[Webinar] Using 5 Whys Root Cause Analysis on Customer Feedback

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5 Whys is one of the most commonly used quality system tools. It is a simple and methodical way to identify the root cause of an issue.

When applied to Customer Feedback you can convert “interesting feedback” in to root causes and actions plans to drive improvement in your customer experience.

In this 30 minute webinar, we’ll teach you how to use this high value Customer Feedback tool:

  • Defining The 5 Whys Approach – What exactly is The 5 Whys Approach?
  • Customer Feedback Application – How to apply The 5 Whys Approach for Customer Feedback with practical examples.
  • Is it really for me? – When should you use The 5 Whys Approach?

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What is your Return on Customer Investment?

Old calculator on white background showing text "profit"

CEOs and CFOs take a liking to seeing numbers; especially profitability numbers. So if you can’t speak their language and convert your project or proposal into numbers that talk to them; you can pretty much bet your chances of having it approved are slim to none.

Fortunately, there’s a great approach that allows you to provide the facts you can take to your CEO or CFO; the Return on Customer Investment. It’s a business approach that looks at all of your customer focused investments and puts hard return on investment facts behind them. [Read more…]

How To Match Bank Customer Retention Strategies to the Customer Lifecycle

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There are many different bank customer retention strategies but to maximize their effectiveness you need to match them with their position in the customer life-cycle.

The life cycle is shown below, along with the value that different types of customers contribute to the business at different parts of the cycle.

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The 4 Drivers Of Customer Retention

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Many companies would like to improve their customer retention but are unsure how to make the changes in their business to improve this important profit lever.

Identify Customer Retention Drivers

The first step in implementing customer retention programs is to identify the customer retention drivers. Without first identifying the retention drivers you run the risk of blindly implementing a range of programs which may or may not impact customer retention.

So let’s go back to basics and identify some of the retention related drivers that are going to support the achievement of greater profits for your company. [Read more…]

Strategic Uses for Competitions and Business Sweepstakes

Golden-Ticket

Every year, companies spend millions of dollars running business promotion competitions to improve new customer acquisition rates. While many of these competitions are successful on the face of it, just as many could easily provide greater returns. By changing your perception of competitions from being a tactical way to boost short term sales to a powerful tool in your customer strategy, you can reap large returns. [Read more…]

Is your company too hard to deal with: how do you know?

Old-Wood-Bucket

It always amazes me the trouble companies go to secure new customers and then just throw them into a bucket labelled “Customer”, never looking at them again.

Well that bucket has a lot of leaks and companies are themselves the ones hammering in the holes. Many times you can improve customer retention by just plugging a few of those holes. Here is a recent case in point. [Read more…]

Interactive Marketing: the 7 Critical Factors you need for success

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Interactive marketing is a relatively new feature on the marketing and customer management landscape.  It is only with the relatively recent advances in software tools that this dramatically more effective way to market to prospects and customers has come within the reach of most organisations.

And be assured that interactive marketing (also called trigger or event based marketing) can drive dramatic results: conversion rates of 45%, 35% reductions in direct marketing costs are just the tip of the iceberg.

However, to be successful there are seven critical success factors that you need to consider. [Read more…]

Forecasting customer value when you don’t have a contract: Discrete transactions

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This post is one in a series in which I summarize into actionable steps parts of the substantial body of work by Peter Fader, Bruce Hardie, et. al. in the analysis of customer bases. The relevant source papers are referenced at the end of the post.

In this post, we will focus on the bottom left quadrant of the Fader/Hardie customer relationship map (as I will refer to it). We will be examining situations where there is no on-going contract between the supplier and the customer and where the customer can only purchase at discrete time intervals.
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Calculating Retail Sales Forecasts, Customer Life Time Value, and other customer variables

hardie_non_contract_continuous

This post is one in a series in which I attempt to summarize into actionable steps parts of the substantial body of work by Peter Fader, Bruce Hardie, et. al. in the analysis of customer bases. The relevant source papers are referenced at the end of the post. The details of the statistical models are deliberately excluded from this summary but can be reference in the source papers.

In this post, we will focus on the top left quadrant of the Fader/Hardie customer relationship map (as I will refer to it) . [Read more…]

4 Practical Approaches to Calculating Customer Lifetime Value

classifying-customer-bases

Recently, I came across a very useful Marketing Science article on customer lifetime value calculations. “Customer Base Analysis in a Discrete-Time Non-contractual setting,” presents an excellent and accessible way of answering the difficult question of customer lifetime value when no ongoing contractual relationship exists.

The paper itself was enlightening. Unfortunately, as is often the case with academic papers, the key business insights are hidden from plain sight behind a rather dense, high order, statistics heavy paper. I am sure their findings are as clear as glass to the authors. However, for me, I needed some time to unpack the content, understand it, and work out how to apply it for my customers. [Read more…]