GrowthANSWERS » October eMERGE! - The Journal of GrowthANSWERS

October 8, 2008

October eMERGE! - The Journal of GrowthANSWERS

Filed under: promotional marketing, eMERGE!, 1-to-1 relationship marketing, branding/differentiation, marketing strategy, General —

Closing the Loyalty Gap

In a recent interview with Strategy magazine, I stressed the importance of having loyal customers. Without a loyal customer base, you’re constantly having to find new customers just to replace the ones you lost. Having loyal customers that will buy new products and services is a huge benefit. Businesses often forget its MUCH easier to keep a customer delighted then it is to continually find new ones.

In our first article, we have a guest author, Jack Welch! Oh wait, it’s just Don Rigby referencing an interview and expanding upon Jack Welch’s thoughts and how they apply to the Fortune 100,000. Todd Schnick discusses how important it is to incorporate a plan for customer loyalty into a marketing plan in our second article. Expanding business with current customers by examining the “Voice of the Customer” is the point of Michael McClellan’s article. And finally, George Fergus educates us on guidelines for gifting customers and employees during the holidays.

Remember, customer loyalty can be measured in two ways - how often a customer makes a purchase and how many purchases occur over the lifetime of the customer.

What would happen to your top line if you were able to get a significant % of customers to increase their number of purchase occasions? And, what if you were able to retain that customer for a longer period of time?

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