Dec
25

Loyalty Countdown #7 – Know Your Customer’s Definition of Value

The loyalty password is value. Knowing how your customer experiences value and then delivering on those terms is critical to building strong customer loyalty. But knowing your customer’s true definition of value is not easy because value definitions are constantly changing. Invest in customer loyalty research that enables you to understand, through the eyes of the customer, how well you deliver value.

Action Step: Review your company’s current knowledge base regarding what your customers value. Look for these insights: (1) What is it about your products or services that drives loyalty today? (2) Which product or service areas most need improvement? (3) Where are you currently over-investing? (4) Which areas deserve more study for potential future investment? Does this four-point review uncover knowledge gaps? Value-based loyalty research can help.

Source: Griffin, Jill. Customer Loyalty: How To Earn It How To Keep It. 2002.

More Loyalty Countdown:

#12 – Store Your Data In One Centralized Database
#11 – Collaborate With Your Channel Partners
#10 – Give Your Front Line the Skills to Perform
#9 – Use Multiple Channels to Serve the Same Customers Well
#8 – Win Back Lost Customers
#7 – Know Your Customer’s Definition of Value
#6 – Get Responsive & Stay That Way
#5 – Aggressively Seek Out Customer Complaints
#4 – Serve First; Sell Second
#3 – Know Your Loyalty Stages & Ensure Your Customers Are Moving Through Them
#2 – Practice the 80/20 Rule
#1 – Build Staff Loyalty

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