The next 90 days will begin the gradual re-opening of the economy with a degree of social distancing still existing. Metrics that typically define customer loyalty may not be relevant to this new reality. There could be a re-ordering of what defines customer loyalty behind the standard metrics of customer satisfaction, likelihood to recommend, and share of wallet, among others.
To determine what the new dynamics might be, brands will need to start looking at customer perceptions and behaviors by assessing which ones are:
What are the more relevant metrics in today’s environment? One place to start is with the barriers, perceived or real, that customers may have to accessing your brand’s product and service. Typically, we think of low barriers result in higher loyalty, and high barriers result in lower loyalty. To give a somewhat obvious barrier example, toilet paper probably had good brand loyalty pre-COVID, but over the last month, the available brand was the one that got the purchase.
Over the next 90 days, shifts in customer usage and purchase patterns, time spent with brands, and other new dynamics will likely impact engagement and loyalty.”
Product availability is one area that could be affecting customer behaviors in today’s environment, and impacting your brand’s perception, loyalty and purchase. Beyond product availability, how might these other potential drivers be shifting in priority when it comes to engagement:
COVID upended vast swaths of our economic and social well-being. Customers may expect your brand to show more social conscience moving forward, even if it wasn’t on their radar prior to the outbreak.
Over the next 90 days, shifts in customer usage and purchase patterns, time spent with brands, and other new dynamics will likely impact engagement and loyalty. Brands are wise to revise their metrics to understand what drivers are critical now and will have lasting influence, and those that will return as situation eases.
Please feel free to contact us to discuss more about relevant brand metrics.