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Turn Customer Feedback & Complaints into Market Leadership, Dominance, Max Profitability

March 24, 2017 Leave a comment

Leveraging Customer Complaints as Strategic Assets

Turn Customer Insights & Complaints into Market Leadership, Dominance, Max Profitability

Research has shown that customers are willing to donate their time (approx. 5-10 hours per week) to become a company and brand partner to help your company grow and become more successful

Key Customer Questions to Grow Your Market Share, Profitability

Golden Questions to Win New Customer, Expand Your Business with New Products & Services

Customer Feedback Reveals Strategic Opportunities: Customers are your best source for insights to help grow and improve your business – if you don’t ask, then you are ignoring valuable feedback that your competitors potentially could exploit to your detriment

Customer Complaints Can Be Turned Into Gold with the Right Approach

Treat Customer Feedback and Complaints not as annoyances but rather as gifts to the company and brand(s)

Transform Customer Complaints into Company Expansion Plans and Customers into Brand Advocates

A carefully constructed customer-partner system will simultaneously cultivate great customer business expansion ideas as well as customer advocates and partners (Research has shown that, by enabling customers to provide continuous feedback and insights, customer longer-term loyalty has correspondingly increased)

For Additional Information on The Topic of Customer Feedback and Complaints

Customer feedback and customer complaints are among the most valuable sources of business intelligence available to any organization. While many companies view complaints as problems to be resolved, market leaders recognize them as opportunities to improve products, services, processes, and customer experiences. Organizations that effectively capture, analyze, and act on customer feedback are often better positioned to increase customer satisfaction, strengthen loyalty, reduce customer churn, and create sustainable competitive advantages.

The most successful organizations establish formal processes for collecting customer insights and transforming feedback into actionable improvements. By listening carefully to customer concerns and addressing root causes rather than symptoms, companies can improve operational performance, enhance customer relationships, and create experiences that encourage long-term loyalty and advocacy. In many cases, the voice of the customer can become a powerful driver of innovation, growth, and profitability.

For additional information on customer feedback and customer experience improvement, review these resources:

Customer Feedback: The Complete Guide
Qualtrics Customer Feedback Guide
The Value of Customer Experience, Quantified
Harvard Business Review Article
A Complaint Is a Gift: Recovering Customer Loyalty When Things Go Wrong: https://books.google.com/books/about/A_Complaint_Is_a_Gift.html?id=CCvVguKs6Z8C

Organizations that systematically transform customer feedback and complaints into business improvements are often better equipped to strengthen customer relationships, improve retention, increase profitability, and achieve long-term market leadership.

Filed under CRM, Customer Profitability, customer service Tagged with brand perception, continuous customer improvement, continuous improvement, CRM Blog, Customer Advisory Groups, customer advocate, customer ambassador, customer analytics, customer approach, customer benchmarking, customer benefit, customer brainstorming, customer brand partner, customer brand partners, customer brand perception, customer commitment, Customer Complaints, customer continuous feedback, customer crowd sourcing, customer detriment, customer disdain, customer feedback, Customer focus groups, customer generated ideas, customer goals, customer golden insights, customer golden opportunities, customer golden questions, customer ideas, customer improvement opportunities, customer improvement programs, customer information, customer innovative, customer innovators, customer insights, customer insights sharing groups, customer loyalty groups, customer loyalty increase, customer market share, customer needs, customer negative feedback, customer partner program, customer partner system, customer partners, customer perception, customer pet peeves, customer pilots, customer point of view, customer points of light, customer preferences, customer product previews, Customer Profitability, customer questionnaire, customer remediation, customer service pilots, customer SLAs, Customer Strategy Blog, customer surveys, customer transformation, Customers first, frequent customers, ignoring customer feedback, ignoring customer trends, long-term loyalty, loyal customers, Market Dominance, market erosion, Market Leadership, market trends, Maximized Profitability, Most Valuable Customers, mystery shoppers, new customer products, new customer services, trend spotter, voice of customer

Win a Customer for Life by Employing the 5 R’s of Customer Loyalty

January 20, 2017 1 Comment

The how to guide to Win a Customer for Life by Employing the 5 R’s of Customer Loyalty

The 5 “R’s” of Customer Loyalty

Ensure Your Company is 5 “R” Customer Compliant

Following the 5 R’s of Customer Loyalty Will Enable Your Company to Attract and Keep Customers for Life

Ensure Your Company is Customer R-Reliable

Top Steps to Ensuring Your Company is R-Reliable

The First “R” of Customer Loyalty Is Setting High Quality Customer Standards (External) and Goals (Internal) and then Delivering on that Customer Promise for Each and Every Customer Interaction as well as the overall & long-term customer relationship

Example of How a Company Demonstrates Customer R-Reliability

Example of How a Company Demonstrates Customer R-Reliability (continued)

Ensure Your Company is Customer R-Responsive

Top Steps for Your Company to Become Customer R-Responsive

The 2nd “R” of Customer Loyalty Is Ensuring That Customer’s Expectations Are Met: Needs, Concerns, Quality, Cycle Time Expectations, etc.

Example of How a Company Demonstrates Customer R-Responsiveness

Example of How a Company Demonstrates Customer R-Responsiveness (continued)

Ensure Your Company is Customer R-Recognizable

Top Steps for Your Company to Become Customer R-Recognizable

The 3rd “R” of Customer Loyalty Is Ensuring That Your Brand and Company has Distinctive and Positive Characteristics such that it drives positive emotions (driving repeat business, customer referrals, word-of-mouth adverting, etc.

Example of How a Company Becomes Customer R-Recognizable

Example of How a Company Becomes Customer R-Recognizable (continued)

Ensure Your Company is R-Relationship Oriented

Top Steps for Your Company to Become Customer R-Relationship Oriented

The 4th “R” of Customer Loyalty Is Ensuring That Your Brand and Company develops a high quality and mutually beneficial relationship with your customers based on mutual respect, customer insights, an ongoing and open dialogue and a model that encourages a partnership between your brand & company and your customers

Example of How a Company Demonstrates That It Is Customer R-Relationship Oriented

Example of How a Company Demonstrates That It Is Customer R-Relationship Oriented (continued)

Ensure Your Company is Customer R-Rewarding

Top Steps for Your Company to Become Customer R-Rewarding

Example of How a Company Demonstrates Customer R-Rewarding

Example of How a Company Demonstrates Customer R-Rewarding (continued)

Is Your Company Ready to Take the 5 “R” Pledge?

SUMMARY: If you take the pledge above to adhere to the 5 R’s of customer loyalty, you will enhance your ability to attract and retain customers for life. Key to this is developing the capabilities to be best in class for each “R” and ensuring that you are (cost effectively) maintaining a major qualitative advantage in each customer R vs. your competitors.

For addition information on this topic, consult the following resources:

Qualtrics: Customer Loyalty: Good overview of what customer loyalty is, why it matters, and how companies build it. Link: https://www.qualtrics.com/experience-management/customer/customer-loyalty/
Harvard Business Review: The Value of Keeping the Right Customers. Strong strategic perspective on retention, loyalty, and long-term customer value. Link: https://hbr.org/2014/10/the-value-of-keeping-the-right-customers

Filed under CRM, Customer Profitability, customer service, Marketing, Uncategorized Tagged with attract customers, best customer programs, best practice customer programs, best practice customer service, brand ambassador, brand characteristics, brand promise, brand statement, brand vision, company win-win, CRM, CRM Blog, customer acquisition, customer ambassador, customer analytics, customer bi-directional conversation, customer competitive, customer content, customer content management, customer cost competitive, customer cross-sell, customer cycle time, customer defection, customer delivery, customer delivery excellence, customer dialog, customer dialogue, customer dislikes, customer engagement, customer feedback, customer goals, customer information system, customer insights, customer interactions, customer lifetime value, customer long-term, customer long-term relationship, customer longevity, Customer Loyalty, customer loyalty programs, customer metrics, customer mutually beneficial, customer needs, customer partners, customer persistence, customer positive emotions, customer preferences, customer processes, customer ratings, customer recognizable, customer referrals, Customer Relationship Management, customer relationship oriented, customer relationships, customer reliability, customer reliable, Customer Repeat Business, customer respect, customer responsive, customer responsiveness, customer retention, customer rewarding, customer rewards, customer rewards system, customer service, customer service employees, customer service level agreement, customer service principles, customer service promise, customer service team, customer share of wallet, customer SLA, customer SLAs, customer spend, customer standards, customer strategy, Customer Strategy Blog, customer tactics, customer touch points, customer up-sell, customer vision, customer vision statement, customer win-back, customer win-win, customer word of mouth, delighted customers, effective customer service, gold customer, graduated customer rewards, happy customers, how to delight customers, irate customers, leading brands, leading customer programs, pissed off customers, platinum customer, retain customers for life, Ritz Carlton, silver customer, Steven Jeffes, top customer service companies, win customers for life, win customers from competitors

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