has been sent a press release entitled "How To Make Your Promiscuous
Customer Faithful Through Symbiotic Loyalty". This arresting item was issued by Forrester
Research and comes to the startling conclusion that customers don't tend to
remain loyal to suppliers that try to squeeze too much money out of them.
According to Forrester's Hellen Omwando, "Consumers have become less loyal
because they believe that most competing products offer the same value and that
price is more important than brand." Or, to put it another way, customers
have found that changing supplier typically brings little improvement in the
third-rate service on offer, but can save a bit of cash. So what can suppliers
do to break out of this cynical circle? According to Forrester, vendors should
seek to win truly loyal customers: "Those who stick with particular firms
or brands because of their emotional connections."
And how are companies supposed to make this emotional connection with their customers? "Firms need to start measuring the return on loyalty (ROL), which quantifies the value that loyal customers generate and will tell them when to invest in these loyalists - or when it's time to break up," Forrester concludes.
Sneak would suggest that offering value for money and good old-fashioned customer service might be a better start, but perhaps that would sound a bit too bleeding obvious. After all, Forrester doesn't want its loyal customers to conclude that they could come up with this kind of stuff themselves, for nothing.
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