Financial aspects of an increased customer loyalty

Customer loyalty – In cash

This is how to identify the financial aspects of high customer loyalty

The insight into your customers’ loyalty, combined with a number of the company’s key figures, gives you a unique opportunity to identify and optimize not utilized potential and prioritize your focus areas. The result is improved revenue and earnings as well as less customer departures. Here you can read about some of them…

The lifetime value of your customers

The influence of consumers on the success of your business today depends on far more than the purchase of the consumer. A growing proportion of your customers will share their shopping experience with their network, and a certain proportion of them will actually listen and act on your customers’ recommendations. Where your ambassadors will have a positive impact, your critical customers will have a direct negative impact on the health of your business. The faster you are able to identify critical customers and process their objections, the better it is for your business.

Loyal customer - The finance behind customer loyalty - NPS
NPS Finance - Additional sales with customer loyalty

Not utilized potential - Share of Wallet

Deeper insight into the customer base

Knowledge of your customers’ satisfaction and loyalty, combined with their current purchases, provides invaluable knowledge to the company’s sales manager. Hereby they can obtain an overview of potential for additional sales, but also about where there are customers who are potentially about to switch to another supplier.

The above are just a few examples of combinations of customer satisfaction and loyalty. By combining these with the company’s existing financial key figures you can create a more qualified foundation to run your business.

Lifetime value of customer types

The value of your reputation

It is possible to directly put a value on the willingness of your customer types to mention your company to their network. This applies to both the positive value your company achieves by your ambassadors recommending your company and the negative value that constitutes the potential revenue and earnings you lose, due to negative publicity from your critical customers.

NPS life time value

Ability to create experiences which make the company’s customers recommend you to their network is very important. This is because it has a great influence on the lifetime value of the customer types and the health of your company.

Read more about how to measure the financial aspects of the good customer experience here

Loyal customer - lifetime value of different customer types

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