It’s much more than customer satisfaction, it’s much more than customer retention, it’s more than behaviour. Genuine loyalty implies an emotional connection between the customer and the company/brand, and loyalty is earned through consistent, caring performance. No wonder attracting a new customer is estimated to be 10x more costly than retaining an existing one. This puts increasing pressure on marketers to constantly find new ways to strengthen the customers’ bond with their brand. Understanding what your customers truly value, both emotionally and cognitively, and aligning your brand with these values is the surest way of building a lasting bond. Even “satisfied” customers are at risk of defecting when a competitor is able to connect more closely than you are. By tracking your customer relationship, Market PMRT helps you be the leader who continually raises the bar in your category.
- Identify the drivers of customer loyalty, emphasize these in advertising, promotions, PoP materials, packaging, and new product configurations;
- Create a ‘loyalty map’ that clearly defines your customers by their relationship to your brand (use, advantage, preference, loyalty, and advocacy). Know the size and value of each segment and better rationalize marketing efforts to expand or defend your customer base;
- IUncover perceived weaknesses in your brand and product offering that jeopardize the relationship with your customer, redirect your activities to reinforce your customer relationship;
- Track the changes in your customers’ relationship, from trial to preference to commitment to advocacy. Identify trends as they emerge and capitalize on them before they can negatively impact your bottom line.