We now exist in a world where technological innovation is empowering customers to expect more from the brands they deal with, to switch when they're not happy or satisfied, and share their negative experiences online.
Recently, Brightpearl conducted a survey of millennial shoppers that revealed millennials can be particularly hard to please. Over two-fifths (45%) admit to being less loyal to brands when compared to a year ago, and are quicker to abandon companies that don't meet expectations.
Buyers today have a lot of choice and an array of products to choose from, so it's understandable many brands are struggling to get customers to stick around for the long haul. An enormous 76% of shoppers report it's now easier than ever to take their business elsewhere, while a quarter of millennials would change where they buy goods, based on the shopping experience. Millennials are also the group most unlikely to return to a brand if they have a bad shopping experience.
https://www.retailcustomerexperience.com/blogs/why-its-time-for-brands-to-prioritize-the-happiness-of-millennial-shoppers/
NPS, CES, and CSAT are customer loyalty metrics. They’re used to measure the level of loyalty that a customer has toward your brand. Customers are considered loyal when they consistently purchase from your brand over an extended period of time.
How do you get loyal customers? A great customer experience (CX), of course.
In recent years, research by CustomerThink, Forrester, and Gartner have found at least 70% of business leaders believe CX will help their companies differentiate in a world where products and services are increasingly commoditized, and competing based mainly on price is not a viable long-term strategy.
An indisputable key component of a customer experience strategy is the Voice of the Customer (VoC) program, also known as customer voice. It captures, analyzes and reports on all customer feedback—expectations, likes, and dislikes—associated with your company.
In your VoC program, there are two types of customer data that you should collect: structured data and unstructured data. Today, we’ll discuss the three most popular customer loyalty metrics that fall under the structured category—NPS, CES, and CSAT—and the role that each should play in your CX strategy.
https://www.business2community.com/strategy/nps-ces-csat-which-one-is-the-best-metric-02242935/
Marketers are no strangers to the concept of customer retention. Studies suggest that increasing your retention by a mere 5% can increase your profits exponentially by 25-95%. One excellent way to do so is by using videos. The appeal of videos is undeniable, which is why the number of businesses using videos as a marketing tool has increased from 81% in 2018 to 87% in 2019, and 83% of marketers admit that videos have a good ROI.
The point being that videos are excellent for engaging your audience and ensuring their continued association and loyalty. If you haven’t already used videos for post-sales activities, this article will provide you with an insight into how to use videos for customer retention and help you refine your own policy for the same using videos.
https://customerthink.com/how-to-boost-customer-retention-effectively-using-video/
As the digital revolution expands the number of marketing channels, brands are seeing a tremendous blurring of the lines between traditional loyalty programs, digital transformations, and customer experience initiatives. In this new competitive landscape, all brands must adopt loyalty initiatives without traditional boundaries, shares, Guy CierzanManaging Partner, ICF Next.
No brand is perfect when it comes to loyalty these days, but Starbucks is doing a lot right.
For starters, their entire rewards program is housed on a mobile app that customers can also use to store payment info, purchase drinks, and order remotely. In this way, tangible customer interactions are seamlessly integrated in a digital ecosystem with the rewards they may reap from those interactions.
Contrary to several airlines — whose shift from distance to revenue-based loyalty programs have only made it harder, more expensive, and more complicated to achieve certain tier statuses than in the past — Starbucks rewards enrollment is friction-less, engrained in signing into the app itself. There’s a reason the app accounted for 30% of all transactions last year, and holds more consumer cash than many banks.
https://www.martechadvisor.com/articles/customer-experience-2/what-brands-can-learn-from-starbucks-expansive-view-of-customer-loyalty/
The difference between a friend and an acquaintance is the regularity and depth of your communication. A friend is part of your day-to-day life. You speak often, and you’re familiar with each other’s lives. An acquaintance, on the other hand, is someone you might only encounter occasionally when your paths cross.
In business, customers should be more like friends than acquaintances. You want to stay in close contact to remain relevant to their day-to-day success. This deeper relationship is created using customer engagement. In a nutshell, customer engagement is the connection between an enterprise and the customer forged through communications.
So, why is customer engagement important? Because it forms a bond between you and your customers that encourages long-term loyalty based on mutual growth.
https://www.business2community.com/customer-experience/why-is-customer-engagement-important-and-valuable-02238103/
Traditional smiley faces have been around for years now as a popular feedback metric. So why stop now? Try using these on your homepage forms to gauge the level of loyalty customers have towards your service or product.
https://marketplace.mopinion.com/survey-templates/smiley-face-score-loyalty/
Customer Effort Score is a commonly used metric that measures how much effort it took the customer to achieve his/her goal. Used mainly to gauge the aggregate, digital experience of your customers with your product, you can also use to collect feedback at a number of other touchpoints along the customer journey.
https://marketplace.mopinion.com/survey-templates/customer-effort-score-ces-loyalty/
Net Promoter Score is a popular loyalty metric used by many businesses. Providing you with a benchmark that is indicative of your customers’ success, this metric tells you how likely your customers are to recommend your business to others.
https://marketplace.mopinion.com/survey-templates/nps-net-promoter-score-loyalty/
Customer Satisfaction (CSAT) is considered one of the top scoring methods among businesses for measuring loyalty to your brand. It is essentially a measurement of how your brand (or services) meets the expectations of your customer.
https://marketplace.mopinion.com/survey-templates/customer-satisfaction-loyalty/
Even if your customer has made a purchase or completed a process, it doesn’t mean they did so with ease. Post-purchase (or post-experience) is a great time to ask how things went and where your customer stands loyalty-wise.
https://marketplace.mopinion.com/survey-templates/email-confirmation-feedback-nps/
