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How do you monitor and analyze your brand loyalty metrics and indicators?

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本文章的要点总结

Calculate retention rate:

To gauge customer loyalty, track your retention rate. This number shows how well you're keeping customers around, which is vital for growth. Just subtract new customers from your ending total and divide by the number of starting customers, then multiply by 100.
Analyze feedback and metrics:

Collect customer thoughts and crunch the loyalty numbers regularly. Understanding their experiences and tracking metrics like Net Promoter Score can spotlight areas for improvement and show where you're getting it right.

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1 Customer retention rate

One of the most important metrics for brand loyalty is customer retention rate, which is the percentage of customers who stay with you over a given period of time. A high retention rate indicates that your customers are loyal and happy with your value proposition. To calculate your customer retention rate, you need to know how many customers you had at the beginning and at the end of a period, and how many new customers you acquired during that period. The formula is: Customer retention rate = (End customers - New customers) / Start customers x 100.

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??Andre Andre

Director North America - Chief Sales Officer - Chief Revenue Officer - VP Sales-
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Indeed, the customer retention rate is a vital brand loyalty metric, indicating how many customers remain loyal over a specified period. High retention rates usually point towards satisfied customers loyal to your brand. Calculation involves determining the number of customers at the beginning and end of a period, and new customers acquired within this period. The formula, Customer Retention Rate = (Ending Customers - New Customers) / Starting Customers x 100, provides a percentage indicative of brand loyalty. Throughout my career, I've seen the value of focusing on improving this rate, leading to increased customer loyalty and, in turn, enhanced business growth and profitability.

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Ludovic Scouarnec

Responsable commercial régional - Grand Ouest
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Si le taux de fidélisation est supérieur à 95%, alors il est très bon, voire excellent. Il est plus simple et moins cher de conserver vos clients actuels plut?t que d'avoir à effectuer de la prospection afin de trouver des clients potentiels.

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2 Net promoter score

Another useful metric for brand loyalty is net promoter score, which is a measure of how likely your customers are to recommend you to others. It is based on a simple question: How likely are you to recommend our brand to a friend or colleague? The answer is given on a scale from 0 to 10, where 0 is very unlikely and 10 is very likely. Based on the score, your customers are classified into three categories: promoters (9-10), passives (7-8), and detractors (0-6). The net promoter score is the difference between the percentage of promoters and the percentage of detractors. The higher the net promoter score, the more loyal and satisfied your customers are.

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Ludovic Scouarnec

Responsable commercial régional - Grand Ouest
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Le Net Promoter Score (NPS) est le pourcentage de clients qui évaluent leur probabilité de recommander une entreprise, un produit ou un service à un ami ou à un collègue à 9 ou 10 ("promoteurs") moins le pourcentage évaluant cette probabilité à 6 ou moins ("détracteurs") sur une échelle de 0 à 10.

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3 Customer lifetime value

Another important metric for brand loyalty is customer lifetime value, which is the total amount of revenue that you can expect from a customer over their entire relationship with your brand. It reflects how loyal and profitable your customers are, and how much you can invest in acquiring and retaining them. To calculate your customer lifetime value, you need to know your average order value, your purchase frequency, and your customer retention rate. The formula is: Customer lifetime value = Average order value x Purchase frequency x Customer retention rate.

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Ludovic Scouarnec

Responsable commercial régional - Grand Ouest
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La valeur à vie du client (? customer lifetime value ? an anglais) est une notion marketing qui correspond à la somme des profits réalisés sur la durée de vie moyenne d'un client, c'est-à-dire durant le temps moyen où une entreprise garde un client.

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4 Customer feedback

Besides quantitative metrics, you also need to collect and analyze qualitative data from your customers to understand their needs, preferences, expectations, and perceptions of your brand. Customer feedback can help you identify your strengths and weaknesses, improve your products or services, and create more personalized and relevant offers. You can gather customer feedback through various methods, such as surveys, reviews, testimonials, ratings, comments, social media, or direct communication.

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Ludovic Scouarnec

Responsable commercial régional - Grand Ouest
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La recherche qualitative offre un contexte et des nuances, et peut vous aider à mieux comprendre les complexités du comportement humain lié aux produits ou services de votre organisation. Ce sont des données assorties d’une histoire contextuelle riche. Cela dit, collecter et analyser des données qualitatives peut prendre beaucoup de temps, et cela peut parfois aboutir à des conclusions biaisées. C’est pourquoi vous devez l’associer à la collecte de données quantitatives pour obtenir les informations les plus précises possible.

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5 Loyalty programs

One of the best ways to increase your brand loyalty is to create and implement loyalty programs that reward your customers for their repeat purchases and referrals. Loyalty programs can help you attract and retain more customers, increase your sales and revenue, and enhance your brand image and reputation. Loyalty programs can take different forms, such as points, discounts, coupons, freebies, memberships, or tiers. The key is to design your loyalty program according to your goals, your target audience, and your value proposition.

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6 Competitor analysis

Finally, you also need to monitor and analyze your competitors' performance and strategies to benchmark your brand loyalty and identify opportunities and threats. Competitor analysis can help you understand how your customers perceive your brand compared to others, what are the gaps and advantages in your market, and how you can differentiate yourself and stand out. You can use various tools and sources to conduct competitor analysis, such as online reviews, social media, websites, blogs, newsletters, or market research reports.

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Ludovic Scouarnec

Responsable commercial régional - Grand Ouest
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Pour vous différencier sur vos produits / services, vous devez concentrer vos efforts sur la qualité, l'innovation, la largeur et la profondeur de votre gamme. Le plus sera votre capacité à apporter un réponse sur-mesure à vos clients

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Marwa Jabrane

LOGISTICS MANAGER
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Monitoring and analyzing competitors' performance and strategies provide invaluable insights for strategic decision-making. This process allows you to understand the broader landscape, gauge customer sentiment, and identify areas for improvement or differentiation. Utilizing a diverse range of tools and sources for competitor analysis ensures a comprehensive view, enabling you to make informed adjustments to your own brand strategy. By staying attuned to market dynamics and customer perceptions relative to competitors, you can position your brand effectively and enhance brand loyalty.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Javed Akkhtar ????

Founder & CEO @ RewardPort | TravelPort Holidays | tripXOXO
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These metrics are essential for assessing loyalty program effectiveness and financial impact. 1. Customer Retention Rate: Tracks the percentage of customers staying loyal over a period. 2. Redemption Rate: Shows how often rewards are used, indicating engagement. 3. Average Order Value (AOV) of Members: Compares spending between loyalty members and non-members. 4. Customer Lifetime Value (CLV) for Members: Evaluates total value a member brings during their relationship with the brand. 5. Program Enrollment Growth: Monitors increases in new loyalty program sign-ups. 6. Net Promoter Score (NPS) of Members: Assesses members’ likelihood to recommend the brand. 7. Breakage Rate: Percentage of unredeemed rewards, affecting program costs.

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James McDonough

Publisher
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Appreciating your clients and all of the individuals that you interact with is an essential part of our business and success. We are truly grateful to the people who support our publication. This project has been quite helpful. Thanks for the opportunity to comment.

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How do you monitor and analyze your brand loyalty metrics and indicators?

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3

4

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1 Customer retention rate

2 Net promoter score

3 Customer lifetime value

4 Customer feedback

5 Loyalty programs

6 Competitor analysis

7 Here’s what else to consider

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