Customer Service

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A More Profitable Approach to Product Returns

A relatively small number of purchase and return metrics can accurately predict customer profitability — and the likelihood of policy abuse. By using analytics to identify the few customers who cost the company the most money by abusing return policies before they make their next purchase, companies can prevent abusive returns, avoid PR disasters, and boost their profitability.

Why Customer Experience Is Key for Loyalty Programs

  • Blog
  • Read Time: 6 min 

Loyalty programs provide great value for companies by driving higher sales and boosting brand affinity. However, companies employing traditional “earn-and-burn” rewards programs for customers may miss out on long-term benefits. Tailoring programs to offer great customer experience is key — and when companies implement both types of benefits into their programs, they’re more likely to beat out competitors and build brand loyalty.

Why Companies Need a New Playbook to Succeed in the Digital Age

  • Blog
  • Read Time: 4 min 

In the digital world, companies need to become a destination for customers. The key is using digital as differentiation and offering customers something compelling. This requires a new playbook for how to do business as well as new ways of engaging customers. The trend is for individual and business customers to prefer just one or two powerful ecosystems in each industry, raising the stakes for leaders to better understand their options and clarify their own game plans.

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Master the Challenges of Multichannel Pricing

Retail customers may accept different prices on different channels — but retailers need to manage new complexities to make it work. These include understanding what customers value in each channel and how that affects what they will pay, giving store employees the right language for talking about price differences, and working out operational challenges. Getting it right has a real payoff: Retailers that effectively price differently across all channels see bottom-line growth of 2 to 5%.

Customer Relationships Evolve — So Must Your CRM Strategy

Customer relationships can evolve through four stages — they can be transactional, transitional, communal, or damaged. Understanding each of these stages, using them to classify customer relationships, and tailoring CRM efforts accordingly can enable your company to better deploy its limited CRM dollars. Not all outreach efforts work equally well in all stages of a relationship. And without this kind of tailoring, you’re likely wasting some of your CRM budget.

The Secret to Successful Knowledge Seeding

Launching a peer-to-peer knowledge-sharing platform is not easy. Online support forums have two distinct segments: those who seek product support, and those who provide it. Knowledge seekers are hesitant to ask questions if knowledge contributors are few and far between, and knowledge contributors will not sign up if there are not enough problems to solve. It is a classic chicken or egg challenge that can be effectively addressed by seeding the platform with expert knowledge.

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Leading in a Time of Increased Expectations

Traditionally, big energy companies focused primarily on power generation, not customer-centricity. But that’s changing — and today’s digitally empowered customers have opinions about everything from where their energy should come from to when their bills should arrive. Lynn Good, CEO of Duke Energy Corp., reflects on guiding her company through this transformation.

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Which Features Increase Customer Retention?

Companies have an incentive to design goods and services with customer retention in mind. Unfortunately, they often add expensive features to their offerings without knowing whether or how much they will increase retention — and adding too many features can actually decrease customer satisfaction with products after customers have used them.

Customer Relationships Get the Data Treatment

A case study by MIT Sloan Management Review, “A Data-Driven Approach to Customer Relationships,” details how the South African bank Nedbank is using its rich access to a trove of transactional data from credit card use — from the time of transactions and size of purchases to retailer locations, and even specific details like the age, gender, race, marital status, and income bracket of some users — to help merchants make strategic decisions to better serve those customers.

Do You Know What Really Drives Your Business’s Performance?

Although intuitively appealing, strategy maps and models such as the service profit chain have a common pitfall: They encourage managers to embrace general assumptions about the drivers of financial performance that may not stand up to close scrutiny in their own organizations. A more rigorous analytic approach called performance topology mapping may help managers avoid these assumptions, as well as the strategic mistakes they promote.

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