On any given day, your guests have an important view of how your business is running. Individually, your guests' experiences will determine how loyal they will be to your business. Of course, there will be some variation in the collective guest experience, and consequently loyalty.
By closely tracking that collective experience, and the loyalty it fosters, you can get great perspective on how what you're doing today can impact your business down the road. That's what the Fan Value Score (FVS) is all about; quantifying the concept of loyalty. Our proprietary algorithm calculates, for each of your guests, a single "score" that factors in 3 key drivers of loyalty; whether he or she is willing to recommend your business, whether he or she is likely to return, and how you did in meeting his or her expectations.
The big takeaway is that looking at your Fan Value Score data can give you insight into how your operations today will impact the future; loyal guests both come back and make recommendations to people directly in their lives, as well as to a larger audience through social media and review sites.
The FVS Model
Our proprietary algorithm is based on the analysis of 15+ years of guest and customer satisfaction feedback data. The model assigns a score to each guest’s experience (an integer ranging from a high of +2 to a low of -2) based on their responses to our loyalty questions.
Positive FVS values indicate 2 degrees of customer loyalty "strength" pointing to likely positive impact on future business (repeat guest, recommendation, positive feedback on review sites). Conversely, guests who earn the negative scores may impact negatively on future business. FVS 0, or neutral, scores indicate guests who haven't demonstrated through their feedback a strong enough likelihood for impact on future business.
Looking At The FVS Big Picture
We give you two perspectives of the Fan Value Score of your property in our realtime online reports. For any point in time, we calculate an average of the individual FVS scores of the guests staying in your property. By looking at monthly average scores, it’s easy to track trends. We also generate a graphical distribution of the five FVS scores, which are, in essence, loyalty segments that our algorithm generates. For any time period, this enables you to easily see the percentage of strongly loyal guests you have vs. neutral guests, etc.
FVS As A Marketing Tool
Beyond tracking average Fan Value Scores and distribution for performance measurement, there are marketing opportunities associated with the FVS. Many of our clients choose to add a marketing opt-in program to their GuestInsight survey, to which we attach the FVS score. This affords our clients the opportunity to make offers to guests based on their loyalty segment; aggressive offers can be presented to neutral FVS guests to try to entice a return visit; strong +2 FVS guests can be rewarded for their loyalty with offers to cultivate their brand allegiance.
Watch our short video series on Guest/Customer Loyalty to see how we help our clients grow their businesses by keeping score of how loyal everyone who walks through their doors is likely to be.