How much does your business really value customer loyalty? You may think you do, and that your business does. Answer the eight questions below to find out and also learn about building customer loyalty more effectively.
Directions:
Circle an answer, true or false, beside each question.
- T F My business has at least one customer loyalty program.
- T F Customer loyalty is a figure that I or someone at my business tracks.
- T F Maintaining existing customers usually costs less than acquiring new ones.
- T F Repeat customers are more likely to refer than one-time customers.
- T F Customer loyalty is addressed at our meetings explicitly.
- T F Customer loyalty is considered a priority by the senior management team.
- T F The front line staffers are asked about what they notice brings customers back.
- T F My business says we care about customer loyalty.
Scoring:
Add up the number of true answers _________.
Answer Key:
If you answered True to:
1-2 Questions: Your business either the kind that does not get repeat customers or your company does not take advantage of valuable opportunity. Customer loyalty is one of the most profitable aspects of building a brand because one repeat customer could means decades of revenue, and referrals, and even increased value in terms of increased leverage in other areas of your company’s business such as distribution and vendor bargaining power. See Customer Loyalty to learn more about how your business can take advantage of the opportunity.
3-5 Questions: Your business values customer loyalty and makes a point of taking advantage of the opportunity. Your business could still improve in its understanding and ability to yield the rewards of its efforts. Perhaps learning how to harvest the data your company likely has or learning more about how to know your customer better will help your business. See Customer Loyalty for more information.
6-8 Questions: Your business is invested in building customer loyalty. Your business is maximizing its ability to monetize the value of its repeat customers. Customer loyalty continues to be a growing field of opportunity as best practices keep being discovered and developed. See Customer Loyalty for more information on trends and growth areas.
Jean Lewis,
has edited and written for consumer Web sites and publications reaching nearly 50 million people. Her credits include writing and editing online and print articles, sales and training materials, marketing collateral, and advertising and PR for conusmer companies including BeautiControl, a Tupperware subsidiary's publications to women ages 20s through 50s, the WHO Foundation, Women Helping Others, MCG Magazine, Los Angeles and Seasonal Living Guide for Sam’s Club, a retailing subsidiary of Wal-Mart. Her career also includes working and living in Canada and Japan. Jean is well regarded for her market-research based approach to managing story development enabling consistently original, relevant and timely content.
