Customer Success is typically defined as, “ensuring customers achieve their desired outcomes while using your product or service.” If you’re relying on this explicit definition to drive retention and expansion then you’re missing a better opportunity.
The key to scalably accelerating profitable growth is by creating truly loyal customers. And the shortest path to true loyalty is by demonstrating that the people within your company are listening. Here’s why that’s true and how to make this critical, emotional connection with your key customer contacts to strengthen relationships and drive true loyalty.
https://www.business2community.com/customer-experience/are-you-making-this-critical-connection-with-your-customers-to-strengthen-relationships-and-drive-loyalty-02103339/
Looking at customer experience (CX) and churn in the SaaS environment from a high level, there’s one theme that stands out from the mix: The fact that we live in what’s called a “switching economy.” The term, coined by economists, describes a current trend impacting switching brands because of dissatisfaction with their experience. It can be a major driver of customer churn—and it’s already creating an incredible economic deficit in the US.
Early reports indicate that more than $1.6 trillion in revenue is up for grabs as “always on” consumers look for brands mastering CX via various channels and touchpoints. What’s more: since 2010, Accenture data shows the switching economy has increased more than 29%—and only 11% of U.S. customers strongly agree that companies are effectively converging their omnichannel experiences. So, what’s driving the switching economy? And how can businesses win back customer loyalty?
https://www.business2community.com/strategy/acing-omnichannel-support-in-saas-02098386/
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/
According to Accenture’s just-released Digital Consumer Survey, sales of home-based intelligent assistants such as Amazon Echo of Google Home grew more than 50% in every one of the 21 different countries the company surveyed. And according to a new research from Adobe Digital Insights (ADI), voice-assistant sales grew 103% year over year in the fourth quarter of 2017. Adobe also found that 22% of voice assistant owners said that they shop using voice commands.
https://customerthink.com/customers-are-willing-to-pay-a-lot-more-for-a-better-customer-service-experience-if-they-get-to-tell-you-exactly-what-that-is/
Are you struggling with customer retention? Maybe looking for a way to improve customer loyalty?
Establishing a good relationship with customers can be difficult, especially for car dealers, when generalizations and stereotypes tell customers to be leery of anything you say.
Here are 10 ways you can reverse these stereotypes and strengthen your relationship with customers.
http://www.dealermarketing.com/a-10-step-customer-retention-primer/
Within convenience and fuel retail, ensuring customers are catered to is crucial for survival. But how can a convenience or fuel retailer implement a successful customer-first digital commerce strategy? Learning more about the current landscape can help operators get a better perspective on how to overcome challenges related to customer loyalty.
http://www.cspdailynews.com/industry-news-analysis/technology/articles/adopting-customer-first-digital-strategy/
Customer loyalty is still looked upon as a holy grail in customer relationship management and marketing. We want loyal customers as they don’t just have a strong connection with our company and buy more, sometimes even willing to pay a premium, but also because they are prone to become true brand advocates.
https://www.i-scoop.eu/customer-experience/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/
