Satisfaction and Loyalty Management
Loyalty Management tools create a positive impact on a business’s profits by improving retention among its customers, employees and stakeholders.
Loyalty programs measure and track the loyalty of each of these groups, identify the root causes of defection and develop ways to boost their allegiance as well as turn them into promoters for the company. Satisfaction and Loyalty Management tools turns data into quantifiable information to boost financial results, and improvements in retention rates. Achieving even small increments in retention rates can yield significant changes to the company’s growth and profits.
- Implement a system and frequency to ensure the company periodically obtains current loyalty levels through surveys and behavioral data. The most effective approaches yield data which clearly distinguish between mere satisfaction from true loyalty; they categorize current customers into three distinct divisions on how likely they would be to recommend the company to a friend or a colleague, and employees whether they believe the organization deserves their loyalty.
- Undergo a Benchmark process to compare the organizations loyalty levels vs. those of it’s competitors.
- Identify and prioritize dimensions of performance that matter most to customers and employees. Track the top indicators rigorously.
- Create a system to continuously and effectively communicate feedback data throughout all levels of the organization.
- Build a system to target loyalty and retention metrics into the company’s incentive, performance, planning and budgeting systems.
- Develop new programs to increase customer and employee satisfaction rates.
- Revise policies and procedures which drive short-term, high impact results at the expense of long-term loyalty. Examples of these are high service fees and discounts given only to new customers.
- Establish communication procedures to continuously receive feedback from all stakeholders to learn what drives their loyalty.
What do Satisfaction and Loyalty Management systems achieve?
- Build profitable lasting relationships with all stakeholders for the company, including customers who contribute the most to it’s profitability ensuring the organization captures a larger share of their business.
- Drive sales growth by increasing referrals from customers and employees.
- Attract and retain employees whose skills, knowledge and relationships are essential to superior performance.
- Improve productivity.
- Decrease employee turnover, recruitment and training costs.
- Strategically align organization to the needs and interests of employees, customers, suppliers and investors.
- Improve long-term financial performance and shareholder value.