The Value of Customer Loyalty

Posted by Linda Caudle

10/4/13 2:58 PM

34

Did you know that it costs five times more to acquire a new customer than it does to keep current ones? While you may be able to put a price on gaining a new customer, you can’t put a price on customer loyalty. Obtaining loyal customers is critical to the longevity of your business as they are often your biggest advocates, spreading the word about your business to friends and colleagues.
In fact, loyal customers—or brand advocates—are less price sensitive than other customers, are more likely to increase spending, more inclined to upgrade to higher-priced products and services, and cost less to serve. Research from Gartner found that 80 percent of a company’s future revenue will come from just 20 percent of their existing customers.

While the value and importance of maintaining loyal proponents is clear, what’s unclear is how a company goes about determining whether or not a customer is in fact loyal.

This is where Envision’s Net Performance Score – a multidimensional analytics summary for contact centers – comes into play. The Net Performance Score brings together data from several inputs to give managers a comprehensive agent performance summary. Data – such as desktop efficiency, customer surveys, speech analytics, schedule adherence, and quality evaluation – is gathered and calculated into one score.

Not only does the Net Performance Score help managers gain insight into agents’ performance, but it also drives customer loyalty as managers can determine which changes and/or communication programs will get customers (and customer interactions) where you want them to be.

Tell us… how do you measure and drive customer loyalty?

Topics: data capture

Subscribe to Envision's Blog

Follow Envision

   

Recent Posts

Subscribe by RSS

Inbound Envision Feed