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Building Customer Loyalty – Part 2 of 2

Building Customer Loyalty – Part 2 of 2
7
Aug

This is a continuation of Part 1 of our mini-series on Building Customer Loyalty. We hope you have enjoyed reading our blogs.

There are a number of tools that are used by companies to improve customer loyalty and retention via relationships:

  • Voice of the customer tools – these gather information from the customers’ input and feedback
  • Feedback management tools – these will help to get a full picture of the customer and their needs
  • Customer experience tools for management – putting the customer information into practice in all areas of the company
  • Improving customer intimacy

Using the ASK LISTEN RETAIN program to increase customer intimacy:

  • ASK – asking via a customer satisfaction questionnaire delivered by either telephone interview, online/mobile or email campaigns to identify the customer needs and wants
  • LISTEN – interact with customers so that you learn what they want and expect
  • RETAIN – customize products and services to fit their wants and needs. Respond to what you have heard in the ASK phase of the process. Communicate with customers of what changes your company will make to meet their needs, concerns or issues.

Analytics will then allow you to use all this data that you have gathered to complete profiles on your customers. This will help you to profile your most wanted customers and pinpoint their needs. This will help companies become more streamlined when it comes to customer retention management.

Companies must also train employees to improve customer intimacy. They can take action without having to ask permission from their superiors if it means making a customer happy. This improves customer loyalty and retention as it deepens customer relationships.

Data can be shared by different departments. This helps to gather all the data together and make a comprehensive picture of the customer. It is important for the company to have goals and objectives to achieve. They can then use all the customer data to their advantage and maximum effect.

It is especially important to build up a deep relationship with your most loyal customers. Remember the 80/20 rule? Just to refresh your mind it is the rule that states that 80% of your profits come from 20% of your buyers. Who are these 20%? They are your most loyal customers of your company. It stands to reason that these are the customers you should be most concerned about. Building intimacy with these customers should be your first priority. All the data collecting and analyzing should be directed primarily at this segment of your customer base.

If you would like to know more about how the ASK LISTEN RETAIN System or how it can help create customer retention and loyalty, please contact us.