Relevance as a single loyalty measure
So what is the most impactful and insightful single measure you can gain from customer insight for whether your customers are likely to remain loyal and grow? A recent article suggested that “Relevance” may be the key measure.
Certainly with a number of our clients having a technology and engineering focus we have found that there can be a tendency for them to show their customers “how clever they are” rather than ensuring what they are developing and delivering is relevant to them. But is relevance enough?
Something can be relevant but surely it has to also include some of the following:
- Adds value to their business
- Provide them with a competitive advantage
- Is it a value for money solution? This is not only about the actual price but the customers investment in time in dealing with the supplier, are they easy to do business with?
- Is there a strong trusting relationship between supplier and customer
- Would the customer act as a reference customer for them?
In order to deliver these things companies need to truly understand their customers’ business and what are the constraints and pressures they are operating under. This then also needs to be considered in the context of the wider market and competitor supplier activity.
To help companies we have produced a short summary of some of the single measures that may be most effective for companies. This list will continue to grow as customers and markets dynamics shift.
If you want help with identifying the single measure that is right for you contact Colin Bates