That’s the ratio of consumers that think things will: be permanently changed:go back to normal at some stage. I am of course talking about the impact of COVID. Whichever way you personally view the future, things have most certainly changed for the time being. At TLF we use behavioural science to understand which new habits we think will stick and which are merely contextual, and the impact that this has on customer satisfaction and loyalty.
At TLF we measure what is driving consumer attitudes and behaviours so that we can:
1. Reduce companies’ wastage by ensuring that they don’t focus on aspects that are unimportant to customers
2. Maintain customer engagement by showing companies the type of language that is resonating in these times, and,
3. Improve customer acquisition rates by understanding what the new drivers of satisfaction are.
Armed with this information, we develop Satisfaction Index™ targets for businesses based on the economic, business and consumer conditions. Some companies like to set targets on their Net Promotor Score (NPS) to get a read on customer advocacy instead of satisfaction, which can also be done.
While marketing managers tell us that it’s nerve wrecking to put any predictions down on paper in such volatile and uncertain times, these targets can help businesses formulate a plan and adjust the targets between ambitious, realistic and conservative trajectories, each with their own set of assumptions that provide ongoing contextualisation of performance. These targets are set against the backdrop of TLF’s globally benchmarked database of the performance of thousands of companies, with the top quartile (in green) representing those with the most satisfied customers.
It can be helpful to think about Charles Darwin’s central insight that life is graded on the curve. It is not how strong, fast or clever a business is that matters, but rather how it rates on those aspects compared with rivals. Armed with the customer insights that drive business success (that we know through conducting research for over 500 organisations each year), our clients are empowered to seize the opportunities for growth that take them to the top.
To learn more about target setting check out our 5-min read on it here, or reach out for a chat.
Ben Wright is Director of Research at TLF Australia