Read Why do business professionals choose ready-to-use KPIs? to find out the answers to these questions:
Managers working on subject of Customer loyalty are involved in devising ways to make customers keep coming back to the organization i.e. intensifying the brand name loyalty. This is about re-invention of their product portfolio so as to provide something 'new' and 'better' together with the original bundle of benefits. It is needed to keep up the value of customer retention, i.e. increase the number of repeat customers.
The idea occupies an essential place as 'loyalty is what pays in tough times', therefore one can refer to the loyal customer base as loyal patrons too. This is to say that when the external or internal environment do not allow expenditures to occur at same scale as before, then this lot of 'loyal customers' saves you of being rejected by the market.
Large enough pool of this category ought to be maintained by every company together with attempts for expansion too working at the same time. This 'stickiness to the brand' can be obtained by running loyalty programs and can be measured and sustained using a balanced scorecard for the purpose. One can spot the useful metrics, which have the potential for reflecting the growth track. The utility lies in that one can 'calculate' the steps at any and every instant. Further, the aim revolves around keeping the values well within the prescribed range and intervals.
Ending it all, by earning a group of loyal customers, it is possible to sail through trying times without suffering as much as your competitors, who are minus this category.
This is the actual scorecard with Customer Loyalty Performance Indicators and performance indicators. The performance indicators include: customer care perspective, training per employee, number of additional benefits provided, customer expectation meeting ratio, degree of offeringâ€™s personalization ratio, financial and process perspective, types of communication systems, fall in customersâ€™ grievances redressal, roi jump, churn rate drop, feedback perspective, complaints decline, % drop in lapsed customer, number of software used for monitoring and analyzing the follow-ups, average repeat rate, customer loyalty assessment perspective, number of loyalty schemes run, â€˜highly profitable customer baseâ€™ expansion, number of tactics being employed for raising customer loyalty, frequency rate rise.
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