In the modern day competitive market, retaining customers is fast becoming more difficult than getting new customers. This is especially true in the highly competitive smartphone market, where even leading players like Apple (News - Alert) and Samsung are having a tough time retaining customers. This is mainly because there are various products available to the customers which offer latest features at competitive prices.
Realizing this, Radius Global Market Research, a global market research firm, has introduced LoyaltyDeveloper, a proprietary approach that assists smartphone companies in creating strategies to retain their most valuable customers.
The Radius GMR team adjusts the product in an interactive, user-friendly simulator, after important drivers of loyalty for each customer segment are recognized. Apart from allowing them to differentiate strategies that move vulnerable customers to content customers, this process also enable users to examine alternative strategies, the company has stated.
“Too often, companies have ongoing customer satisfaction tracking systems that yield little to no direction for future action," says Radius GMR's managing director Chip Lister. "With LoyaltyDeveloper marketers are able to develop customer satisfaction metrics that predict very specific business outcomes like increasing share of wallet, increasing retention, or building a deeper customer relationship. It's important to note that not all customers are your 'best' customers.”
Recently, the company offered Pathway Analysis, which, according to the company, is a new approach to detect and dissect the numerous components of the consumer purchase process. Decision Pathway Analysis will identify the various "decision pathways" that shoppers follow to a brand as well as the frequency with which these pathways occur, with the help of a data-driven process.