1. Loyalty counts
It costs over five times more to acquire a new customer than retain an old one – so it pays to keep your customers loyal.
But evolving market conditions, the competitive environment and consumer behaviour mean that customer loyalty isn’t a given – it needs to be continually earned.
2. The factors that make a difference
There are some core factors that drive loyalty: brand trust, quality product, customer experience, rewarding loyalty, and personalisation
A quality brand and product customers can rely on
Brand trust happens when the brand and product consistently meet expectations with values that resonate. Customers can rely on good product quality and have a bedrock of trust that means they will stay even through less optimal one-off experiences.
A rewarding customer experience
The customer experience is paramount. A great experience makes it effortless for customers to accomplish their goals with the product, and provides the rewards and extra value they seek.
A brand that knows its customers
Customers expect one-on-one engagement, hyper-relevance and connection from brands – they want to feel the brand knows them and aligns with them. Personalisation shows understanding, care and responsiveness, building the overall experience.
3. NPS is the crucial marker of satisfaction and loyalty
High NPS is correlated with brand success. Equally, lower NPS correlates with decline – at worst it can indicate dissatisfaction and at best it points to indifference, which can eventually lead to switching.
In banking and financial services, NPS has never been more important. Customers are increasingly tech-savvy and expect more personalised banking experiences. Customer experience is critical: responsive, frictionless and transparent are big drivers of NPS success.
4. Designing for NPS success
We can optimise not just the experience that contributes to NPS but the effectiveness of it as a survey tool through smart, behaviourally driven design that nudges completion through a range of strategies.
With a robust, optimised response rate, it’s then crucial to close the feedback loop with quick, considered action so customers feel heard and cared for.
Do what you do so well that they will want to see it again and bring their friends.”