I recently faced a familiar scenario: My team wanted to buy a new SaaS tool, so my boss asked me how much budget to request. I had no idea about pricing, so I Googled around and asked for pricing tiers from several vendors in the space.
Unfortunately, I received a handful of all too common, unhelpful responses.
Like any popular business term, “customer centricity” is often abused by businesses that shoehorn it into their core values. Unsurprisingly, this doesn’t cut it. It’s actually better not to claim customer centricity if you can’t get people across your business to really care about your customers.
What do Amazon’s Jeff Bezos and Costco’s Jim Sinegal from Costco have in common? They both have a history of focusing on the lifetime value of a customer rather than chasing short-term profits. And their success speaks for itself.
If you want to be a leader in customer loyalty and grow your business for the long term, Customer Value Optimization is key. Easy? No. Essential? Yes.
80% of people never leave home without their phones in hand.
We do everything with it, including shopping, research, social media and more.
Whatever your business is, an ever growing chunk of your target customers are using their mobile devices instead of computers to go online.
Here’s what you need to know about mobile internet users and their purchasing behavior.
A great deal has been written about whether, in the Internet age, your business should have a phone number on its website.
On one hand, having a phone number can increase the trustworthiness of your website, help sell potential customers who aren’t comfortable buying online, and allow customers to contact support easily.
The flip side? Phone support costs money.
Many anecdotes support both strategies, but we should be asking, “Where’s the data?”
Almost all business owners hate Yelp, but they understand its power.
In general, user-generated reviews are tremendously influential when it comes to persuading people to buy.
Has your company’s customer retention rate increased, decreased, or maintained the status quo over the past five years?
Are you actively working on retention? Have you outlined and initiated a formal customer retention strategy?
Your ecommerce checkout flow is where the money is at. Think about it. Random visitors leave the site before ever entering the checkout funnel. Motivated buyers come here to finish their order.
Any small design improvement in your checkout UX usually has a direct impact on how much money your site makes.
An ecommerce site that I analyzed recently had a payment page in which 84.7% of the traffic proceeded to buy. I calculated that if we could increase that to 90%, it would result in 461 more orders and an additional $87,175 per month—23.9% revenue growth. “Small” gains can be huge.
Customer personas are detailed representations of segments within your target audience. Fueled by data-driven research, they map the “who” behind the buying decisions of your products or services.
According to a study by Bain & Company, 80% of companies say they’re customer centric, yet only 8% of customers agree.
Think about that for a second.
How many of your customers do you think would agree that you are customer centric? Do you know for sure?
This is important because according to a study by Monetate, 79% of customers will buy from a company again if the experience is good, but 89% of them would switch to a competitor if the experience wasn’t satisfactory. And nearly everyone agreed that the online experience influences their decision to buy.