Trustpilot, Mention Me and Narvar came together with over 25 retailers at our London breakfast briefing, a 2-hour overview of the state of post-purchase and customer loyalty, to provide a formula for delivering extraordinary customer experiences.
Retailers and brands wanted to know: How can you use technology to build trust with consumers? How do you retain these customers and inspire them to make new purchases time and again? And how can you capitalize on word-of-mouth and peer recommendations to increase customer loyalty?
We know that the answers to these questions can mean the difference between success and failure for brands and retailers. So we took a deep dive into the formula for winning all-important customer loyalty, examining the topic from multiple perspectives.
Trustpilot, which analyzes half a million consumer interactions each month, revealed that four out of the six main areas around which customers leave reviews are related to the post-purchase part of the journey. Analyzing a dataset of over 19M UK customer reviews, Trustpilot ascertained that feedback centered on six key themes: product, price, promoters, delivery, refund and customer service. More than 25% of all one-star (negative) reviews reference poor customer service. Another 25.4% of one-star reviews are due to delivery. And 23.6% of one-star reviews cite refunds. Positive post-purchase experiences are clearly fundamental to creating happy customers.
Mention Me, the friend referral platform, next looked at the topic of trust, referral and customer acquisition after purchase. Mention Me provided insight into what it takes to turn a customer into a “core repeater” or a highly loyal customer. It’s important to capitalize on the “honeymoon moment”—when a customer is at the height of their emotional engagement, usually right after a sale. This post-purchase moment is perfect for increasing a customer’s emotional engagement with a brand or retailer. It’s wise to so not go dark on them at this critical time.
Finally we heard from Anthony Gavin, Narvar’s EMEA Regional Director. Anthony brought all of these strands of discussion together when he explained the concept of the “Hierarchy of Post Purchase Needs.” Based on our own extensive consumer research in the UK, the hierarchy describes the experiences beyond the “buy” button that are the most important in determining if a consumer will buy from a brand or retailer again. Spanning communications, delivery, care and more, an understanding of this concept is critical in building brand loyal “core repeater” customers and taking advantage of those “honeymoon moments.” (Stay tuned for a full deep-dive coming soon.)
It’s clear that for the modern consumer, experience is everything. However, while many brands have invested heavily in the pre-purchase phase, the post-purchase area is often neglected. Our amazing speakers made a strong case for why brands and retailers need to pay close attention to what goes on beyond the buy button in order to drive new levels of customer loyalty, trust and satisfaction.
To learn about some of the core post-purchase metrics and how you can improve them, download our ebook, 6 Ways to Measure Your Post-purchase Experience.