CUSTOMER LOYALTY STRATEGIES FINAL

What are the 4 practicum tips given by bruce?

1. confirm sponsor expectations

2. follow protocols

3. maintain confidentiality

4. take iniative

What is customer loyalty?

The customer's commitment or attachment to a business or brand

In B2B professional selling the attachment may be to the salesperson

How is customer loyalty reflected?

Reflected in a customer's favourable attitude & behavioural responses ...such as advocacy, positive reviews, repeat purchases, etc.

What make us customer loyalty?

Behaviour and Attitude

Can you recall a process you have learnedwhich creates loyal customers?

Inbound Methodology (converting customers to advocates/promoters)

What is the 6S Strategic Model?

Strategy, Staff, Sales Process and CX, Service & CRM, Satisfaction/Advocacy, Sales & Profits

What are the 3 truths to Customer Loyalty?

1. Customers are complex

2. Satisfaction and Retention do not equal Loyalty

3. Customers may not know why they areloyal

What question would you ask to measure"attitudinal loyalty"?

On a scale of 1 to 10 how likely are you to refer our product/service to friends/family?

What will you do after closing a sale tocreate a loyal customer?

Follow-up

What are the 5 steps to a follow up?

1. Measure Satisfaction

2. Uncover problems and manage expectations

3. train, educate, advise

4. Deepen relationship & personalize CX

5. Find more ways to create value

What are the 5 fundamentals to developing loyalty?

1. Strategy

2. Culture

3. Experiences

4. Marketing & Sales

5. Evaluation

How is a company focused on customer loyalty termed?

customer-centric

What is the customer-centric strategy?

strategy is to differentiate through customer knowledge leading to value creation and superior customer experiences

What is the history of loyalty strategies?

Pre 1980s: product-focused and distribution-driven strategies - not customer-centric

Today: evolving customer expectations and communication

What is the Customer Experiences (CX)?

he sum of all experiences derived by the customer during interaction with the organization

What is Customer Satisfaction?

Satisfaction is the outcome of a successful transaction

What is the purpose of measuring customer satisfaction?

to track and improve product and service

Customer satisfaction is NOT....

equivalent to customer loyalty but helps to ensure customer retention

What is the voice of the customer?

"What the customer is saying to the organization"

What is the customer touchpoint?

The interface of a company with customers or prospects before, during or after a sales transaction

What is the customer journey?

Customer Journey maps the steps in the purchase process...and helps to identify areas of improvement in the customer experience

What is the difference between strategy and tactics?

- Strategy answers "How will we reach our goal?"

- Tactic answers "What will we do to get to the how""

What is Griffin's 4 Steps to Loyalty?

1. Identify the right prospect

2. Turn that customer into a profitable customer

3. Turn the profitable customer into an advocate & raving fan!

4. Treat that customer as a partner

How can salespeople apply tactics?

1. Delivering the CX in each step of the sales process

2. Personalize every customer interaction and touchpoint

3. create unique vale through customer service

What are the 3 fundamental tactics that drive customer loyalty?

1. Customer Service

2. Customer experience tactics

3. Touchpoint tactics

What is the definition of customer service?

The series of activities designed to exchange the customer experience and the level of customer satisfaction

How does a business benefit from delivering excellent customer service?

1. Powers a competitive advantage

2. Produces customer value (leading to loyalty)

3. Provides customer knowledge

4. Promotes positive word-of-mouth

What are the expectations of good customer service?

customer service in itself is an expectation of every customer. Only customer service that surpasses expectations will benefit a business.

How can customer service leverage a competitive advantage?

Superior customer service will help retain your customers, helps produces value, provides customer knowledge and insights , and prompt word-of-mouth marketing

What is Customer Experience (CX)?

the sum of all experiences with your company (including customer service)

What is the difference between Customer Experience and User Experience?

CX: all interactions between a user and your brand

UX: Digital interactions between a user and your brand

What is the first step to delivering superior customer experiences and effective loyalty tactics?

Knowing your customer:

1. What do they expect?

2. What will it take to exceed their expectations

Only customer experiences that exceed.......

expectations will lead to loyalty

What are the 4P's of marketing?

1. Price

2. Product

3. Place

4. Promotion

What are the 5 Trends with Customer Expectations?

1. Faster resolution times

2. Extensive customer knowledge

3. Immediate solutions

4. Genuine empathy for customer

What is the definition of Customer Touchpoints?

the interface of a business with customers or prospects before, during, or after a sales transaction

What can be captured at each touchpoint?

The Voice of Customer (VOC)

How can you create a superior customer experience at each touchpoint?

Enhance customer touchpoints with:

1. Simplicity

2. Speed

3. Customer Knowledge

What are the Touchpoint tactics in B2B?

- Cold Call

- Email Product Info

- LinkedIn Profile

- Diagnostics Meeting

- Sales Presentation

- Close and Follow-up

How do systems improve business?

Ensures efficiency & consistency

What does it mean for a company to be customer-centric?

It puts customers first in strategy and builds supportive structure, systems, and empowered staff.

What strategic questions should a customer-centric company ask?

- How do we develop loyal customers?

- How do we make efficient decisions?

- How do we empower staff for CX?

- How do we deliver consistently on promises?

What are the 3 fundamental systems that support customer loyalty?

1. Sales Systems

2. Customer Support Systems

3. Analytics Systems

What makes a sales system customer-centric?

It aligns with the customer's buying process and improves the customer experience

Customer loyalty will increase when....

you align your sales process with your client's buying process

What is the goal of a customer support system?

To provide help, solve problems, manage complaints, and improve the relationship

What are the types of customer support?

- Live chat customer support

- Chatbot customer support

- Phone customer support

- Email customer support

- Self-service customer support

- Social media customer support

Why do customers complain?

When expectations are not met, or problems aren't solved to their satisfaction

What should we do when a customer has a problem?

- Welcome the problem

- Make it easy to find solutions

- Solve it or compensate for it

- Treat it as an opportunity to to build the relationship and your reputation

Why might customer's not complain directly to the company?

1. Do not think their complaints are welcomed

2. Complaining is too much trouble

3. Don't know who to complain to

4. Expectation is they will have to wait a longtime for a response

Why are analytic systems so important?

Leads to better decision making, evaluating, and understanding the customer

What are the 3 common customer expereince KPIS?

1. Satisfaction

2. Loyalty

3. Complaints

What is Net Promoter Score (NPS)?

A loyalty metric based on how likely a customer is to recommend the company

What should companies do with complaints in analytics?

Listen and learn form the complaint:

1. Analyze the complaint

2. Track over time

3. Apply this data to continual improvement

What is a internal audit?

a formal process to evaluate customer service and sales staff, customer touchpoints, and CX systems

What is a external audit?

a formal evaluation conducted at a B2B client's place of business involving stakeholders like purchasing staff, users, and influencers. It is used to assess client satisfaction and loyalty, resolve issues, and strengthen the business partnership.

What is a mystery shopper?

Someone who evaluates real employee behavior by posing as a customer

What are the negatives to a mystery shopper evaluation process?

1. High cost per encounter

2. Employees may be aware of mystery shopper

3. Mystery shoppers may be biased or inconsistent

4. Employees may feel practice is unfair or unethical

What are common challenges in customer analytics?

1. Cost of measurement vs. benefits

2. Accuracy of data (ex: sample size to create reliable, actionable data)

3. Segmenting, weighting, benchmarking

4. Tracking changes over time

5. Decisions & actions

What actions can improve CX based on competitor weaknesses?

- Faster response time

- Better support hours

- Simplified ordering/contracts

- Faster delivery

What diagram is used for complaint handling systems?

a flow chart

How can you strengthen customer communication skills>

1. Apply strategic listening

2. Ask effective questions and develop a customer service review

3. Create productive dialouge

What does effective strategic listening require>

managing customer communication at every touchpoint

What is the most important strategic listening touchpoint for B2B companies

1. Salespeople

2. Technical/Service/'Success' Staff"

3. Contact/Support Centers

4. Customer Surveys

5. Media

How do you ask customers about their loyalty?

1. How likely are you to buy from us again?

2. ____ how likely are you to recomend us to...?

3. What would it take for you to be willing to provide me with a referral?

What are the most common challenges you will face in communicating with customers?

- Resolving problems/conflict

- Persuasion

- Justifying your recommendation

- Negotiating/closing

- Getting their attention

- Keeping their attention

- Just getting a response

What is a customer has a problem?

- Welcome problems from customers

- Make it easy to find solutions

- Solve it or compensate for it

- Treat every problem as an opportunity to build the relationship and you reputation

What if customers won't provide feedback?

1. Earn it

2. Ask better questions

3. Let them know how your company takes action on customer input

4. Offer incentives

5. Be more approachable

What is approachability?

dn: The attribute of beingeasy to meet or deal with

When is a business perceived as 'approachable'?

when it is accessible, amiable, & eager to take action on input

How can you measure approachability in analytics?

1. measure the increase of all customer feedback/comments through all channels

2. Track increase in response rates to surveys and increase of comments using a run chart

Why might an increase in customer complaints indicate a positive development?

An increase in customer complaints may indicate increased approachability!

What are the benefits of online customer communication?

- strategic thinking may be complicated but multi-customer conversations are possible

- Customer feedback and valuable insights can be immediate

- Social media = online communication channels

What does effective customer communication require?

- Strategy

- Management

- Systems

What are 5 online customer communication tactics for B2B?

1. Increase APPROACHABILITY

2. Offer ADVICE

3. LISTEN (and take action)

4. Increase TRANSPARENCY

5. Improve ACCESSIBILITY

Why is having online channels important for approachability?

Online channels allow customer interaction and feedback...enhancing approachability and two-way communication...and thereby the CX

Why is offering educational advice online beneficial for a B2B company's customer experience?

It establishes credibility, positions the company as a trusted advisor, and enhances overall customer value and satisfaction.

Should companies be open to criticism online? Explain the concept of "transparent communication."

Yes, openness to criticism demonstrates vulnerability and transparency, enhancing trust through honest dialogue and user-generated reviews.

How can you improve a email to enhance CX?

1. Personalize

2. Answer their "W.I.I.F.M"

3. Make the content sccanable

What if your BCP sponsor doesn't believe that a better CX leads to loyal customers?

Justify with research and articles (citations)

How do you deepen a client relationship (other than creating more TRUST & VALUE)?

Align your values

How would you ADAPT to a B2B buyer?

Personality/buyer type, BANT & buying process

What are the steps in a B2B buying process?

1. Need recognition

2. Information searching and processing

3. Identification and evaluation of alternatives

4. Purchase Decision

5. Post-purchase behaviour

What questions will you ask to learn about your customer's buying process?

1. What has been holding you back from purchasing from us?

2. How do you typically reach purchasing decisions?3. Do we need to include any other people in our conversation?

4. What changes do you think will come up if you try to purchase from us?

5. How can I make this process as easy as possible?

Remember: CX is delivered at every....

touchpoint along the buyer's journey

What can you do to create a better customer experience before the sale?

1. Share helpful content

2. Personalize communication

3. Customize/simplify product information

What can you do to create a bettercustomer experience during the sale?

1. Relevant recommendations & advice based on customer knowledge

2. Transparent and clear communication

3. Faster/easier purchase process

What can you do to create a better customer experience after the sale?

1. Follow up to ensure satisfaction

2. Proactively solve problems

3. Show appreciation

What do B2B buyers expect from account managers?

personalized customer experiences (you must improve the CX over other buying alternatives)

What are the keys to personalization in B2B?

1. "Know as much about them as a friend* would"

2. Understand what they value - and do not value

3. Find common interests

4. Connect socially

What key factors help create a personalized CX in B2B relationships?

Customer knowledge and Unique insights

What specific information must account managers know about their clients to personalize CX?

their problems, pain points, needs, wants, motivations, emotional drivers, and EXPECTATIONS

How can you deliver the 'WOW Factor' in B2B?

- going above and beyond

- Unexpected and appreciated

What are common examples of providing the WOW factor in B2B?

1. Providing free consulting services to your customer

2. Preferential and personalized treatment

Why do customer-centric firms focus on 'wowing' customers?

bc it's a powerful tactic for business growth and customer loyalty.

What is the first step in creating a 'WOW' customer experience?

understanding customers and their expectations

When is the WOW factor most effective in B2B?

When the experience is personalized to the customer

What is required to deliver a WOW experience in B2B?

A well-developed strategy and consistent execution of special, unique customer experiences

To improve customer loyalty, what questions are managers asking?

1. Why are we losing customers?

2. How do we keep more customers?

3. What else do we need to know about our customers (and best customers)

4. How do we manage customers to increase their loyalty? (and get them to become our advocates!