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Customers Who Create Customers

Jan 15, 2018

The most loyal customer is a customer who creates customers.

We all know that nothing is more powerful than a referral, and Loanezi’s continued growth is a true testament to exactly this theory.

As we enter our third year in business we are really proud that up to now all our growth has been totally organic, and all new clients have been referred by existing clients or from our business network.

Anyone who is serious about business will say with complete conviction that their business strategy is hugely focused on their clients.  Providing great customer experiences is our number one goal.  Results of countless surveys probe for new ideas, products, packaging, and pricing, and rigorously test them in the market. There’s just one problem: the surveys companies traditionally use to understand consumer behavior, satisfaction ratings, and market share-give a picture that is distorted and frequently misleading.

Let’s look first at satisfaction ratings. Research shows there’s actually little correlation between satisfaction and consumer loyalty. A large percentage of consumers who defect to competitors score themselves as ‘satisfied’ or ‘very satisfied’ on surveys just before they jump ship.

Market share provides a bit more realism, but like satisfaction surveys, market share looks backward on past results and behaviour, not forward.

These metrics provide little value for future consumer behavior, which should be the guideline or target for a business’s growth strategy.

It has been proven beyond all doubt that a successful enterprise needs to focus not on satisfaction and market share but on consumer loyalty and advocacy, creating enthusiastic consumers who come back to buy their product and are happy to refer acquaintances, friends and family.

Extensive research shows the most accurate way to measure consumers’ loyalty is to ask them just one question- “How likely are you to recommend our brand to a friend or colleague?” On a scale of zero to 10, the responses will fall into three categories: promoters (those rating you a 9 or 10), who are loyal fans of your brand; passives (the 7s and 8s); and detractors (those giving scores of 0-6). By taking the percentage of promoters and deducting the percentage of detractors, businesses can determine a metric.

 

Our latest NPS result

At Loanezi we are extremely proud to have an NPS rating of 83%. This result is a reflection of the hard work and dedication by the whole team. When we put our customers, vendors and stakeholders at the core of everything we do our business sees successful growth, so it makes perfect sense.

To us providing a great customer experience is about going that little bit further with each interaction we have. It’s about having a positive mindset and being truly passionate about what we are doing. We genuinely believe we are making a difference in the lives of our stakeholders and our NPS result reflects this.

If you want to see what it’s like to work with a team that is passionate about providing great service get in touch with our team today.

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