Get to Know Your Customer: the Power of Customer Surveys
Every company wants to get closer to their customers, to get inside their heads and understand their buying process. Aside from learning telepathy, the next best thing is to ask them what you want to know. Customer surveys are a tool that many companies use to crack the code to what customers want and how to provide superior customer service.
Managers: Focus Your Attention on Customer Loyalty
Customer loyalty is the engine that keeps any business growing. If you can’t rely on your existing customers, it’s likely your business is headed for trouble.
Businesses Sacrificing Profit Margins, Tech To Gain Customer Loyalty
Gaining customer loyalty is one of the most difficult metrics to hit in today’s omni-channel B2C market.
Businesses are making two sacrifices to build consumer loyalty: one is an investment in technology and the other is a slimming of profit margins to ensure customers feel like they’re getting a bargain.
3 Ways to Leverage the "Internet of Things" to Improve Customer Loyalty
The opportunity to boost your loyalty program and track real consumer habits is bigger than ever when you leverage today’s internet of things. With smartphones, fitness trackers, smart watches and other portable electronics, the consumer behavior data is there. Use it to your advantage to track and improve your consumer loyalty program.
3 Steps for Measuring Customer Loyalty and Rewards
While getting a customer in your store for the first time is important, in order for your success in retail, the focus needs to be placed on repeat business. It is 6-7 times more expensive to acquire a new customer than it is to keep one. Customer loyalty programs work well, but most businesses may be getting it wrong. Here are 3 steps for measuring customer loyalty and rewards ideas.
Track Customer Purchasing Habits In order to measure the effectiveness of a loyalty program we need to record the number of new customer vs. the number of repeat customers. This is the very basic first step, tracking who is coming in and what they have purchased. The easiest way to obtain this information is through a connected POS system. A connected POS system automatically sets up customer profiles and tracks their purchases every time they return. This helps provide retailers with an insightful analysis of their customer base. Having linked loyalty cards/spending cards also helps in tracking customer purchases.
Calculate Important Metrics Simple metrics can help a retailer know whether or not their loyalty program is impacting their customers. Some important metrics to consider:
