Every business needs to evaluate the business value of a new service that costs money, even if the cost is relatively low. The business value of know’N’act can be broken out into two broad components.
- Can know’N’act reduce your customer churn and what is that worth when you consider what could have been the lifetime value of that customer for you? Our ROI calculator provides a simple mechanism to determine the value of customers lost in this manner so that the ROI on using know’N’act is easy to evaluate.
- Can know’N’act drive up revenue and if so, by how much? With the couponing, sweepstakes and gifting features of know’N’act, driving up revenue is a matter of using the right tools appropriately. If you can generate coupons or use the “Send a Gift” features that:
- Bring back customers faster or
- Bring in new customers that were not regulars before or
- Just get customers to spend more with you at every visit by cross-selling or upselling
Then you have the ability to drive up revenue in a measurable way.
Net – know’N’act drives real business impact via two equally important mechanisms. Reducing churn and bad customer perception (which spills over into social media) is a great defensive measure. Using the couponing and other gamification options can help drive greater revenue through repeat traffic, new traffic and cross-sell or upsell opportunities.
Try our easy to use ROI calculator to evaluate the impact for your business.
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Address the negatives
Upsell and cross-sell opportunities