Another Scorecard

Although revenue will never disappear as the primary goal, customer satisfaction is edging its way up the scale and becoming another important metric for marketers to assess.   According to CRM manufacturer SalesForce, 60% of marketers presently track this. Another 59% measure customer retention rates while 58% gauge acquisition rates.

This focus has become increasingly important as companies discover that it costs less to keep customers than to attract new ones.  The trick is in stewarding them and then converting them into loyal customers.

NOW WHAT?

The other thing marketers are discovering is that they need to personalize the customer experience with their organizations.  Marketers need to learn as much as possible about their customers and then leverage that data to foster a lasting relationship.

Companies can gather this data in several ways.  The first is obvious. When a customer makes a purchase, that information must be documented.  But more than just documenting what the customer bought, a closer look is required.

If, for example, the customer purchased a hot air fryer, it could mean they’re health conscious and may be receptive to buying cookbooks that have healthy recipes, particularly for what they just bought.  A thank you along with some suggestions could not only result in an additional sale, but also help seal the relationship between the company and customer.

Similarly, a short survey to better identify customer interests would also accomplish this without having to guess.  Subsequent communications could focus on those areas.

Capturing other personal data like birthdays can also be helpful.  Older customers, many of whom may have already lost friends and relatives, can be very moved by companies remembering that special day.  Restaurants are good at honoring regulars with free birthday offers but other industries could also benefit from specials.

Retailers all make pitches for holiday gifts like Christmas, but few scratch beneath that surface.  Here’s where companies that pay closer attention can increase their advantage as well as gaining a foothold.

As companies get to know their customers, they can also get a clearer picture of whether or not their customers are buying for others and what they’re purchasing.  An older customer may spend more on nieces and nephews, and grandkids than for themselves. If so, things like the clothing sizes or gender are good clues. 

Companies that pay attention to these metrics and log that data can then better target their customers.  Pay attention to when the purchase is made. Perhaps it’s for a birthday or other special occasion. If a company offers personalization for certain items that’s even more powerful.

Ever get a shirt, suit, dress or gown custom-made by a tailor?  Remember the difference it made in terms of fit and comfort? Most of all, remember how it felt to feel at the top of the world?

These are the same feelings that customers experience when they receive custom and personalized communications from a company.  That’s what keeps them not only engaged, but more importantly, loyal customers.

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