Gaining a competitive edge is high on the agenda for any business, but analysis from one group suggests getting to know more about the most loyal customers could be the key to success.
Bain & Company highlighted how every organisation has its fair share of loyal supporters – but the proportion that actually knows something about these people is relatively low.
While many businesses will go to great lengths to establish the causes of customer dissatisfaction, the group argued just as much effort should be put into finding the sources of customer delight.
There are a number of ways of achieving this. Besides the obvious benefits that customer satisfaction surveys can bring, Bain & Company recommended analysing each component of the buying process.
Advocates of a particular brand are the ones who will drive profitable growth, so giving them what they want and need is going to become more important than ever.
Not only this, knowing the formula for success means it can be replicated with other customers, improving a company’s chances of becoming more sought-after in the future.
The group argued that in order for relationships to be meaningful, businesses need to put effective mechanisms in place to stay in touch with their customers.
One example cited was the Vanguard Group, which interviews a sample of clients who have offered recommendations to their colleagues and asks for feedback.
The survey asks customers how they came to be so enthusiastic about the company and what they told the other individual during their discussion.
This strategy gives the Vanguard Group regular feedback on its operations, while also providing valuable information that can be used to further improve the organisation.
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