It’s time to go back to school. But don’t worry -- there won’t be any pop quizzes, textbooks, or student debt this time.
As many marketers know, “marketing” can sometimes be a catch-all term that covers a wide range of disciplines. You’ve got everything from customer experience, customer relationship management, product marketing, content marketing, and on, and on.
Remembering every key term, acronym and concept can be dizzying. That’s why we’ve created this handy mini-dictionary to help you stay sharp on the entire marketing landscape.
Feel free to bookmark this blog any time you need to reference a new topic or definition, or freshen up for a review session on these key terms.
Let’s dive in.
Brands need to maintain and strengthen their relationship with customers after they purchased a product or service. After-sale customer engagement strategies include providing advice, product recommendations and other essential information to improve CX post-purchase.
In short, after-sale product engagement is building a trusting relationship (read: brand loyalty) with customers after the sale in the hopes of creating repeat customers. In fact, research shows 86% of customers are willing to pay more for better customer service -- and that service extends beyond the initial purchase.
Leveraging data from customer behavior to inform your customer relationship management (CRM) strategy. Methods such as predictive modeling and data visualization provide insights that help businesses identify and anticipate consumer trends.
Interactions with customers in an attempt to build an emotional connection between consumer and business. It’s important, as a fully engaged customer is worth 23% more in revenue.
CX represents the sum of a customer’s interaction with a business or brand. Think holistically -- their perception is formed by the entire marketing life cycle (i.e. browsing your website, talking to customer service, making a purchase, following up on a warranty, etc).
CEM is about outlining a strategy to optimize customer experience (CX). The key is understanding customers’ motivations and building plans to improve your business’ perception and process.
Customers often research or encounter a product or service multiple times before their purchase decision. Each of these interactions is known as a touchpoint, which outlines the customer journey. Shockingly, only 36% of companies have a process to map customer journeys.
CLV measures how valuable a customer is across their entire relationship with a company. Examining CLV helps companies identify key market segments and improve services throughout the customer lifecycle.
An organization’s process -- their practices, guidelines, software -- for interacting with its customers. The end goal is to foster customer engagement and enhance CX.
Retention measures whether a customer continues to use a company’s products or services. Loyalty, meanwhile, is the next level: suggesting that a customer is engaged with the brand or business and potentially willing to become a promoter.
Another commonly used metric that measures customer service and product quality. Respondents are given a 1-5 scale with 1 representing “very unsatisfied” and 5 signifying a “very satisfied” customer.
Churn represents the percentage or rate of customers that stop using a company’s product or service within an established time period. Reducing churn is a major milestone for the large majority of product companies.
The core metric used to measure a company’s customer experience management (CEM) strategy. This 1-10 scale asks customers how likely they are to recommend a business or brand. As it is calculated by the percentage of promoters minus the percentage of detractors, the complete range of NPS scores falls between -100 and +100. According to Retently, NPS is typically between 3 to 62, depending on the industry.
Each product or service undergoes a journey -- from when it’s first introduced to consumers until after it’s purchased. Understanding a product’s “life after the sale” is a key aspect that is often forgotten by companies.
Interactions with customers through various channels -- a website, app or a person-to-person connection with a company representative. Creating effective, real-time, after-sale touchpoints represents an untapped market for companies.
Blustream is your go-to solution for improving your after-sale customer experience. Our After-Sale Product Engagement Platform builds active, ongoing connections between companies and their customers from purchase to product usage to maintenance.
Improving customer experience can double your revenue in just 36 months. Contact us to see a demo and let Blustream start leveraging your product information to bring a transformative after-sale product experience for your customers.