Customer loyalty crucial for business growth

Customer loyalty crucial for business growth

As consumer expectations continue to increase, building customer loyalty has become more crucial for businesses.

For this reason, businesses today more than ever are trying to understand their customer overall experience better to help them make informed decisions when it comes to their strategies, innovations and growing profitability. 

This was said by Dr. Kenfield Griffith, CEO and Co-founder of mSurvey during the just concluded Nairobi Garage After Office Hours session. The event was held at our Ngong Road Office Space. 

mSurvey is a mobile survey platform that drives decision-making for businesses using customer centric data across the continent of Africa and the Caribbean. 

Under the theme, Growing businesses in Africa through customer feedback and using technology Dr. Kenfield walked the different attendees and our business network through how they can make informed business decisions through customer centric feedback or data. 

“Over 66% of Africa’s economy is informal. That is why we use our platform to help businesses understand the value they bring to the consumers through use of data,” said Dr. Kenfield. 

He added, “We are changing the complexity of the market by changing the conversation between businesses and their customers. Businesses that use a more customer-centric approach in their operations tend to out-perform their competition.” 

Even with a great percentage of Africa’s population being offline, Dr. Kenfield pointed out that as the data maturity increases African companies have gotten better at identifying the right information and measuring it proactively. 

He added that with a platform that reaches over 21 million people across Africa, mSurvey was helping businesses better understand consumers in Africa through its flagship product Voice of the Customer.  

With the product businesses have been able to access customer feedback directly from their customers at scale and in real time through mobile conversations using the Net Promoter Score (NPS) a global metric which enables businesses measure their customer loyalty and boost their customer retention. 

The platform also enables businesses to inform their strategies through real-time customer feedback to improve their customer experience and grow their revenues.

Handling data in the era of data protection laws

When asked by one of the attendees on how the company was surviving in the era of GDPR, rise in cyber-related crimes and the Kenyan Government making strides towards putting into place the Data Protection Laws, Dr. Kenfield said that mSurvey operates on two pillars that is integrity and trust and this has helped the company survive most storms. 

“Our operation largely involves on how we handle our customers data. We are always genuine in building trust with the clients data. We try our best to change the whole data narrative in the continent as we take data and data protection quite seriously,” he added. 

The new GDPR Laws implemented by EU are perceived as the strongest attempt yet by regulators anywhere in the world to come up with legislation for the rapidly-shifting digital economy.  

The laws require that companies inform their consumers what type of data they are gathering from them, why they are gathering this data and how long they store the same. The laws also require that companies get the consent of their consumers to collect their personal data and provide consumers access to it as well as the right to have the data erased, or to restrict it from being processed. 

In special circumstances, users can ask companies to delete the personal data they hold including if they believe the data is no longer serving the original purpose for its collection.

As he concluded his key note, Dr. Kenfield also had a word to entrepreneurs , “Put your product out there and wait for customer feedback. Your product will never be perfect until you get feedback.” 

New Partnership to help businesses best understand their customers

Earlier this year mSurvey announced a VC raise of $3.5m, to help its continued growth in Africa, as well as build on its infrastructure and partnerships but months later it seems that was not the only good news for the eight year old company.

During the same event, Dr. Kenfield announced that mSurvey had gone an extra mile in helping businesses best understand their customers. This has seen the company partner with Safaricom’s Lipa na M-PESA platform. 

The new partnership will help merchants across Kenya access customer feedback via Lipa Na M-Pesa through mSurvey’s platform. Merchants using this service will also be able to obtain actionable customer insights to inform their strategy, improve their customer experience, drive growth and profitability.  

mSurvey has also launched quarterly Customer Loyalty Industry Benchmark Report. The report allows businesses understand how they perform against their competition to give them insight into the areas they can improve on in their processes. Read more about the report here. 

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