How do you go about finding what your customers loyalty drivers are?
Q1. Which product / service features most often make your customer repurchase or recommend your products / services? Its important that loyalty be defined in terms of repurchase, recommendations or active participation in a customer program–it’s not just about satisfaction.
Q2. What is the decision/buying process? In other words, what factors, attributes, personal situations, etc. come into play when deciding to repurchase or recommend?
Q3. What makes a customer consider or not consider another brand or buy your product / service despite its higher price? The best source for these answers are your most loyal customers. Ask your best customers why it is they don’t consider other brands, or if considered, why they continue to be loyal to you. Remember, if you design for your average customer, you’ll be just that—average!
Q4. How do your customers feel about your management or your company? Do they think you are a leader or are the best in the industry? Do they want to be associated with your company because it makes them look or feel better? Do they think you care about your customers and are responsive to customers? Determining what actions make your customer feel like you care about them is tough, but critical.
- This article talks about the various factors – especially relationship based ones.
- In this article, Bob Hayes delves into ways of identifying your customers’ loyalty drivers.
- An Oracle Siebel CRM white paper on customer loyalty.
- A case study from Royal Bank of Canada.
- Kenneth Wallace in his article explains that all businesses are in the C.A.R. business, i.e., Creating Awesome or Awful Relationships & provides his view of the main drivers of customer loyalty.