12
Jul
08

Customer Engagement – Best Practices

Companies always talk about customer engagement but many a times there is always a gap between planning & execution. What really differentiates the best from the not so good are the ones that identify the key levers and practice this consistently. Allegiance shares some best practices on customer engagement:

It is important to be able to quantify engagement for a number of reasons. Most importantly is by understanding where you stand with your customers—i.e. how many are engaged, disengaged or on the fence (swing)—you will be able to focus your efforts on developing products, services and programs that will help move people off the fence into your engaged customer group or possibly reverse negative perceptions of disengaged customers and help them become loyal customers.

Four primary economic measurements of engaged customers are:

  1. Share of wallet—Engaged people buy more products/services
  2. Positive referral—Engaged customers convert potential customers to switch
  3. Churn—Engaged people stay longer
  4. Feedback Response—Engaged people give more feedback, which in turn gives you the opportunity to address issues and concerns and preserve potentially lost revenue
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At Cequity, we believe customer intelligence will be the biggest competitive advantage enterprises will have in the next decade or two. Successful enterprises of tomorrow will be the ones who can organize and leverage this information at speed to optimize their marketing performance, increase accountability, improve profit and deliver growth. Cequity insights will bring to you trends and insights in this area and it’s our way of sharing best practices so as to help you accelerate this culture and thinking in your organization.
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