Customer Retention Services
You have successfully build
your business and also have clients who pay you. But, there is one thing that
worries you time and again - Customer Retention. It is an on-going
process and sometimes the key to long term success of your business. Most often
than not, you are not the only one offering whatever you have to offer to your
customers. There is competition everywhere (and is only growing), no matter how
you augment your product / service to position it differently.
Moreover, in today's challenging economies and competitive business world, retaining your customer base is critical to your success. If you don't give your customers some good reasons to stay, your competitors will give them a reason to leave. Customer retention and satisfaction drive profits. It's far less expensive to cultivate your existing customer base and sell more services to them than it is to seek new, single-transaction customers.
- What are the most attractive segments for us?
- What are these customers’ desires?
- Which desires are met and unmet, and can we serve them?
- Where can we grow? Can we extend our brand(s) into new categories or segments?
- What are the purchase and decision patterns of customers?
- What are the key levers and triggers to capture them?
How are we perceived by our customers and by our non-customers?
Our approach has three basic principles: building on existing knowledge, designing superior research tailored to each project’s needs, and fully integrating customer insight with the other strategic lenses. Our practice and expertise combines all forms of research:
- Deep-dive innovative qualitative research, including our "in-context” research techniques
- Quantitative research, leveraging the complete range of techniques - from classic marketing surveys to complex conjoint or agent-based and problem centric modeling
In today's competitive business environment, quality service is often the difference between keeping customers and losing them. Good marketing brings new customers in, but great service is what keeps them. But to provide good service, you need a way to know how well you're doing - to find out what your customers think is important, what they want, and where you need to improve. And the best way to get this information is with a survey.
Customer satisfaction can impact every aspect of your business from earnings to profit maximization. That is why customer satisfaction surveys are so important for developing businesses. Customer satisfaction surveys measure and evaluate the attitudes, opinions and satisfaction levels of your customers and clients identifying specific areas of your business that do not meet customer expectations. Not only are customer satisfaction surveys quick and inexpensive to produce, they are also guaranteed to yield invaluable results and jump over competitors.
Companies can then use the survey data to implement and revise customer service policies and procedures, as well as to readjust marketing and management strategies for building a wide base of loyal and responsive customers. Customer satisfaction surveys are important first steps towards achieving the ultimate goals of exceptional customer satisfaction, loyalty and retention and provide a foundation in which you can start building upon your customer relationships. But you won't get useful information if you don't ask the right questions. What exactly do you want to find out from this survey? What areas of service do you want to ask questions about? You don't want customers doing the survey and saying 'I wish I could comment on this - why can't I?'
Customer Satisfaction Index is seen as a key performance indicator within business and in a competitive marketplace where businesses compete for customers; it is also is seen as a key differentiator and increasingly has become a key element of business strategy.
A good start is to conduct a few pre-survey interviews with customers, just to make sure that your questionnaire doesn't overlook any important areas. Also talk with your front-line employees, the ones who deal with the customers on a daily basis. Ask them and their immediate supervisors about the concerns their customers most often raise. This will give you an idea about what areas your customers are most concerned about, and therefore what you should ask in your survey.
NPS is based on the fundamental perspective that every company's customers can be divided into three categories:
The Customer Loyalty-Shift-Calculator is an analytic engine that helps you to identify what customer experience changes matter most, and model just what financial impact they will have. By combining operational behavior information with customer satisfaction and financial data, the Loyalty-Shift-Calculator quantifies exactly which in-store actions matter most to satisfaction and loyalty, and subsequently, to your top-line sales. Business operators can then focus their employees on doing the exact things that matter most to your customers. It’s actionable. It drives real results. Want to know how your investment in customer experience impacts your bottom line?
We can tell you not only the effect of intended performance improvements on customer loyalty and, but also the lag-time between drops in satisfaction and resulting business performance. When a brand has loyal customers, it gains positive word-of-mouth marketing, which is both free and highly effective.
We will help you to see your point-of sales through you customer eyes. Specifically
- Understand what matters to your customers
- How many of your customers are at risk and the revenue they represent
- Lag-time between changes in customer satisfaction and potential changes in revenue
- The impact of operational performance on loyalty and financial metrics
POWER YOUR BUSINESS ENGINE
- Address significant performance gaps hurting sales
- Focus employees on what matters most
GROW YOUR BOTTOM LINE
- Quantify the impact of key business drivers in your stores
Manage your investment in the customer experience, eliminating those expenses that don’t matter and funding those initiatives with the highest return.
Mystery Shopping is the practice of using trained shoppers to anonymously evaluate customer service, business operations, employee selling skills, product quality, employee integrity, product merchandising, etc. Mystery Shopping
- Is an interaction between front-line staff and evaluators that pose as customers [called "shoppers”]
- Captures interactions in a normal work environment
- Evaluates customer service and the ability of staff and partners to communicate about the organization
The key value of Mystery Shopping Program is to study service quality in the process.
The Benefits of a Mystery Shopping Program
- Monitors and measures service performance
- Improves customer retention and makes employees aware of what is important in serving them
- Reinforces positive employee/management actions with incentive-based reward systems
- Provides feedback from front line operations
- Monitors facility conditions - asset protection
- Ensures product/service delivery quality and allows for competitive analyses
- Supports promotional programs
- Audits pricing & merchandising compliance
- Compliments marketing research and survey data
- Identifies training needs and sales opportunities
- Educational tool for training & development
- Enforces employee integrity
What our Mystery Shopping Program … Can Do For Your Business
Enhance Your Brand
- Shoppers compare brand promise to employee performance
- Know what happens when you are not there
- See your company through objective eyes
- Get a Benchmark Performance Against Other Industries
Improve Internal & External Marketing Initiatives
- Whether vendor funded displays set up
- Whether current month’s special was accurately posted
- Whether you promotion strategies communicated well with customers
Protect your company’s reputation
- Competent handling of issues, questions, complaints
- Measure whether parking was well-lit, restrooms sanitary
- Measure whether customer gets correct information
Improve Performance and Motivate Staff
- Generates individual/collective performance data
- Clarifies expectations…can be used as incentive/reward
- Allows targeted training to improve performance
- Reduce turnover
- Identifies stars within your personnel
Mystery Shopping Program helps to measure achievable savings from customer service improvements.