FEATURE
Zandra Moore , Co-founder and CEO , Panintelligence
Customer acquisition costs have been rising faster than customer lifetime value for some time now . In fact , it costs five times as much to acquire a new customer as to retain a repeat buyer . To maximise return on investment , you must double down on the customers you already have .
Zandra Moore , Co-founder and CEO , Panintelligence
Customer retention is the first step , followed by turning your buyers into brand advocates by growing customer loyalty . Measuring customer loyalty and working to improve it over time is one of the most important things you can do to grow your business . Customer loyalty is the key that ramps up customer growth , spreads word of mouth and increases your brand value .
To improve customer loyalty , it ’ s important to measure what your customers think about your existing product . Identify areas of opportunity and act on them to improve the customer experience . Secondly , measure how loyal your customers are – do they keep churning or are they sticking around month after month ? Getting to negative churn rates will accelerate your business ’ growth .
Excellent customer service will prevent customers from becoming disloyal . By delivering on the basics , listening to what customers want and making it easier for them through being proactive and self-service , your customer service team can be a driver of customer loyalty .
Business Intelligence ( BI ) is the key to gaining indepth knowledge of customer behaviours , needs and wants so that you and your employees can build strong , lasting , profitable ties .
Boosting customer loyalty and sales is best accomplished by capturing vital customer and operational data . Once you begin to collect data , you have a way to establish benchmarks , monitor performances and use real-time intelligence to improve the customer experience . Thanks to the sophistication of BI solutions , you can use the data points to address both macro level
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