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Customer Retention Surveys
Customer retention reflects the state of mind that customers have about a company and its products or services when their expectations have been met or exceeded. This state reflects the lifetime of the product or service experience.
Customer trust, loyalty and retention studies are especially appropriate for the study of shopping goods (and other high priced goods) because of the magnitude of the decision process for the customers, the long purchase process (time from need recognition to purchase), and the depth of consumer attitudes formed about the product and/or company.
General Measures of Customer Retention
Trust Measures:
- Ability, skills, and experience necessary to perform the task
- Concern about the customer's welfare
- Integrity, honesty, adhering business values, and keeping promises
- Consistency based on evaluations of past behavior
- Communication skills, openness, ability, and willingness to share information, opinions, and feelings
- Overall trust
Loyalty Measures:
- Personal Pride
- Personal Identity
- Fulfillment
Retention Measures:
- Satisfaction
- Repeat
- Recommendation
- Switching Cost – maximum willing to pay for premium compared with competitor's products or any substitutes
Successful companies understand the importance of the Voice of the Customer (VOC) as an integral part of customer retention management. We give our clients the methods and processes to maximize their customer interaction and gather the most appropriate data possible to retain the customer. VOC addresses both strategic and operational decisions of the corporation using a hierarchical customer retention and needs analysis.
After a customer interacts with your company (such as making a purchase or a request), you can use the VOC system to send a survey to that customer, asking specific questions based on the customer's recent interaction. In the chance that the customer had a bad interaction, you can have that customer's feedback immediately sent via email to a designated individual inside your company for timely follow-up and quality control.
Customer retention survey opportunities are also used by our clients to help determine market segmentation and product evaluation and awareness along with overall satisfaction and intention to continue as a customer with the company.
For more detailed information on customer retention surveys, please visit our Survey University or contact one of our project consultants.