Headlights That Only See 5 Feet Ahead
by Joshua Tretakoff | VP, Account Management
A guy I used to work with often likened certain business practices as “driving down a dark country road, at night, at 80 MPH, with headlights that only see 5 feet ahead.” Not only was it fraught with peril, but you couldn’t even see what you had just hit, once you hit it. This thought came to mind today when I read the results from a new study from Retail TouchPoints and The Aberdeen Group, titled Responsive Customer Loyalty: Creating Customer Commitment in Retail.
Specifically, as RetailWire points out, “…the report makes it all too obvious that many retailers are still checking ‘don’t know’ and ‘don’t measure’ when it comes to key metrics around loyalty programs like churn, retention, and customer satisfaction.” Worse, it seems that 35 percent of retailers seem not to be measuring basics such as year-over-year same-store performance, basket size, and customer retention rates.
The good news is that the report seems to point to loyalty programs as a hope by many of the surveyed to start capturing this data. Now, let’s hope they start to make decisions from it as a result!
