Strengthening Brand Loyalty and Boosting Retention
Issue: Your organization needs to do a better job understanding and increasing customer loyalty, advocacy and retention.
In short, the more loyal your customers are, the longer you keep them...and the greater their value to you. Measured both from a Lifetime Customer Value and referral perspective, the provable financial benefits of increased brand loyalty and retention are significant.
What if you could:
- Measure the value of word-of-mouth referrals and prove this value to others in your company?
- Find ways to boost employee loyalty by over 100%?
- Reduce the cost of acquiring new customers by increasing the loyalty of existing customers?
- Increase average customer lifetime value by 10 percent, 25 percent, or more?
Approach: Increasing customer brand loyalty begins with understanding where you stand now and what aspects of your brand drive movement to satisfaction, loyalty, and best of all, advocacy.
By measuring brand loyalty-related benchmarks such as current and earned loyalty, and combining these with an understanding of retention and referral drivers, you'll know where you stand and see where to improve. This is where Loyalty Mapping, a proven approach to understanding, measuring and improving customer and employee loyalty, comes in.
