Strengthening Customer Relationships for Long Term Profitability

Most companies have come to discover that customers are their most important asset. For this reason, an increased focus has been placed on customer loyalty and ways to achieve and maintain it.

 

For retailers, customer loylatly is especially important for growing sales and remaining successful in today’s competitive and cost conscious marketplace. Not only should customer experiences be measure through points of sale, but across the entire lifecycle.

 

A CFI Group white paper, “Building Multi-Channel Customer Satisfaction and Loyalty,” featured in the TMCnet White Paper Library, highlights how a well known consumer electronics retailer, Best Buy, was able to discover the power of focusing on all customer touch points and capitalizing on opportunities to strengthen customer relationships.

 

The retailer has not only significantly increased the amount of stores it has compared to 40 years ago, when it began, but also experienced challenges when multi-channel customer experiences entered the picture. The company needed to provide support to its customers through a number of touch points including their call center, Geek Squad offering, BestBuy.com and even Best Buy mobile.

 

To resolve this issue and to ensure they were delivering top quality experiences at all customer touch points, the company wanted a deeper understanding behind customer loyalty and customer behaviors and turned to CFI Group and the American Customer Satisfaction Index (ACSI). This has allowed the retailer to find areas where customer satisfaction was working and where improvements were needed.

 

 

Julie Beth McFall, Director of Best Buy’s Consumer Tracking and Analytics commented, “Building strong customer relationships has always been a priority for Best Buy, but we needed a scientific way to understand what drives customer behavior, to predict which improvements will ensure long-term customer loyalty, and to measure our progress.”

 

CFI Group helped the company to uncover a number of insights including how satisfaction drives revenue, how employees can drive the customer experience, and the importance of customizing the customer experience, among  a number other insights included as part of the white paper.   Check it out HERE.