RAPID Loyalty Measurement
The True Test of Loyalty
Bob Hayes, PhD, FSI Advisory Board Member, is the creator of the RAPID Loyalty Measurement approach—what we believe is the true test of customer loyalty. The RAPID approach assesses the three components of customer loyalty—retention, advocacy and purchasing—and includes three metrics that predict financial performance:
- Retention Loyalty Index: Degree to which customers will remain as customers or not leave to competitors
- Advocacy Loyalty Index: Degree to which customers feel positively toward/will advocate your product/service/brand
- Purchasing Loyalty Index: Degree to which customers will increase their purchasing behavior
These three RAPID loyalty indices are useful for understanding the quality of customer relationships that accelerate business growth through new and existing customers. It’s been proven that it is more profitable to sell to existing customers than to find new ones, and the difference between satisfied customers and very satisfied customers can make a big difference in repeat business—and your profits. Check out our resource, Linking Customer Satisfaction to Financial Performance, for more information on how this actually works.
The Power of Insight
Determining the level of customer satisfaction is the first step to understanding why a customer would—or would not—recommend your product, service or company to a colleague. It is in this data that Feedback Systems’ experts thoroughly analyze and provide the insight to allow better decision making—decisions that decrease costs and increase revenues.
Contact us today to see how the power of insight can improve your business.