Marketing

Customer Loyalty

Driving a positive customer experience is as important as the quality of the product/service. Being “easy to do business with” is one of the biggest drivers of Customer loyalty, a leverage you can have over your competition, and the difference between growth and stagnation! Your customers will be loyal, your competitive edge will be defined, and your bottom line will expand. But what drives loyalty? Primarily product quality and Account Mgt./Customer Success Mgt.​

NPS* (Net Promoter Score)

A tool to gauge the loyalty of a firm’s customer relationships. It serves as an alternative to traditional customer satisfaction research. NPS is based on responses to a single question (scoring is based on a 0 to 10 scale):

How likely is it that you would recommend our company/product/service to a friend or colleague?​

*NPS has been widely adopted with more than two thirds of Fortune 1000 companies using the metric. It was developed by Fred Reichheld (Bain & Company & Satmetrix) and introduced in 2003
*NPS can be as low as −100 (everybody is a detractor) or as high as +100 (everybody is a promoter). *NPS that is positive (> 0) =GOOD; >50 = EXCELLENT

​VoC (Voice of Customer)

An industry metric that measures customer feedback on their experiences with your products/services, and helps you:

• Customize your product or services
• Maximize your company revenue
• Identify and strategize on projects that will move the needle

​​What is the financial impact of Customer Experience on your business?

Tying your customer base to one of three “buckets” could help drive home the urgency to improving customer experience, and the possibility of revenue stability/loss due to how loyal your customers are.