Is Every Business Strategy Built Around Retaining Customers?

Is Every Business Strategy Built Around Retaining Customers?

This is an assumption suggested by Howard Lax and Robert Schumacher in a recent article entitled, "Insight Connection" in a recent edition of Marketing News. They state, "Every business strategy is built around retaining customers, and strong customer relationships hinge, in turn, on interactions andexperiences that meet and exceed customer expecta...

Tom Smith

Tom Smith

5 Ways to Accelerate Sales With Consumer Insights

Thanks to Cvent for their white paper "5 Steps to Driving Sales with Customer Insights." There are proven strategies to ensure the success of your voice of the customer (VOC) program: 1) identify what matters most to customers; 2) facilitate better business decision-making; and, 3) drive revenue. Here are the five ways to accelerate sales with cons...

Tom Smith

Tom Smith

7 Ways to Leverage Your Best Customers to Accelerate Sales

Do you know who your best customers are? Not the ones who spend the most. Not the ones who visit you most often. The ones that tell others about your products and services. The ones that rave about you on Facebook. You have prospects, customers, satisfied customers and "raving fans" or advocates. Your raving fans are your most valuable customers. T...

Tom Smith

Tom Smith

Customer Satisfaction Measurement and Improvement Accelerates Sales

We know more satisfied customers spend more, are more loyal and are more likely to share their positive feelings about a product or service. Two case studies below show just how much more and the impact the satisfied customers can have. As such, we aspire to increase customer satisfaction levels since that's good for the bottom line. We introduced ...

Tom Smith

Tom Smith

7 Steps to Improve Customer Service to Accelerate Sales

Thanks to Kate Leggett, principal analyst at Forrester Research, for her recent article in the June 2013 edition of Customer Relationship Magazine (unable to find article online for link). Here are my thoughts on her seven steps. There’s plenty of research showing that companies that provide outstanding customer service perform better financiall...

Tom Smith

Tom Smith

3 Questions to Ask Your Customers to Accelerate Sales

Ease of implementation Ease and speed of response Insights provided Dialogue promoted with customers Education provided employees The three questions are very simple and can be answered in under five minutes, unless someone has a lot to say. Here are the three questions we asked customers with only a slight variation for employees: On...

Tom Smith

Tom Smith

Top 10 U.S. Net Promoter Scores (NPS) for 2013

Satmetrix the owner of Net Promoter Score (NPS) published its 2013 Net Promoter Industry Benchmark reports for the financial services, technology, online services, retailing, travel, hospitality, insurance and telecommunications industries. For those unaware of NPS, customers are asked, "On a scale from 0 to 10, with '0' be 'very unlikely' and '10'...

Tom Smith

Tom Smith

7 Ways to Leverage Promoters to Accelerate Sales

We instituted a customer satisfaction measurement and improvement (CSMI) program using the Net Promoter Score (NPS) methodology. The survey is simply three questions that should take a customer three minutes or less to answer: On a scale of zero to 10 where 10 is "very likely," how likely are you to recommend our company to a friend or colleague? ...

Tom Smith

Tom Smith

Know Your Net Promoter Score to Inform Your Marketing

Do you know your Net Promoter Score (NPS)? You should, it can make a huge impact on your marketing plan. Simply ask your customers, "On a scale of zero to 10, with 10 being 'extremely likely,' how likely are you to recommend our company to your family, friends or colleagues?" I just did this for a small retail grocer. Their NPS was higher than the ...

Tom Smith

Tom Smith

6 Ways to Get "Promoters" to Speak Out

Word of mouth continues to be the most efficient and effective form of marketing and with the growth of social media, it's even more effective. However, happy customers do not equal referrals. Based on a survey of 1,188 small business owners conducted by the Enterprise Council on Small Business, only 41% of small business owners who say they have ...

Tom Smith

Tom Smith