Customers

HOW SHOULD WE MEASURE CUSTOMER LIFETIME VALUE?

Customer lifetime value (CLV) is an important business metric. It provides management with a view of how much repeat business they can expect from customers. In turn, the revenue projection arising from that calculation can provide an overview of how much they need to spend on retaining customers. Typically, CLV is computed as follows:(Average Value of Purchase) x (Number of Repeat [...]

2017-12-09T20:03:42+00:00

TRACKING CUSTOMER PREFERENCE IN BRICK-AND-MORTAR STORES

Most people know that their behavior on a computer screen can be monitored. The sites they visit, how long they look at a particular page, and long-term patterns can all be explored, measured, and quantified. Online retail sites, for example, can determine customer preference and make recommendations based on browsing patterns as part of a business strategy - and they [...]

2017-12-10T21:34:31+00:00

FOCUSING ON WHAT WENT RIGHT IN CUSTOMER SERVICE

Many customer service surveys are focused on pinpointing areas of friction or areas needing improvement. A recent Harvard Business Review article, however, noted that asking customers what went right can raise perceptions of the service provided. Instead of simply asking customers to rate a product or service and reasons for the rating, then, a good business strategy is to ask "What [...]

2017-12-11T01:22:28+00:00

DOES CLIENT LOYALTY FOLLOW COMPANIES OR PEOPLE?

Employee retention and strategies for optimizing it are a constant consideration for organizations. It might be particularly important for those having specialized, customer-facing employees. For those firms, an employee transitioning to a new firm brings along an additional issue. Will clients follow the employee rather than being loyal to the firm?This is particularly an issue for law firms, financial firms, [...]

2017-12-11T20:06:05+00:00

HOW DESIGN THINKING WILL HELP YOU RETAIN CUSTOMERS

Design thinking is immensely important to business. It's important to client and customer growth and retention. Its application can foster innovation and smooth innovation's acceptance. It can be a key part of business strategy. Many people, though, are unsure about how "design thinking" as a term used in business differs from product design - the creation of logos, the [...]

2017-12-11T21:05:07+00:00
error: Content is protected !!