Every business wants loyal customers for a number of reasons. From a return on investment perspective, it can cost a company five times more to acquire new customers than satisfying and retaining current ones. Businesses may use a number of metrics to measure customer loyalty, but retention rate remains one of the most critical measures of loyalty
Quite a few popular brands have suffered PR misfortunes in the past, prolonged in part by a lack of social media expertise. By failing to respond in real time, many companies have learnt the hard way, that bad news can travel fast, especially on channels that they may have a token presence on. Things may be changing though, Social media analytics and measurement solution provider Simply Measured released a study, which shows steadily increasing demand for customer service interaction on Twitter.
Brendan Ng isn’t a big fan of paper. The general manager of Vancouver-based Malay restaurant chain Freshbowl used to give out stamp cards to customers to reward repeat visits with a free meal. “We had regulars complaining their wallet was full of stamp cards from every different place,” he said.