Keeping customers onside is not easy and the likelihood of defections is high when two businesses combine. Research by JD Power found that the probability of customers changing banks increases by up to 3X following a merger. The challenge is to unify the experience of two groups with often different demands, expectations, values and behaviours. Different emotional connections even. Take the CYBG / Virgin Money tie-in. Yorkshire and Clydesdale customers have a strong regional bond with their bank. It’s more than just a brand to some: “Not happy about you being rebranded to Virgin Money, been a customer for 40yrs. Clydesdale name iconic”. Research from the Deloitte Center for Banking Solutions found that ‘emotional‘ reasons were the number one factor why customers switched accounts after a merger. It was cited by 37% of respondents. The second biggest reason was ‘competitive offer’ at 17%.
http://customerthink.com/how-to-make-customer-experience-the-cornerstone-of-a-merger/
Brands have more access than ever to the direct feedback of their customers. If you’re smart, you’re using this feedback to guide virtually any decision about your brand strategy. With that said, many marketers wondered: What was IHOP thinking?
Changing its name to “IHOb" was a surprising move that many were quick to criticize. Now that it’s back to its original name, there are a few things marketers can learn from what many deemed a “PR disaster.”
In a customer-centric world, too many brands are afraid to take risks. But IHOP’s bold move represents the smart risks that can actually center the customer’s needs while increasing market share.
https://www.mediapost.com/publications/article/322162/the-customer-centric-risk-you-need-to-take.html/
A high customer churn rate is a fear almost every online store owner shares. After all, customer churn is one of the most critical strategy battlefields in the competition for gaining and maintaining online customers. Surprisingly, churn often stems from visitors who struggle with something but fail to report their complaints and end up looking elsewhere. In other words, they dodge any sort of confrontation. These kinds of visitors are what we like to call ‘silent churners’ and happen to be the vast majority of online visitors.
So why don’t these visitors speak up and voice their opinion? Well, try putting yourself in their shoes. You are faced with a couple of options. Either send an email with your complaint and wait a few days (or longer) for a response or start looking for an alternative option to satisfy their needs. I think we can all agree that the latter is much more attractive. Not only is it easier to keep looking but it’s also much faster.
https://medium.com/@LightspeedHQ/how-to-reduce-customer-churn-with-online-feedback-3568b704df80/
Customer experience, undeniably, is important in any business today. However, in a healthcare business, its importance is accentuated manifold. It would not be incorrect to say that no other industry sees a closer bond between the customer and the service provider than the healthcare industry. Further, because this industry associates with its customers in their most vulnerable times, it is critical to provide an experience beyond the medical care that will alleviate the concerns of the patient.
In terms of financial gains, a report by The Deloitte Center for Health Solutions has demonstrated that hospitals with high patient-reported experience scores have higher profitability. It has also shown that hospitals with better experience levels earn disproportionately more than they spend compared to those with lower ratings. All this reiterates that improving the patient experience is vital to a healthcare organization.
The Net Promoter Score is a world-renowned metric to measure customer experience. Quite a few healthcare providers today use NPS to measure and improve the patient experience. However, because NPS isn’t as widely used in healthcare, there aren’t many guidebooks or best practices available for use of NPS in this sector. Here are a few pointers to use NPS more effectively in healthcare.
http://customerthink.com/10-simple-tips-to-use-nps-more-effectively-in-healthcare/
Proactive engagement is an approach to customer support, where companies actively make the first move to understand their customers and sort their issues. Companies must keep reinventing their customer engagement strategy to stay competitive and profitable at the same time. Acquiring new customers or retaining old ones depends a lot on how you engage with your customers. A proactive customer engagement strategy creates a secure connection between a customer and a brand that gets strengthened over time, ensuring mutual value.
https://www.business2community.com/customer-experience/embrace-proactive-engagement-to-reduce-churn-risk-02086062/
As in any area of life, Business success rate has to have multiple forces working behind the scene. Any good idea that can be turned profitable becomes business. Success of that business depends greatly upon how detailed you can draw the business map and understand all the components involved and arrange and manage all the resources required to run those components successfully.
So we start with the building blocks of a successful business with components like:
https://www.entrepreneur.com/article/316407/
Finding out what customers or potential customers might want is at the heart of any business that tailors its products. Eliminating surprises from new product launches is always preferable to an unexpected commercial reality check.
One of the best ways to manage these relationships is with a survey tool that can target those who are the intended recipients of a product or service.
Using the generated feedback, changes can be made before any issues have an irreparable impact on customers, and equally enhance a positive situation to even greater success.
https://www.techradar.com/news/best-survey-tool/
There is no doubting that the CRM industry is a thriving one. According to Gartner, CRM is now considered the largest of all software markets – with a worldwide revenue of nearly $39.5 billion. Research director at Gartner even stated that CRM will ‘be the fastest growing software market with a growth rate of 16%’ in 2018. So why is this software so in vogue? CRM software now lies at heart of most marketing and sales operations. These businesses are trying to avoid silos and make information available to their employees wherever they are. Plus it’s proven to be an efficient way of obtaining the much sought-after ‘360 degree view of the customer’.
https://mopinion.com/best-enterprise-crm-software/
Over time, customer journey mapping has become a wildly accepted tool, and leaders are far more willing to leverage their power; particularly, when given guidance on how to construct a map that will offer visibility to improvements across people, process, and technology.
While customer journey mapping is popular today, I’ve often seen companies benefit from four strategies to garner more value from mapping efforts. I’ll list these four approaches below and discuss two of them this week and the other two in next week’s blog.
http://customerthink.com/customer-journey-mapping-and-the-road-beyond/
Online content and digital assets are present in every stage of the online customer journey—from awareness and promotion to purchasing and brand loyalty. Whether this content is used for marketing purposes or purely for design, it’s the flesh and bones that shape your whole brand identity. And that is precisely why it’s important to get yourself on the right track towards crafting a winning content strategy. The question is: how?
The internet is already flooded with content and there’s no signs of it slowing down...
https://blog.bynder.com/en/how-to-enhance-your-digital-content-with-online-feedback/
Bookmarks on this page are managed by an admin user. 
