So, by now you’ve probably read our long-awaited customer loyalty benchmark! Pretty good stuff, right?
If not, that’s OK. If you haven’t had a chance to take a look, or if you did and it was just a lot to take in, here are some CX appetizers for you. We’re serving up some bite-sized lessons, and maybe after a taste, you’ll go for the whole benchmark entrée.
2020 Trends in Customer Loyalty Strategy
Business Priorities – What do companies value most this year?
More than half of our respondents indicated that “happy customer” is a top driver of business growth. It was no surprise then that nearly 3 out of 5 reported being “extremely committed” to providing a superior CX with 92% overall committed to at least “highly committed.”
Higher performing brands displayed stronger commitments to a superior CX overall, and they put more emphasis on brand reputation. Oddly enough, a whopping 40% of businesses reported having NO formal CX strategy whatsoever. That’s odd… Pretty much everyone said they were dedicated to it, but only about half put their money where their mouths were.
Guess who was most likely to have a firm strategy in place? The highest performing brands, of course.
CX Strategy – What are they doing about those priorities?
Those top brands are benchmarking CX. They know where they stand, who they’re beating, and how they can improve. The number one benchmarking tool used by high performers was the Net Promoter System followed by loyalty metrics and CSAT. Consistent customer feedback collection and analysis trended highly with top brands.
Operations and marketing departments are typically responsible for managing and using customer feedback data. Most companies are integrating this data into their operations and leveraging it for brand reputation purposes.
Corporate, regional, and local managers have access to customer feedback data with senior managers most commonly dealing with reports and action.
Higher performing brands are monitoring and analyzing customer feedback in real-time or at least on a daily basis.
Taking Action – What are they doing with the data?
Customer feedback analysis is primarily used to improve CX on an operational level and follow up with dissatisfied customers. The results of these reports are discussed on a weekly to monthly basis, and goals based on this data are set at a brand level. Businesses are also using reports from individual locations or service areas to improve frontline behavior and interaction.
Higher performing brands are more likely to use feedback in their marketing and PR communications. They share and discuss trending issues in feedback on an ad-hoc basis to keep with the real-time mentality. Top brands try to make sure that employees understand the results of customer feedback and are equipped to take action in response.
There’s More – How much more?
A lot more. I couldn’t spoil your appetite before the main course, could I? The gist of this sampler platter was: highest-performing brands are collecting customer feedback, they’re collecting it regularly, and they’re using it in multiple strategies across their networks.
The full report has tons of valuable data and some tips and tricks about best practices to help you get started at your business. We hope you’ll check it out and learn more with us about how to increase your customer loyalty!
Click here to download the full report.