Fighting Churn and Building Loyalty [Part 4]
The Oath of Horatii by Jaques-Louis Davis. Louvre, France In this part of the series "Fighting Churn and Building Loyalty", I will be talking about the loyalty concept. It will be a bit longer than the other previous parts, because I personally feel that the area of customer loyalty is one of great importance and also of great complexity. The most important question to ask when working in the business world: " is my customer base healthy?" A healthy customer base is a very broad definition. Depending on the industry, and the different market benchmarks that can be made, each company could have a slightly different view on the health of its customer base. However, the most sought after KPI to measure the health of any customer base is 'Repeat Business'. This KPI indicates the percentage of your revenue that was generated by repeated customers. One would define a repeated customer as a customer that did more than one transaction over a fixed period...