By Timothy L. Keiningham
In Loyalty Myths , the authors have assembled fifty three of the most typical ideals approximately buyer loyalty – them all flawed or misconceived! all of the ideals during this ebook is debunked with real-world examples. whereas different books converse in platitudes; this ebook is the single one to validate each one proposition with genuine data.
Granted remarkable entry to patron documents from a number of multi-national firms. via those files, Ipsos Loyalty used to be in a position to accurately song the influence of this customer-centric build on genuine buying habit. The authors’ findings and conclusions will stun company leaders all over the world. the teachings discovered from those supply a real advisor for the right kind use of purchaser loyalty.
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Extra info for Loyalty Myths: Hyped Strategies That Will Put You Out of Business -- and Proven Tactics That Really Work
Example text
Without such an examination, shackled purchasers may falsely be misconstrued as willfully loyal. Companies can’t afford to rely on their customers’ inertia to bond their business. Lifetimes and Lifetime Values Mainstream marketing has only recently discovered the concepts of customer lifetimes and lifetime values. Direct marketers originally created these concepts because they required metrics to justify the expense of finding and keeping customers. com. Reproduced with permission. qxd 7/21/05 7:52 AM Page 15 The Myths of Loyalty: Did the Gods Mislead Us?
3 demonstrates this range. In short, 80 percent of a typical firm’s customers do not provide an acceptable rate of return! Striving to retain them all is suicidal. In the case of First Chicago, an examination of the profitability of the firm’s customers revealed that only 33 percent generated an adequate rate of return (and this is a higher percentage than is typically seen for most firms). Even after changing its policies, that number did not come close to breaking 50 percent, as it topped out at only 44 percent of customers.
By disposing of the myths surrounding loyalty, we hope to stimulate a proper focus on customer loyalty. We are committed to the belief that loyalty can truly differentiate firms from their competitors and generate sustained profits. Our belief is that the golden rule of business can be that it is good business to be good. Treating customers and employees with decency and respect can pay substantial dividends. com. Reproduced with permission. qxd 7/21/05 7:53 AM Page 32 Since we became a public company, we’ve had the highest retention of customers in the industry .