Customer Satisfaction 2010 Is About Revenue
Be honest. You're looking forward to closing the books on 2009. As much as you're focused on optimizing holiday performance, it's been a tough year. I'll bet you can use a fresh start.
Customer satisfaction programs took a beating this year. Our collective work integrating social media outlets has just begun, and customer sampling debates continue to percolate as more online services hit the research market. (I hate to even mention consumer spending or the looming end to government stimulus programs.)
There are some bright spots. The Consumer Confidence Expectations Index is edging up—currently at 68.5, and unemployment is down 0.3% since June.
Feel better?
Neither do I.
All the more reason for a fresh start. Customer satisfaction 2010 is about revenue. Bottom line revenue. A few steps you can take with your customer satisfaction research to gain a stronger sense of control:
- Reduce your dependence on customers to remember their purchases. Many survey instruments ask customers to recall their last purchase in detail: which items were purchased and how much was spent. Instead, tie your point of sale data to customer feedback.
- Know what your customers are worth. Using "Intent to Return" and segmented average purchase amount, you can calculate the expected value of future visits. In some cases, customer-enthusiasts show a 50% greater spend on repeat visits.
- Know what makes your customers buy. Customer feedback is one measure, but inconsistencies abound. Match feedback and POS data to highlight the difference between intent and behavior. Share your findings with marketing and operations.
Chances are your customer satisfaction program doesn't utilize POS data. How well you integrate these two measures of the customer experience in 2010 will have a significant impact on incremental bottom line revenue.
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