Concentrix Catalyst’s Clay Walton-House recently published the third article in a year-long series with Loyalty360 focused on an integrated approach to loyalty strategies. His article, “Integrated Loyalty: Holistically Measuring Customer Health” explains the shifts and requirements businesses must take to achieve accurate customer measurement, and ultimately, be able to extract business value from customer relationships.
But first let’s take a step back and understand what “Integrated Customer Loyalty” means. An integrated approach to loyalty strategy begins with looking across the customer experience end-to-end in order to estimate the success of potential loyalty marketing tactics, focusing deeply on the core product or service experience itself. This approach requires breaking down silos within the customer experience to achieve a holistic view of the customer’s journey.
And with any new business strategy, there’s different objectives and requirements to measure success. Just as integrated loyalty requires a seamless front-end customer experience, tracking this effort on the back-end also requires an integrated business approach. Depending on the size and maturity of this business, measurement can seem like a daunting or overwhelming task.
Thankfully, Clay breaks it down into simple framework to help serve as a starter. It requires boiling down the business into four primary “customer motions:” acquire, engage, grow, and retain. Then, add on a “north star” indicator (i.e.customer lifetime value), which serves as the composite indicator for customer health.
In addition to this formula, Clay emphasizes three fundamentals in order to measure customer health holistically:
- Measure at the customer level (as opposed to aggregate level)
- Measure all customers (not just your target market or your one-off customers)
- Measure with the customer lifecycle in mind (as opposed to your business lifecycle)
Interested in learning more about integrated customer loyalty strategies? Download this article on “The CX and Loyalty Connection.”Tags: Clay Walton-House, Customer Experience, Customer loyatly, Customer Measurement, Measurement