Life Science Industry Market Research

Securing Customers for Life

Maintaining satisfied customers does more than just provide repeat purchases. It is also the biggest factor impacting new sales and growth for your company. But satisfying a customer without also earning loyalty may not be enough. They still might not return to you for their next purchase or convince others to do the same. The act of making a recommendation is an expression of trust, putting the scientist's reputation on the line to improve a colleague's research. In gauging Customer Loyalty, a number of metrics can be employed depending on the source of the data, timing of collection, and the intended use of the results. Selecting the appropriate metric(s) is an important decision, as a single loyalty predictor may not meet all of your needs or work for every situation.


Predictor

Description
Advocacy Actively referring other scientists to try your products.
Attitude Do they believe you will be able to support their research in the future, that yours is a brand they can trust?
Behavior Repeat purchases, increasing spend on your brand.
Experience Are they satisfied, did they have a positive or negative experience or impression after using your products?
Review / feedback Direct feedback through sales rep regarding the performance of your products.
Relationship How do they view their relationship with your brand?
Social media / blogs Have they reviewed your product and shared their opinion on the Internet for others to evaluate prior to purchasing?

A loyalty metric is a key measure of how committed your customers are to continuing to do business with you, and how strongly they view your relationship to their research. An effective metric should provide a valid predictor of revenue growth, customer retention, and areas for improvement. Managing this metric will reward your customers appropriately, ultimately creating a more positive experience with your brand, increasing retention and brand recommendations.

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In a recent study on loyalty and propensity to switch suppliers published by BioInformatics, LLC (Understanding Switching Dynamics: Maximizing Customer Retention in the Life Sciences), BioInformatics developed a dashboard comprised of several metrics related to satisfaction, customer retention, loyalty, and expectations. A loyalty dashboard is a convenient way to track and monitor your various loyalty metrics, and can be easily shared and understood by your team.


The Customer | Customer Satisfaction

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