Build long-lasting relationships with loyal and profitable customers
Everybody knows that customer retention and loyalty are critical to success. Study after study in the past two decades has demonstrated that corporate resources are better directed at keeping an existing customer than finding a new one. We can also all agree that it's easier to grow revenue through 'share of wallet' improvements than trying to break into new consumer segments.
Since these ideas are now so well understood and so widely distributed, how are you to achieve any competitive advantage from them?
At Advanis we believe that the conventional wisdom on customer loyalty and retention doesn't go far enough to help companies develop nuanced, competitive strategies to nurture and develop their customer relationships.
Our research has shown us that customer loyalty towards (for example) their bank or their long distance telephone company is markedly different to their relationship with (for example) the manufacturer of their favorite soap or shampoo.
These subtle differences have far reaching consequences for the corporation's retention and loyalty strategies.