By Shaun Smith
You desire unswerving consumers, not only chuffed ones. Managing the buyer event: flip consumers Into Advocates indicates you ways to regulate your shopper event and gain the rewards.
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You wish dependable clients, not only happy ones. coping with the buyer adventure: flip shoppers Into Advocates exhibits you the way to control your consumer event and obtain the rewards.
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Additional info for Managing the Customer Experience: Turning customers into advocates
Bain’s Reichheld and Phil Schefter simply conclude: “Price does not rule the web; trust does. ”1 This explains why CEOs at the cutting edge of e-commerce – from Michael Dell, to eBay’s Meg Whitman – care deeply about customer retention. ” In the fall of 2001, researchers at Satmetrix Systems conducted a study to empirically determine if there were any links between improved customer satisfaction and higher price-to-earnings ratios. What they discovered proved more startling than anticipated. The research revealed that the P/E ratios of companies with above average customer loyalty index scores were more than double those of their com- Beyond satisfaction petitors.
Much of the initial frenzy surrounding the new economy 27 28 Managing the customer experience concerned large sums of money being directed at acquiring customers, with little thought to sustaining the relationship over time. In this instance, conventional wisdom is fatally flawed. The economics are simple. It costs six times more to acquire a new customer than it does to keep an existing customer. At the same time, a 5 percent increase in customer loyalty increases the lifetime profits of a customer by as much as 95 percent.
In the same year Tesco overtook its main rival to become the largest food retailer in the UK. It is still leading the pack with Leahy now at the helm as CEO. 26 Managing the customer experience How did Tesco manage its impressive turnaround? Initially, it was the strategic decision to follow the customer rather than competitors. Immediately after that, a whole recovery strategy was laid out based on listening very carefully to customers and changing the organization in order to earn their loyalty.
Managing the Customer Experience: Turning customers into advocates by Shaun Smith