Research suggests a 5 percent increase in customer retention will boost profits by 20-100 percent across a wide range of industries, which helps to explain why businesses both big and small are so focused on measuring customer loyalty and brand advocacy.
A common method is to simply phone customers after they bought a product or service to ask how satisfied they are. More business-savvy entrepreneurs will frame the question differently, asking customers how likely they are to recommend the brand to others. This produces what’s known as NPS, or Net Promoter Score.
But such bold tactics can be counterproductive and produce inaccurate results - phoning customers can damage the brand, surveys can be misleading and there are more reliable ways for fledgling businesses to track customer loyalty.
https://www.wamda.com/2018/07/measure-loyalty-alienating-customers/
Businesses exist to satisfy customers. Without ensuring customer satisfaction, achieving long-term corporate objective would be a mirage. So, the customer is the oxygen that keeps any organization going. But some companies carry on as if the customer is not critical to their existence; they operate as though it is the customers that depend on them and not vice versa. A number of companies, especially those regarded as market leaders, run on the wrong premise that they can do without the customer but that is a fallacy that soon hits them where it hurts the most when the tide changes.
http://www.tribuneonlineng.com/153143/
A business’s brand plays a crucial role in the overall success of a business. A report from Circle Research found 77 percent of B2B marketing leaders believe branding is critical to growth. While the majority of marketers believe good branding is critical, many businesses struggle to identify how to go about defining and building a brand. The same report found a mere 39 percent of B2B companies have a clearly defined brand strategy.
For many businesses, “branding”, is seen as a secondary nicety rather than an essential component to the business. After all, is the perfect logo really as important than keeping the lights on? Evidence suggests it is. B2B companies with a strong brand generate a higher EBIT margin outperforming weak brands by 20 percent.
Consistency is frequently touted as the key to building a successful brand, but consistent in what? Let’s dive into the three types of brand consistency that can boost customer loyalty.
https://customerthink.com/the-three-types-of-brand-consistency-that-drive-customer-loyalty/
“Voice of the Customer (VoC) programs have become a strategic asset for most forward-thinking and customer-centric CEOs, CMOs and customer experience leaders,” says Chuck Schaeffer, Go to Market Leader at IBM. “VoC benefits include faster customer resolutions (with fewer hops and escalations) and improvements in customer experience (CX) as evidenced with such metrics as Net Promoter Score (NPS) and customer loyalty. Financial benefits include increases in customer spend, customer share and customer retention.”
https://www.surveygizmo.com/survey-blog/top-5-benefits-of-a-voice-of-the-customer-program/
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