Are you paying enough attention to customer value perception?
Enhancing the value that customers perceive, boosts their loyalty by raising confidence in their purchase decisions.
You’re probably using one or more CX metrics to determine a customer’s likelihood of repurchase (loyalty) and referral (advocacy). Most of these metrics have their upsides and downsides including measuring customer intent rather than customer action.
Gartner research suggests that brands should measure how a customer’s selection of a company’s product or service makes them feel about themselves.
The Gartner research suggests that value measurement could be the best predictor of all dimensions of customer loyalty, compared to other commonly used metrics. The research indicates that 82% will be retained and 86% will spend more money in the future.
Therefore, increasing the value customers derive makes them much more likely to:
- Renew their relationship with the company
- Advocate on behalf of the company
- Increase spending on the company’s products or services
Measuring value using rms
Value measurement is one of the standard CX metrics embedded in our platform. We have also seen that this is typically one of the lowest scoring metrics compared to others and suggests companies do need to spend more attention in this area.
