brands to address what customers want.
Profitability and sustainability for most businesses depend upon customer loyalty. Repeat transactions from customers is what every business aims for. You may have heard about the concept of measuring customer life time value (LTV). There are several strategies and tactics businesses use to lure customers into repeat and more frequent transactions. Delivering a great customer service is one of these and is a zero cost strategy.
I am sure I need not stress on the importance of customer satisfaction. It is tied to the overall business success and scalability. As one of the most critical KPIs for any business, it needs to be measured. Surveys are considered to be the best method to measure customer satisfaction. However not all businesses use surveys. Some cannot while some don’t. This post is for businesses that for some reason cannot use surveys. So how to monitor customer satisfaction without surveys?
How do you track the engagement and risk status for each of your clients? At least for the high priority and strategically important customers. It is important that you monitor the risk of losing customers.