Marketing executives need to define “moments of truth” to enhance the business lifecycle, according to a leading industry expert.
“How a marketer interacts with the customers can significantly increase (or decrease) the long-term viability of that relationship. Identifying and anticipating those points of clarify is critical to maintain and grow a profitable customer relationship,” states Joseph Fiochetta, director of strategy for marketing firm Hatre-Hanks.
An essential way to maximize on these “moments of truth”, according to Fiochetta, is to develop a plan to keep existing customers satisfied and onboard with your corporation’s success:
- All communications should generate a measurable response so that management may tell what worked and what did not.
- Customer-centric communications must be frequent and consistent, targeted, timed, and delivered in a manner that is most appropriate for the individual customer. Tracking preferences and behavior is essential.
- Communications should be focused on increasing “stickiness” –the ability to keep a consumer coming back for more.
Fiochetta also recommends a number of best practices in developing new customer communications:
- The first 90 days are critical – there can be as much as a 15 percent to 20 percent “take rate” of additional products and services during this initial period.
- The sooner one can engage a customer, the better.
- Messages developed early in the relationship should be designed to set and validate customer expectations.
- Personalization works.
- Using multiple touch points across a variety of media are preferred by customers
- Multiple response channels are essential.
- Surveying and data gathering are critical components for gaining customer insight, such as customer interaction, revenue, retention, and usage.
- The velocity of customer communications and engagement should increase during “moments of truth.”
- Consultative selling is a key part of any customer program and can help avoid negative “moments of truth.”
- A product-centric focus is not the key driver in new customer retention. Customer-centric programs that address the lifecycle of the customer through vulnerable periods are more profitable.
