Customer Retention Strategy: 7 Powerful Ways to Surpercharge Profits
Welcome to BizHack live where every Wednesday we talk about some of the latest and greatest in digital marketing for small businesses. My name is Dan Grech. I'm the host, as well as the CEO and founder of BizHack Academy, where we train small businesses and how to generate leads and close online sales. I'm really excited today to welcome Patrick Neff, we'll be talking a little bit more about his amazing background and experience working with fortune 500 companies in a digital agency and with startups and small businesses. He's going to talk today about customer retention.
I wanted to acknowledge our partner for today's presentation, the South Florida Integrated Marketing Association. I'm really proud that for season three, once a month, South Florida ima and BizHack have teamed up to deliver amazing digital marketing talent like Patrick today, I'm very excited, as I'll tell you a little bit more. Next month, we're going to be featuring a speaker about clubhouse, the hottest new social media app. And the week after the month after that, we're going to be featuring a speaker from Foursquare, one of the granddaddies of location based marketing. So a really amazing lineup, thanks to South Florida.
Hi, ma. And thank you to Patrick, and to Tom, and to the whole team over at the Integrated Marketing Association for partnering with BizHack as their educational partner through BizHack live, very happy to be announcing that today. So coming up next week, we're going to be talking about LinkedIn to build your personal brand. This is an issue that a lot of business owners, as well as mid career folks have been asking us about and asking for and Cheryl is one of the best. The week after that, we're going to be talking about lessons from CEO cmo land. So this is going to be giving you a perspective from Tatyana McDaniel who went from being inside of an agency to going in house and an e-commerce company and some of the big lessons that she learned in her first year on the job. After that, I'm going to do my signature lesson on the BizHack lead building system. This is really the foundation of all of our training. It's a system that will allow you to reliably generate leads for your business. This is definitely one that we encourage you to bring friends to. And we definitely want you to help spread the word about because this is really over seven years working with 700 businesses. This is the system that we've developed and that we deploy in all of our training. And then finally, we're celebrating the graduation of our latest cohort, cohort 18, the digital Titans. And then as I mentioned earlier, we're gonna then talk about clubhouse on March 17. Social media is hottest new platform, it's an audio platform. It's invite only right now but it's getting a tremendous amount of attention and buys. And it is attracting some really interesting opportunities for small businesses which we're going to explore together with Dennis you Blitz metrics. If you so that's a lot to keep track of Lily, if you could put a link to the BizHack 101 at event dot Eventbrite, that's the clubhouse one. I know a lot of people have been asking for this, and we listened. So if you could put that in the q&a, I mean, in the chat, go ahead and sign up now, guys. But a lot of folks are saying, you know, we love all of this content, can we just sign up for all of it at once. And that's what the season pass is about. It's a single convenient way for you to sign up for all of these great parts of season three, and frankly, what we have to come and it will also help support BizHack live as a community service so that we can continue to do this long into the future.
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Without further ado, I wanted to welcome Patrick Neff. He works at Southeast Toyota finance, in their marketing and digital experience divisions. He has actually two decades of experience in marketing, and he really has developed and carved out as you'll see an expertise in the customer experience and the digital customer experience in what do you do after you've closed the sale for many small businesses This isn't something we spend enough time thinking about. And he has spent his entire career thinking about it. As you'll see in today's presentation. He has a really powerful set of strategies and tools that you can use to be a little better at how you create a great customer experience digitally. And as I mentioned earlier, Patrick has worked at some of the largest companies in the world, Eli Lilly and john deere. And he's worked at midsize and startup companies as well as a marketing agency. And so he really has, I think, that unique perspective of building best practices from the big guys, but then applying them to smaller companies. And without further ado, Patrick Neff. Welcome. And thank you.
Thanks, Dan. Let me give me just a second to get my screen all set up here. Make sure that everybody can see Are we good to go? Looks great. So thanks for having me, Dan. The introduction was probably, I hope, hopefully, I can live up to the introduction. But we'll see. as Dan said, I have over I think it's 23 years experience in marketing uniquely started in digital. So this is sort of the backbone of my experience, and also uniquely started with Eli Lilly building communities to support their Prozac and Lilly diabetes dropped drugs back pre 2000. So in that community in relationship building, sector for quite a bit of time, and I certainly done other things, I'm very familiar with customer acquisition, and all of those traditional marketing strategies. But I've also sort of laid in the principles of retention, and sort of that relationship building component throughout my experience. as Dan said, my name is Patrick Neff. I'm the principal manager for marketing digital experience for se toy to finance. And we'll just jump right in.
So today, we're going to take a look at seven tactics, if you will, that can take that can be used to put more focus on customer experience and drive loyalty and retention. And I know you guys out there are heavily focused on building your business and profitability. And you hear a tonne about customer acquisition. And I'm sure people are concerned that we're going to be saying, hey, you need to stop spending money on acquisition and start spending on retention. And I'm here to tell you that that isn't the case. You all know that customer acquisition is very important. And don't worry, I'm not here to tell you the initiative, large financial investments into the customer retention area, it's clearly vital to your small business to invest in customer acquisition. This isn't about shifting dollars, though, this is about balancing your focus that so that you're investing your time and efforts for retention. And what this really does is it fuels adds fuel to the fire that you're generating from your acquisition initiatives. This but this isn't an uncommon problem. Research shows that over 40% of companies out there have a much greater focus on customer acquisition than they are then they do have on retaining customers. So what are the benefits? And what can you expect if you shift some focus to customer retention? retention is actually a catalyst to maximise your your acquisition investment. Everyone has probably heard the stat that it's five times more costly to attract a customer. That is it than it is to retain a customer. But I think it's been said so many times that that starts to fall on deaf ears. The other side benefit though to resist retention is that it's actually been shown to drive greater work word of mouth references, which is, quite honestly the lowest acquisition activity that you can ever have. Not convinced. Here are a few more stats about customer retention. Report from Gartner shows that 65% of company's revenue come from existing customer, and it's much easier to sell an existing customer because you have a history with them. In fact, data shows that you probably your probability to sell an existing customer runs between 60 and 70%, while new prospects generally when they occur converted about a five to 20% rate. Also note repeat customers are more profitable. data shows that they spend about 33% more than a new customer and Harvard Business School found that due to the growing cost of customer acquisition, as you probably all are aware of many customer relationships aren't even profitable in the early years of the relationship. Now obviously some of that depends on what your conversion rates are and how long a customer the purpose cycle is at the end End of the day, your focus is on profits right? Only 5% increase in retention can increase your profits by between 25 and 95%.
Let's get into our first key to success, optimising your onboarding experience. What is onboarding you may ask. onboarding begins the moment that the customer decides they want to try or buy your product or service. And it focuses on setting the tone of the relationship. It really about controlling your customers first impressions of you? How does this fit into retention? retention is all about delivering on the brand promise about establishing frost, creating value and giving the customer a reason to keep doing business with you. A well onboard customer is likely to buy as much as 90% more frequently and spend as much as 60% more per transaction will take a few minutes. To key to the key the proper onboarding. Number one, the more feature rich or complex your product or services, the more targeted and personalised you need to be with your onboarding activities. Make sure it's simple for the customer. Though, the user experience needs to be made simple and easy to understand. optimise the introduction to your product. It's not, it's not about reviewing all 50 of your grade features. It's about the missing the value of the three to five features that attracts the customer in the first place. Keep it simple, and that means keep it short. Humans have a short attention span. So keep your message short and sweet. If you need to break break those messages up into small bite sized pieces, then just do it. The fact of the matter is if you don't the customers aren't going to absorb the information you're provided and you're not going to create the value that you're trying to the definitely onboarding a customer is about focusing on their customer and reasons for purchase. To accomplish this. You need to invest in a way to figure out what that reason was. The function of onboarding is to help shorten a customer time to value. Let's get practical. Before we dig in on time to value you guys know your business. Your Business fast, but here are a couple of quick and easy examples on how to take that first step. Make an after purchase call to reinforce the key steps in getting value from your product. If outbound call campaigns are not realistic look at potentially creating an automated email can post campaign post purchase that accomplishes the same goal at se toy the finance we accomplish this by creating a simple folder that we gave to the dealer the handout with the contracts and highlighted the key features on our website and focus on the value of customer can get from paying on the site. One of the small businesses that I consult with consulted with which is in in the market of medical travel. We built a brochure with them to highlight the features of doing business with them and develop a level of safety and comfort for travelling in the country that they're located. Understand time to value and how it impacts customer loyalty. I briefly mentioned time to value before but let's dig in a little bit defined time to value is the amount of time it takes customer to realise value from your product. There are a variety of statuses for realised value. But now with for now we'll just focus on getting them to phase one value. The focus really is about figuring out how to get the customer to see value more quickly and the faster you can get them to see that phase one value, the longer they have an optimised value proposition and during the ownership of the product. A couple of key things to know about time to value the shorter or the product or service time to benefit purpose. The more important optimising time to value that comes especially if your business model relies on recurring revenue. For instance, I spent time managing a software the service company we had to generate value quickly because the customer paid on a month to month basis and we could lose a customer the all the value that we generated from customer acquisition within 30 days if we didn't see value, provide value to the consumer faster time to value maximises the customer, the time a customer engaged with your product at a max perceived value and that dramatically increases your chances of repeat purchases and can even shorten your time between purpose and buying. This creates a greater customer lifetime value.
Looking at time to value, it's key to focus on the benefit that the specific customer is expecting to receive and not the value you want to deliver. It's really about understanding that customer and their needs, and highlighting those needs in a meaningful way. This means you need to have a good understanding of what features and benefits drove the customer purpose. Focusing on these benefits allows you to key in on a customer's perspective on value. It's worth the time to do the research into what those benefits are, and most important, document them and take action. Let's get practical. If you sell products b2b, provide tools that help them be more productive with their purchase. At one point, I oversaw the marketing strategy for a startup company in the medical equipment business, we actually built what we called businesses in a box where we handed those out with the purchase of the equipment, and it gave the end consumer all the marketing material they needed to market the service those services to the end their end consumer. If you sell products, b2c, provide tips and tricks on how to best use your product. Again, I work with a doctor that does medical tourism down in Costa Rica, we spend a lot of time effort and energy educating consumers into the value proposition of working with him as a physician. If you sell a service, make regular check ins with the customer to make sure that they are seeing value early and often. Especially if you're in a software as a service. Business Strategy. Number three, we've touched on on this topic briefly and some of the other areas but but it's worth focusing on. When we say understanding what your customer is really about taking the time to understand now when and why they chose to use your product and service. That information allows you to make their experience personal. By making it personal, you key in on what's important to them, and you don't bore them with the things they are that aren't important then, why make it personal, because it solidifies an emotional connection with the brand and customer that make that connection as up to three 306% higher lifetime value, and will riemeck recommend you to others at a rate of 71%. Again, very low cost of acquisition on word of mouth advertising. You have to remember that retention is a marathon and not a sprint customer gradually develop an emotional connection to a brand over time. That being said most research shows that the most important time in a customer's journey is during onboarding that sets the stage for retention success. Let's get practical. It's all about Look, listen and learn with every single customer interaction. use tools like CRM to catalogue what you learn about the customer. Also, just ask the customer nine times out of 10. They're going to tell you about how they intend to use the product or what to draw them in for the inquiry in the first place. And finally, understand that no two customers are alike. And if you ask customers about them, they expect you to use that information for their benefit.
Now we're going to talk about understanding the customer journey but building experiences. You know, this is a heavily discussed topic and marketing these days that the whole concept of customer journey. It seems like the modern marketer obsessed with this concept of the customer journey. While customer journey mapping can be a valuable planning tool, they can also be overwhelming to smaller organisations and across the developed market marketing initiatives for every single phase of the customer journey can be cost prohibitive. Instead, what I encourage businesses to do is understand the customer journey and apply it at the highest level, but really focus in on building experience of the key points. And that means you have to understand how the customer uses your product, and then translate that to key emotional points in the ownership. identifying these experiences is done by looking at where your product features intersect with the customer needs. And note that may be different between your varying customer segments. You may have one customer segment that likes three or five of your features, the features of your product and you may have another customer segment that focus in or three to five different features. You'll you'll need to be able to have strategies for each of those groups. Next, let's take a look at the CX pyramid and figure out where you land on the CX pyramid is really just another one of those pyramids that shows you the growth in this category. Stage One is the communication level and really Getting the customer information they can use via the right channel at the right time. Stage Two is responsive level, that means you're helping to solve customer problems quick, quickly and efficiency efficiently. Stage Three is the commitment level it's listened for, understand and resolve customers unique problems that takes you to the next level of bidding being very personal in your interactions. Stay forward, proactive, basically, understanding the customer's needs before they even understand those needs, and resolving those before they even ask. And then the fifth level is, is the panacea at all which is evolution level. And it's developing a customer experience that makes the customer feel better, safer and more powerful. Get practical. Step one is to be honest with yourself and where you land on the CX pyramid. If you're not even on the pyramid, that's great. At least you are honest with yourself, and you know where to start. If you're in Step three, that's great, too, you know where to begin the step two on this is about making a goal to move just one level up that that goal and also a goal on when you'd like to accomplish that. And then step three, like all good processes is, once you've reached that success, you move back to step two and set new goals. Next, let's talk about building experiences. from the outside in. We'll talk about a common buzzword that I hear often which is operational efficiency, every business is focused on focus on operational efficiency. Effectively, it's a metric to measure efficiency, right? If you're an inside focused organisation, you focus on that operational efficiency. If you're an outside focused organisation, you focus on customer experience. One of the pitfalls of being inside focus is that you may develop programmes that don't resonate with customers, and thus don't actually drive operational efficiency. But if you're an outside focused customer, if you're outside focus, you rarely develop programmes that don't resonate with your customer. So as you start to build the retention programmes, and try to build relationships, focus on what the value proposition is to the consumer knock out will benefit your business. The reality is, if you benefit the customer, that customer will benefit you. Let's get practical. The reality is this is all about listening. Listen to the customer, listen to the customer, listen to the customer. You know there's and there's a variety of ways that you can listen to the customer at Southeast Toyota finance, we use a variety of products, we use products, survey that customer use voice to customer products, we have pools that we can actually watch customers engage with our website and see where they come up with challenges. We look at web metrics to also look at those to look for those challenges. And we even talked to our call centre to find out what customers are saying it on the phone to better dictate what we do to make the customer experience better. At the end of the day, it's all about listening in your business that may just be calling the customer or asking the customer when they're in your in your facility. Number six is focus on the customer needs. I think nobody said it better than Steve Jobs. You've got to start with the customer experience and work backwards. The technology cannot start with technology and try to figure out where you're going to sell it. And this is really important.
Being customer focus focused equals being more profitable. customer centric companies are 60% more profitable than companies that are more importantly being customer focus is what customers expect. And back in a recent survey, 76% of customers surveyed specifically stated they expect companies to understand their needs, and poor customer experience comes back to cost a company Accenture estimates the business that businesses lose $1.6 trillion a year due to poor customer experience. And even your loyal customers can lose confidence and defect to a competitor that better satisfies your needs. If you're not continually monitoring your customer focused initiatives. Let's get practical. Ask the customer why they purchased. Listen to what they say and more importantly document and then respond and reinforce using what you've learned. And this is really important. Act Listen, document respond. That should be a consistent cycle in your business. Because they if you ask they will tell you what their motivations are. And seven, it really is keep it simple and just get started. It's important to keep it simple. I know most of the people here are have small businesses. Thinking about tackling something like retention can be done. But it can be very simple. It can be as simple as making a phone call after the purchase. It can be as simple as creating a document that is specific to your customer or customer segment that goes along with a purchase that helps them get maximum value as quickly as possible. If you overcomplicate it, the process won't stick. It may be may seem daunting, but it starts with taking one step, continue to spend on customer acquisition. It's the fuel that feeds your business, retention and about optimising that fuel. It's about giving retention more focus and small expense with high returns. And there is no better investment than in onboarding. And that's generally considered 30 to 45 days unless you have a very short consumptive consumption cycle for your products. Let's get practice. Here are some of the simple steps to get you started. customer retention is about building a relationship. and building a relationship with a business is the same as establish establishing a personal connection. The premise of customer retention is to build trust, and make them feel comfortable the brand while enabling the customer to be loyal to you and your brand. It's about you being you. It's also about you sharing your knowledge and finding ways to enhance their experience. Even if you sell a price sensitive product, some steps and customer experience can be a competitive advantage for you. impractical. Number one, decide that retention is important your business define both the short term and long term vision and make it realistic. Don't shoot for the moon because you're not going to make it in the first step. Communicate not just the vision, but it's important throughout your organisation. And it's tough. It's hands on with implementation and reinforcing your vision on a regular basis throughout your organisation. It may feel like a half step back when you first start and customer and your associates may need a nudge to continue down the process. The final thing is the process is never over. When you meet your goal. It really is rinse, repeat, take a look at where you are, what's the next step that you can go through and, and make that goal. That's obvious way to finance we implement new customer initiatives every month, we focus on an agile approach. And the next month we look at the next set things up that those that goal as goals and implement those doing that we were able to accomplish. You're about to get. That's really all I had today. And so I'd like to open it up for some questions if there are any.
Perfect. Jane Moore asked in the q&a, what CRM system do you recommend for a small business? And a CRM is a customer relationship management software?
Yeah, I don't I don't think there's one specific I when I think of CRM, I don't necessarily even think of vendor right there. There are the big ones Salesforce there is sugar, CRM that out there, which is less expensive. Even if it's something like QuickBooks, anything that you can keep track of your consumers take notes, the biggest thing is find a way to keep notes on the feedback that you got from the consumer in a consistent way. And then when you plan additional interactions with them, whether those are digital interactions or personal interactions, leverage that information accordingly.
Perfect. I want to, first of all, invite folks to ask questions in the q&a. And thank you for that question. Jane, I wanted to take a minute and talk about how some of this advice changes when you go from a large well known brands like Toyota, to some of the smaller and mid sized companies where you've worked?
Yeah, I mean, I think it's number one at scale, right? Like, at Toyota, we have more resources, although not as many as most people would expect. We have resources to leverage we have technology to leverage. Some of this is really simple, right? Even when you think of email communications, right, you're
sorry, I think I muted you by mistake. I was trying to get you to stop sharing your screen so we can see you full screen. I apologise. I just I just mansplain I think Sorry about that.
Yeah, so I think it's about scale, right? when when when I we look at what we do at Toyota, we have access to more sophisticated solutions. We have access to more capital to invest, but that really should scale. Well, meaning, you know, if you're sending out email blasts, you've got an email, you've got an email platform. So setting up an email that you send out to consumers at a timed interval, after they've made a purchase is not a heavy investment. Because you if you're sending email blasts already, you've got that platform in place, it simply understanding that customer segment and then taking the added time to invest a little bit of energy post purchase. If you don't have email platforms, it could be it's something as simple as including a flyer in with a purchase that identified a couple of key benefits for the product are a couple of key ways that would enhance the customer experience with that product. That is simple copier work. Right. So I think that's how you scale it. People get overwhelmed and think, Oh, well, I can't do this. Because you know, this, this guy is from Toyota. I can tell you, I've worked with small businesses, midsize businesses all the way up to companies like Toyota, the concepts are scalable, how you execute differs, but the concept is really all about being customer focused, and putting that customer hat on when you start to think about things. I'll give you a good example. There are a variety of companies that I've worked with that challenge me on putting a phone number on every page of their website, right? Or I've had a company challenge me about the concept of opening, opening up online chat. If a consumer if that's the way the consumer wants to contact you, why would you hide your phone number on your website, if you're saying, Well, my business can't handle that. And that's not sustainable for me? Well, you have a big business problem there because you have narrowed your ability for the consumer to interact with you. And I think those are the kind of things that you have to start to look at, when you put the customer's hat in mind, you know, put what the customers had on, you want to make yourself as easy contact as possible. If you can't take those that volume of phone calls, then get a ticket management solution in place and open up email, just make sure that you're responding those emails in a timely manner. So there's a variety of different ways to scale this side of your business. But it's all about being customer focused. You
know, it's interesting, because one really contrasting example of this in place is Zappos, which is famous for its customer retention, famous for its customer, treatment customers, Zappos sells shoes online. They were acquired by Amazon, who also is really well known for its customer obsession is what they call it. But they approach it really differently. Zappos makes its phone, front and centre, and it really tries to get people to call them. Amazon really focuses on kind of the one click experience more of a technological solution. And frankly, good luck if you want to talk to a human being there. They really don't want that. And both seem to work. Both seem to work. But I'm curious if you have a perspective there I I personally am more aligned with Zappos, which is if you put your phone and they call you, and they tell you about something that's not working right. And then you learn from that and incorporate that and improve the product so that the next time around, they don't have that question. I think you've just gotten really valuable feedback and created a lifelong customer. Whereas I think most businesses, you know, don't have the technological prowess to be able to create that seamless customer experience online. But I'm very interested in your thoughts about this. I think there's a lot of conflicting best practices here. You see a lot of e-commerce companies that hide and don't want people to call.
Yeah, I mean, I'll tell you my perspective, my perspective is that you'll kind of see this, read a thought throughout the presentation. But not everyone customer is the same. At se queda finance. We support a variety of consumers, right? We have older consumers that aren't comfortable with technology, we have newer consumers that are tough, are comfortable with technology. So I think the optimal solution is having the chance all channels available, so that if a consumer wants to interact with a given channel, it's available to them. The counterpoint to that is if your business just can't scale to that and I don't know the details of Amazon structure and why they've chosen that I have done the Zappos for and spent some time out in Las Vegas. I guess to really understand their customer centric focus, what I would tell you is that if you, if your business can't support multi channel capability, then you better be damn good at the channel that you're in. Which means if I get a customer complaint, if I'm only going to take customer feedback, or constant customer interactions via email, then on my site or in my emails, I'm going to set expectations, and I'm going to do everything I can to meet that expectation. And if that's that, I'm going to respond in 12 hours or less than, then I'm going to probably surprise and delight by making it my goal internally to be eight hours or less, but I'm going to make sure that I do everything possible to meet that expectation. I think that's where it's at. Ideally, I think we all have to understand that customers are comfortable with different platforms, there is a segment of the customers that would like to, I mean, we interact with people in our own real life that would rather text you than talk to you on the phone. But then my mother would rather talk to me on the phone than ever get a text. So I think that's the practicality of being a truly customer focused business. Is that what you could aspire to. But I also know the reality is that not every business can do cannot afford all those things. But what channel you do support, you better invest to make sure you can deliver on the expectation.
So Ross can said it seems that customer retention is as much a mindset as an actual set of specific strategies. Do you agree with that?
Yeah, I mean, I think so I think there are certainly strategies that you can take to take the first step, but if you're not invested, right, if, if if, and this goes to the top, the organisation, if your organisation doesn't believe that the customer is the lifeblood of your business, and a lot of people will say that, but their behaviours won't really, you won't really tell the same story, if you're not truly invested in trying to make the customer the central focus of your activities, then you're you're, you know, you're not going to be successful with this. At the same time, I think, you know, we focus on the, you know, the pocket of business, that we have the capability to influence and we try to be as customer focused as we can. And I'll tell you, we're not perfect, there are things that we that I would like to do that we just haven't been able to get to yet. I've been with the organisation a little over four years now, our roadmap is as long as it could possibly be. So I'm not here to tell you that we have everything perfect. I do think that philosophically, we measure everything through the pit, the prism of is it good for the customer, and then look at what the benefits to the business are. And obviously that has to be balanced. I can't do something that's holistically good for the customer, but doesn't generate any value for me, right? I could give everybody free cars, and every customer would be happy. But that would do nothing for my business. But I think the principle is measuring everything through the prism of is this good for the customer first, and then say, Okay, well, now what's the benefit of the business? And you'll oftentimes find that using that strategy will align most of your interactions in a way that you can be very profitable in your approach.
Absolutely, and really, what we're playing at here is to try to get recurring customers, right to get people to buy and then buy again. And so while it might cost a little bit more on that first sale, the benefit is the referrals and the recurring purchases. I wanted to ask a question from Adam Lopez. He said, there's an old adage that if you try to make everyone happy, will make no one happy. So how do you prioritise your customer centric focus? I think what he's asking is, how do you know which customers to make happy cuz you can't make them all happy?
Yeah, I mean, I think it's, you know, in large organisations like, like ours, we look at volunteers, right? There is you're never going to make everybody happy, there's going to be that one person who calls Him that doesn't like the colour of your button. And we've had people call in, we've had we've had a customer Send us a letter that tells us they don't like the images that we use on our emails, and they made a big fuss about that. Right? Those 1d 2d guys aren't people that you can really focus on. And, and honestly, if you start to listen to your customers and sort of segment those feedback into clusters, you'll see large clusters that allow you to focus on the things that are most important. When I talk about like developing a customer journey. One of the things that we're working on now is using net promoter score to both on a regular basis to measure we want to be able to measure what the customers Net Promoter Score is in regular intervals and then also measure Net Promoter For it key interaction, remind folks what Net Promoter Score is? Well, net promoter score is basically a way to customer to measure customer satisfaction, it's a simple question. Would you recommend this company to your friends or family, and it's measured on a scale of one to 10. So the way that we look at we're trying to get to is get a regular cadence of that measure to understand that's the natural net promoter score of a customer, and then measure it again, when we have key interactions and watch where that net promoter score moves. And based on how that net promoter score moves, if you look at it in a holistic perspective, if you see a natural depression, for a lot of customers dipping in that experience, then that's an experience that you need to work on. So I think there are things like that. Now, obviously, that's a more complex approach. for small businesses, if you hear a lot of the same complaint, guess what, that's probably an area that you need to work on. For medium and large sized businesses, things like customer surveys, cset, a customer satisfaction, net promoter score, are always to get an idea of what the customer thinking. But I think how you implement those programmes is more important than just having them. Yeah, the first step is to get some sort of customer satisfaction or customer survey. But you also have to have a strategy on figuring out how that customer satisfaction metrics, moves throughout the lifecycle of the customer, and what interactions bother to increase in one interactions positive to decrease.
| Webinar - 7 Ways to Supercharge Your Customer Retention with Patrick Neff by BizHack Academy licensed under a creative commons (reuse allowed) license. Based on a work at https://www.youtube.com/watch?v=fgRWja8D4jU&t=53s |