Customer Loyalty Research
Customer loyalty research has shown that most companies lose 45% to 50% of their customers every five years, and winning new customers can be up to 20 times more expensive than retaining existing customers. Moreover, just a 5% reduction in the customer defection rate can increase profits by 25% to 85%, depending on the industry.
Given the above claims, it is imperative that you know what makes buyers and specifiers choose one supplier rather than another. On your behalf we need to ask the right questions and devise techniques to obtain the right answers.
Why Is Customer Loyalty Research Important?
Our customer loyalty programme is designed to help you win and maintain customers for life. After all, satisfaction usually leads to a customer returning and buying more. Repeat, loyal customer tell other people about their experiences, and they may well pay a premium for the privilege of doing business with a supplier they trust.
Our Experience In Customer Loyalty Research
A third of all research carried out at B2B International is customer loyalty research. Over the years we have conducted hundreds of customer loyalty surveys leading to a Customer Satisfaction Index (CSI) portfolio. This enables comparisons with other industries to be made, and proves useful in customer lbenchmarking our clients for improvement in the future.
Using Customer Research To Drive Action
Our proprietary IMPSAT® tool enables easy interrogation of the data, and is particularly useful in satisfaction surveys which are intended to be repeated with reasonable frequency.
The tool uses satisfaction and importance scores to identify the actions required for each issue. In this way, the results can be classified to show what action is required. For example, issues that score high in terms of importance and which have a low level of satisfaction should be earmarked for immediate attention. This method of interactive dashboard reporting builds ownership of the findings and thereby generates interest in taking action.
The dashboard reporting tool enables each subsection or division/department within the Client organisation to interrogate customer loyalty KPIs by whichever filters or groupings necessary.
Customer loyalty surveys can also be a useful complement to brand research, in that desired corporate positioning can act as a catalyst for customer service excellence.
To learn more about how B2B International market research can help you to build customer loyalty, get in touch with our customer research team.