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White Paper: The Loyalty Connection: Measure What Matters and Create Customer Advocates
Overview
Loyalty experts agree it is more cost effective to retain customers than to acquire them, but, based on numerous interviews and two surveys, CRMGuru found that few companies have strong programs in place. And those that do may be focusing on the wrong things.
In a landscape of similar products and global competition, cutting down on defection—or churn—and building loyalty can be a significant way to grow your business. For example, churn rates for mobile telecommunications companies in Great Britain average between 25 percent and 35 percent, according to Customer Value Management expert Graham Hill. At the low end is Virgin Mobile, with about 14 percent of its customers leaving annually. At the high end is T-Mobile, with a 34.8 percent churn rate. Hill says the cost to replace these departing customers is €122 million or about $162.3 million.
Most business leaders believe in loyalty. The CRMGuru survey found that nearly 80 percent felt that loyalty was either “extremely important” or “very important” to top management. Unfortunately, they may be investing their money in the wrong areas. CRMGuru survey respondents prioritized investments in new customer acquisition (40 percent) much higher than customer retention (22 percent).
In this white paper, we will learn why customer loyalty is so crucial to business success. But more importantly, we will discuss four steps to improve loyalty and retention which, if focused on appropriate customers, will improve profitability.
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