Acquiring a new customer is anywhere from 5 to 25 times more expensive than retaining an existing one. So, not only is it more reasonable to keep an existing customer than to acquire a new one, but it’s profitable too. As per Bain & Company research, an increase in customer retention of only 5% can amplify profits between 25% to 95%. To avoid incurring such extra costs and grow ROI, increasing customer loyalty remains one of the best ways indeed.
But the question is, how can you boost your customer loyalty?
One of the best ways to improve customer loyalty is to implement ways to improve your Net Promoter Score (NPS), a measure of customer satisfaction and loyalty. And the value of Net Promoter Score can be tweaked using 3 easy ways:
1. Close the Feedback Loop: Consider the NPS process as a loop – comprising of stages and closing on itself, only to start again. At the beginning of the loop, the customer has a particular experience with your product or service. The next segment of the loop is your NPS survey. In this stage, the customer provides feedback that explains their rating. The last, but an important step, includes following through on this feedback and closing the loop to produce measurable results. Here, most of the companies fall short.
While maintaining an email campaign and working on the feedback to offer personalized experiences help, the feedback closing can be interrupted by a slow onboarding regime. Taking months to onboard a customer can be a dealbreaker for a company, making them difficult to work with.
Fortunately, tools such as data integration platforms can help companies accelerate customer data onboarding by up to 80%, thus enhancing customer experiences and ultimately improving Net Promoter Score. Rather than spending 8-12 weeks integrating customer data flows into and out of your systems, cutting-edge integration solutions can get this done in a few hours – without IT support.
2. Ensure Connected Experience: An integrated, connected experience helps companies improve their Net Promoter Score. In other words, the quality of personalized customer experiences offered to customers will determine the loyalty scores. Integration helps companies get the customer data in one place, which makes it available for action so that customers do not have to jump from one department to another.
Many integration platforms take a self-service integration approach for empowering brands and helping them to create customer connections, integrate data, and gather customer intelligence with ease and precision. Brands get a unified (360-degree) view of customers, which ultimately helps them deliver delightful customer experience and increase Net Promoter Score’s value.
3. Empower NPS Champions with Data Integration: In the current digital transformation era where experiences of customers are paramount, every customer leaves a trail of data that provides valuable insights for informed decision-making. Placing this data together and supporting it with analytical intelligence, NPS metrics, and more is a sure-sort formula for success. A lot of enterprises create internal NPS champions to monitor customer lifecycle, behavioral patterns, and points of overlap to help brands become easier to do business with.