The customer/business relationship evolves as you move along the path from lead to customer to long-term customer. At each stage in that path your interactions with customers, as well as their opinion of your business, will change in various ways. That’s why xAmplifier solicits decision drivers from customers (and potential customers) at different critical decision points in the customer journey, starting with the initial interaction when the customer is still just a lead and continuing until they are a long-term customer reflecting back on their relationship with you.
Understanding why customers choose your business, or don’t, is essential to improving your conversion and retention rates. If you don’t know which aspects of your business draw customers in and which prevent them from making a purchase, you can’t adequately adjust your strategy to emphasize your strengths and fix your weaknesses. Knowing those decision drivers can help you to close more sales, prevent cancellations, keep customers happy, and even develop better strategies for leads and prospects. Let’s take a look at what advantages can be gained from knowing decision drivers at various points in the customer journey:
Purchase, Non-Purchase, and Undecided Decision Drivers
Buying or not buying is the decision at the basis of your relationship with the customer. It’s important to know which factors were important to the customer in making that decision. The more specific you can get, the better. Were your facilities clean, professional, and conveniently located? Was your staff friendly and knowledgeable? Did your products and services meet expectations, both in quality and price? Did the customer consult friends or online reviews of your services or products?
The answers to these questions allow you to find out what’s costing you sales and fix it. They help you identify specific, actionable problems that you can take steps to correct. They also let you know what took your customers from curiosity to purchase. Gaining feedback on employee interactions with customers also helps you evaluate staff performance and not only see why employees are (or aren’t) making sales, but also what specific things customers liked (or didn’t like) about them.
Decision drivers related to the decision of whether to purchase are valuable information that can be used to directly improve your business. Armed with that data, you’re able to troubleshoot and eliminate problems and weaknesses in your business, opening the door to increased sales and a better bottom line.
Long-Term Satisfaction and Dissatisfaction Drivers
Whether you’re selling a product or providing a service, knowing your customer’s immediate level of satisfaction isn’t enough if you want to retain them long-term. You also need to keep tabs on them months down the line to see if they are still pleased with your product or service. If you can’t maintain their satisfaction, you risk losing their business and, even worse, negative online reviews that can hurt future sales potential. Mining long-term satisfaction drivers allows you to maintain customer retention by addressing customer issues, so happy customers don’t turn into unhappy (or past) customers. Measuring long-term satisfaction also gives you an opportunity to remind the satisfied customers of how pleased they are with you and encourage them to share their experience online with positive reviews.
Cancellation Decision Drivers
When a customer cancels a meeting or consultation, finding out why is vital. You not only gain the possibility of addressing their concerns and preserving their business, but also identify complaints that may be common to other customers. By addressing them, you may not only save that customer’s sale, but prevent future losses from other unhappy customers down the road.
Speaking of down the road, it’s also important to know why long-term customers decides to discontinue their relationship with you. Are they suffering buyer’s regret, or was there something lacking on your end, be it in customer service or the product itself? By finding out these unhappy customers’ decision drivers, you can step in to remedy the situation, restore their business, and keep your customer retention rates high. The information gleaned is also useful in building customer profiles to help you better understand your client base.
Measuring decision drivers is the best way to understand your customers’ motivations: Why did they choose your business? Why didn’t they end up making a purchase? What factors matter most to them in making their purchase decision? What aspects of their experience as your customer affecting their likelihood to purchase from your in the future? Collecting and analyzing these decision drivers allow you to save individual sales in the short run and increase conversion and retention rates in the long run. That’s why xAmplifier provides its clients with specific decision driver data, both on the micro (individual customers) and macro (decision driver trends of your customer base both as a whole and broken down by demographic data) levels.