80% of clients will buy services from a business that personalizes their experiences.1 To do this, you have to accurately interpret buyer data to fully understand your clients.
The instasculpting business is becoming more competitive, with new entities penetrating the market. Therefore, focusing on the right consumer metrics can help you develop services that actually consumers want.
Buyer Metrics You Should Track to Create a Customer-Centric Business Strategy
Here are four buyer related key performance indicators you should focus on;
Customer Retention Rate (CRR)
It takes 5 times more resources to keep a customer than to acquire a new one. 2 Therefore, this means that for your instasculpting business to be successful, you need to ensure you have a high CRR.
The customer retention rate is the percentage of customers that remain with you over a period of time. It is seen as a measure of service effectiveness and client satisfaction.
Leaky Bucket Ratio
This ratio shows the number of clients lost relative to those that are gained within a period. A low Leaky Bucket Ratio implies that there are more clients coming into the business than leaving. This is a good indicator for long-term business success.
Reducing the Leaky Bucket Ratio can be done by improving customer satisfaction rates. You can also implement creative marketing strategies.
Referral Rates
Word-of-mouth advertising is an important marketing strategy in the instasculpting market. Consequently, satisfied customers usually tell their friends and families about the business. High referral rates thus show that you are offering a quality product to the clients.
You can increase your referral rate by improving the quality of service. This can be done by hiring competent staff and getting better instasculpting machines.
Employee Retention Rates
Top-notch employees are vital to the success of businesses in the service industry. Thus, hiring the best staff results in a superior customer experience. This then ensures steady company growth and success.
Employee retention rates improve when you offer good working conditions to the workers. This ranges from competitive wages, good working hours, and employee support.
You can also track candidate recommendation rates for vacant positions in the company. If your employees recommend their friends often, you are likely a good employer.
Build a Customer-Centric Business Strategy Using Key Buyer Metrics
Consumer metrics have become very important in the creation of business strategies. They allow you to predict the success or failure of an adopted approach early into the process. This gives you the power to modify and scrap bad policies before they have negative effects on your business.
Understanding how the customers behave can help you retain the current customers and attract new ones. Consequently, this ensures business growth despite the competitive market.
Links to External Sources Used
- 50 Stats Showing The Power Of Personalization – https://www.forbes.com/sites/blakemorgan/2020/02/18/50-stats-showing-the-power-of-personalization/
- Don’t Spend 5 Times More Attracting New Customers, Nurture The Existing Ones – https://www.forbes.com/sites/jiawertz/2018/09/12/dont-spend-5-times-more-attracting-new-customers-nurture-the-existing-ones/
