News 6 October 2021
Measuring Customers' Well-Being to Better Retain Them
TSM Professor Lars Meyer-Waarden wrote about how to improve consumer loyalty measurements for companies in the French daily Le Monde.
Measuring user satisfaction is not new. Many companies evaluate the degree of satisfaction of their customers through surveys or the well-known "net promoter score". However, researchers have recently shown that "less than 10% of satisfied customers are loyal to the brand with which they have declared themselves satisfied.”
As a result, companies are now trying to measure the well-being of their customers to better retain them by asking them questions about their emotions, their values, and even their spiritual beliefs. Brands are therefore relying on new indicators that allow them to "fine-tune their actions in order to attract consumers so that they remain “faithful” for the long run".