5 Experience Predictions for Retail in 2019
In the retail industry, one that’s known for its ability to continually reinvent itself and find new ways to connect with consumers, the huge shift in consumer behavior from physical...
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When it comes to customer experience improvements, one of the biggest challenges can be choices about which customers to focus on first.
Knowing that the most satisfied customers tend to spend the most and to stay on as customers for the longest, companies often try to create as many of them as possible. And since turning extreme detractors into committed promoters can be a long and difficult process, companies will instead focus on initiatives that lift already satisfied customers into “most valuable” territory.
But as tempting as this sounds, it isn’t always the most impactful choice. In fact, improving experiences for your biggest detractors is often what gives your business the biggest financial boost.
You likely won’t be able to turn these critics into raving fans overnight, but fixing the problems that are most responsible for their negative experience can drastically reduce the amount of money you have to spend on support services and placatory refunds. It can also make them less willing to spread negative stories about you through their personal networks — and depending on the conditions at your company, the proportion at which their spending and loyalty will increase through small customer experience improvements can actually be far higher than the boost you get from making satisfied customers even happier.
But while this might be true on average, it doesn’t mean it’s true for you. To make an informed decision about which customers to prioritize, you need a clear picture of how they behave in relation to your company.
How? Well, we just hosted a webinar with our resident data scientist on this very topic — including the methods different types of businesses can use to find these financial linkages — so you can do it yourself. You can download a full recording using the form on the left!