“An organisations ability to learn & translate that learning into action rapidly, is the ultimate competitor advantage” – Jack Welch
When you test different things and learn from what you do, continuous improvement is a given & exponential value is created.
This is relevant to most aspects of a business, but even more so when applied to how you communicate with your customers, what you say to them and how you incentivise them.
WHY?
1. You will stop wasting time & money on things which don’t work … (Cut costs in the right areas)
2. You will spend more time & money on things which do work … (Optimise resources & grow sales)
3. Over time you will build up a knowledge base of things which work. This becomes your own unique “best practice” to be applied to all future initiatives … (Continuous improvement)
Not many things have a duel impact on the profit equation, but creating a “test & learn” mind-set within your organisation will.
A “Test & Learn” Mind-Set?
In today’s digital age, where everything is measurable, there is no excuse not to be testing everything you do. In fact with the speed at which everything is changing, it has become imperative.
Often the easiest way to start is just to start. Try the following:
1. View every interaction with your customers as an opportunity to learn. Try something different. Do yourself a favour as well as your customers.
2. Failure should not be viewed as bad thing; in fact it should be encouraged, as failure in itself is learning.
CONCLUSION
Customers these days have more power and choice than ever before, as a result the ability to “learn” from your customers, is key. The learning’s you generate cannot be copied by your competitors or bought.
Everything changes including your customer’s needs, wants and behaviours. If you want to retain the right customers, offer an excellent customer experience, improve customer life time value and grow your business; you have to know your customers better than ever before. Surprise and delight your customers by giving them what they want.
HOW DO I GET TO KNOW MY CUSTOMERS? HOW DO I LEARN FROM THEM?
Give your business a competitive advantage through the power of customer data analytics, segmentation & behavioural modelling – the quickest and most cost-effective way to understand your customers and grow your business. Click here … to learn more
CustomerLink specialises in developing and implementing, data driven customer solutions that:
•Increase conversion rates
•Drive customer retention
•Reduce customer churn
•Foster repeat purchase behaviour
•Boost cross-sell and up-sell
•Optimise marketing spend
•Grow customer life time value.
•Allow for continuous testing & learning
We specialise in SME’s and online businesses, both B2B and B2C.
To maximise customer value & grow your business
• Email chris@customerlink.co.za
• Or phone 087 121 0108 / 083 415 9919
