Two Tips To Improve Your Success: Use More Than One Metric And Understand Why Your Customers Buy
Topics: Loyalty, enterprise feedback management
I’ve had a bunch of phone calls and conversations about a recent paper I wrote called “Do you know why your customers really buy,” which explores how using attitudinal data is critical to driving real business change. Based on that, I wanted to comment about two things on my mind:
There are a lot of professionals caught up in a quandary right now. They seem to be searching for a way to justify their loyalty and engagement efforts. They want to gain more ground competitively and showcase more quantifiable results to their company. They feel a bit exposed because much of what they do is “intuitive” and little is quantifiable. However, they are either not sure how to fix the issue or they are unable to get any real information to use/show.
I recently attended an industry tradeshow. I had many conversations about how to select metrics, and how to present results to other company peers and executives. This show confirmed what I have been witnessing for some time - a lack of understanding about how to quantify loyalty results.
I believe it is important to use metrics with any marketing or loyalty initiative. Many business managers use only a yearly customer satisfaction survey, exit surveys or a promoter score. Although these are good, I suggest using more. Utilize a broader spectrum of measures to get a clearer picture. At Allegiance, we deliver a handful of metrics: loyalty, satisfaction, promoter and engagement scores. These improve your read on the situation. Don’t use too many though or you’ll soon go crazy chasing data. You should feel comfortable about how to justify your job, get a raise and show positive economic-related results from your efforts.
You can measure churn, share of wallet, word of mouth, lifetime value, etc. The simplicity of net promoter is good because it brings the conversation into the boardroom in a way that people can understand. However, the backlash on net promoter is also deserved. It is just too simple to be the only metric to use for business decision making.
The other important item to consider when trying to justify success is looking beyond statistics and dashboards. What does the data really tell you? What decisions have you made that drive business forward as a result of having that data? Too many people say: “our net promoter score is such and such” or “our allegiance engagement index is this” and they leave it at that. A static measure only tells you half of the story.
It’s good to have a point-in-time measurement, but it’s even better to know what drives those scores, and build a best practice that allows you to understand what you can do to impact those scores.
For example, understanding why a customer buys the attitudinal part of the relationship you have with them will help you to really serve them better. Here’s an example from my paper “Do you know why your customers really buy?”:
An organization always assumed their most engaged customers were of a middle aged demographic. Through segmentation analysis, they discovered that one of their most engaged groups was their early adult group. Knowing this information, and understanding what drivers lead this group to be engaged, the company launched new marketing and product initiatives to better serve the early adult group and ensure their engagement remained high. They were also able to identify that both the early adult and middle aged groups became disengaged with the company after 2 years as a customer. They held focus groups and launched surveys to study why this happens. Knowing this information allowed them to change this pattern to impact long-term engagement and profits.
I like to talk to marketing, sales and loyalty pros about understanding the attitudinal side of relationships better. They tend to focus more on the transactional side too much. The “who, what, where, when, and how” of a relationship is important, but so is the “why.” I encourage anyone involved in enterprise feedback management to seek out attitudinal information. To learn more about how to do this, get a free copy of my paper.
Terence Fugazzi is the VP of Demand Marketing at Allegiance (www.allegiance.com) His company provides solutions that help organizations grow and increase profitability through improved customer and employee loyalty and engagement.
Previous Articles Highlighter:
How To Make Great Money Fast Online (1)
You may be surprised to see how easy it has become to earn a part time income through writing for Associated Content. The next site that we will be talking about is Cash Crate.
Placing Your Website On Top Of The Rankings (2)
In the process of getting the appropriate keywords, you need to have sufficient knowledge and expertise in your business field or its related fields. Meta tags are a key to a better search engine ranking.
Potential Profit You Can Earn With Affiliating (3)
Topics: affiliate marketing, money online, make money online This page tells you all about what the top affiliates earn and the affiliate programs they join. I only selected the best programs which super affiliate use.
Personal Coaching And Internet Marketing (4)
This person must be an effective teacher for you to succeed. Learning from trial and error is fine, but why take that route when someone else has already experienced the process.
4 Tips For Starting Your Own Affiliate Website (5)
Choose a nice market and become an expert on that market. The best way to choose your market is to choose something you are interested in that has a relatively low number of results when you search it in Google.
Learn How To Blog 3 Steps (6)
Now for you blog address, which is your blog's url or blog domain name, this can be anything such as, fun fishing or your name. The next is the word verification to make sure your are a real person and not some computer program setting up random blogs.
7 Tips For Directory Submission (7)
Know your categories. Be sure to choose the most appropriate categories and subcategories for your site. This is easier on the directory editor and can ensure that your website is included more quickly.
How Systems Deliver Continuous Improvement (8)
Assuming that you run a bakery, that machine - which is part of your system for making bread - may well improve the productivity and profitability of your enterprise. But what if, to take another example, no one wants white bread anymore?
Create A Website? Who Me? (9)
Answering this question will help you identify new opportunities and leads directly into our next question; What is the purpose of your website? This is the most important question to answer as it will drive the whole website design process.
6 Questions To Ask Before You Submit Your Site To A Directory (10)
As mentioned earlier, search engines give greater weight to links from websites that are considered authoritative within the online community. Even if you're going to submit yours site to some niche directories, be sure to also submit your site to directories that have been around awhile.
Directory Submissions: 4 Keys For Success (11)
While search engines do, in fact, deliver more traffic to websites since more users utilize search engines than directories, directories can still positively impact the traffic flow to your website.
Directory Submissions: 5 Mistakes To Avoid (12)
Leave the sales pitch out of the description. When you submit your site to a directory, you will be asked to write a short description. This description will typically be displayed in the directory along with the link to your site.
Search Engine Optimization Tips And Tricks (13)
Employ related words and phrases in Meta tags, titles, and headers. This will result in an extensive and consistent range of keywords in your website. More than any other aspect in your website, search engines give a lot of weight on page titles, text, and header meta tags.
Top 6 Benefits Of Directory Submissions (14)
3. Gather all of your pertinent information and keep it in front of you while you're submitting. This includes keywords, descriptions, titles, and email addresses. 4. Take advantage of niche directories.
Importance Of SEO Specialist (15)
He does not stop in doing his intended function of making the site appear to search engine result page. Once this is done, he can now savor the satisfaction of a job well done.
Start Your Internet Business Using Free And Open Source Tools (16)
The Internet has a plethora of tools to use, and just because the sources are free, doesn't mean they are useless. Free html editors such as Kompozer and NVu can help you build websites from scratch and make them user friendly and easy to navigate.
Automatic Directory Submissions: The Pros And Cons (17)
Topics: SEO, Google, Internet, marketing, online marketing, blogs, Business, promotion, link building, add url If you've done any research at all on SEO then you know how important directory submissions are to the success of your online business.
The Four Different Leaflet Distribution Flavours - Which One Are You? (18)
Flyers come in many sizes and can be very plain or given a glossy finish to convey a certain image. Their widespread use has been complimented by the increase in desktop publishing and the ability to combine text and images on home computers.
Become Free From Your Financial Crisis By Working From Home (19)
Then here a new website www.makemoneyproposition.com where you can get all the tools and resources that you need to make money online. Visit www.makemoneyproposition.com and get three money making secret videos FREE.
How Important Are Titles In Search Engine Optimisation? (20)
Well, the internet marketing campaign is relatively useless. This is why people use search engine optimisation facilities. This is a method of ensuring your website meets with all the criteria that search engines like, even Google itself have issued guidelines for webmasters to bring the sites they manage into line with their criteria.
Newer Articles Highlighter:
Make Money From Online Business (1)
A brand that people respect and can go to knowing that they will be receiving a quality product or service is important as it is what allows the consumer to establish trust for a company.
What You Should Know About Web Hosting Services (2)
Topics: web hosting, website hosting, hosting Scott Lindsay is a web developer and entrepreneur. Make your own website in just 5 minutes with HighPowerSites at: www.highpowersites.com or Build A Website at: www.buildagreatsite.com.
Selling And Marketing Expired Domains For Immediate Gains - The Ultimate Power Of Domains With Brand (3)
Topics: expired domain name, expired domain, expired domain traffic, expired domain search, expired domain John Khu is an author and also a seasoned professional with vast experience in expired domain name business.
Streaming Audio And Its Role In Profits (4)
Topics: affiliate marketing, internet marketing, working from home, home business, seo, internet online business If you would like to immediately create financial freedom working only 4 hours a week, check out www.Secrets2InternetFortunes.com.
Building Your Business Website, How To Outsource This Task (5)
Check out their portfolio, rating, and bid amount before you select their bid. Ask for a mock up before you start working together. These are tips that should help you find the freelancer you need to create the business website of your dreams!
Learn To Express Your Business Vision (6)
Topics: business, internet business, start own business, home based business, entrepreneur Scott Lindsay is a web developer and entrepreneur. Make your own website in just 5 minutes with HighPowerSites at: www.highpowersites.com or Build A Website at: www.buildagreatsite.com.
Online Passive Income With Solid Business Concepts (7)
What does this all mean? Well basically if your website doesn't provide true value to the users that find you eventually you're website won't get picked up by search engines no matter how many links you have built or how well you understand SEO.
Sourcing The Perfect Exhibition Stands (8)
The key to achieving the right stand for your business is careful planning and being open and honest with your stand designer from the start. If they produce a design in the initial stages that you don't like, tell them.
Unite Your Sales And Marketing Work Forces And Double Your Potential (9)
Indeed, the problem is not the two departments individual operations, yet the fact that they're not melding their skills into a double act that could potentially see their business grow with twice the power and dominance at a time of shaky financial stability.
How To Make Money Quickly On The Web (10)
Also, any one can post videos of their gigs, as well as their blogs, and photos for anyone's viewing. Consequently, these features enable any one to earn extra income as well.
How To Evaluate A Managed Hosting Service Provider (11)
This is so you can make sure they are the right provider for you. If they're not, you can just move on. Leading provider of managed IT solutions with offices strategically located in Toronto, Vancouver, Montreal and Quebec City.
Surge Up In Search Engine Rankings Using The Author Resource Box Wisely (12)
We all know good things come in small boxes. Don't neglect that all important author resource box at the bottom of your article. Join Bob Sommers and other Article Marketing professionals at www.RecognizedExpert.com and view hundreds of videos on Internet Marketing for Professionals.
Some Successful Tips For The Online Affiliate Marketer (13)
Include testimonials from your customers with their names and photos if possible. Have articles on your webpages highlighting the benefits and uses of the products. These can be snippets that link the to a separate article page.
What You Should Know Before You Join An Affiliate Program (14)
Most affiliate programs being offered today are absolutely free of charge. Paying to join an affiliate program is not advisable, many are free. Makes sure to establish when you will be paid commission.
Are You Interested In Affiliate Programs? (15)
Some issue their checks once a month, every quarter, etc. Select the one that is suited to your payment time choice. Commissions are paid out by some companies after the affiliate has achieved a certain amount of funds, or exceed in order for their checks to be issued.
Are You Thinking Of Joining An Affiliate Program? (16)
Your chance to succeed with an affiliate program is heightened by the research you do on the program. Most affiliate programs being offered today are absolutely free of charge.
Its Important Your Aware Of A Few Things About Affiliate Programs (17)
This is because some visitors do not buy initially but may want to return later to make the purchase. These are just some of the questions that needed answering first before you enter into an affiliate program.
Internet Business Success Story , From Somebody Just Like You! (18)
I am planning a huge launch and networking, hopefully about 30 joint venture partners, to sell my product. I am tying that product in with my new membership site.
How To Choose A Profitable Affiliate Program (19)
Paying to join an affiliate program is not advisable, many are free. A questions to ask, is when do I get paid? Some issue their checks once a month, every quarter, etc.
Free CD, Why I Ditched My Old Free CDs (20)
I no longer do those things that the CDs are specifically designed to sell. A lot of people have wondered what was said during the mastermind that caused me to take those CDs off the market.