The New Customer-Driven Economy
We are witnessing an amazing acceleration of new products, services, and delivery methods. Many companies and even entire industries have been radically affected (think Department Stores, RIM Blackberry, Kodak, Blockbuster, and many others). There are new rules, principles, and ways of working for success in the customer-driven economy.
https://customerthink.com/10-essentials-for-survival-in-the-customer-driven-economy/
In many conferences in 2017, the buzz has all been around the customer experience, customer journeys or customer engagement. These topics come up in almost every presentation in a banking, hospitality, marketing or retail conference. However, there was little linkage between these “buzz” topics with loyalty nor branding. There is a correlation between the customer experience and how that impacts loyalty and an organisation’s brand. How does a brand inspire loyalty and how does the customer experience elevate a brand?
http://www.marketing-interactive.com/features/synchronizing-loyalty-customer-experience-and-branding/
“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/
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/
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/
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/
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/
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/
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/
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/
