'Virtually everything we have been told about the relationship between customer loyalty and financial outcomes is bunk' according to a new book by two US-based business strategists from Ipsos Loyalty.
In Loyalty Myths: Hyped Strategies That Will Put You Out of Business and Proven Tactics That Really Work, Ipsos Loyalty Senior VP Timothy Keiningham and Chairman Emeritus Terry Vavra challenge the conventional wisdom on loyalty, claiming to 'debunk 53 accepted practices and offer tested strategies to set businesses back on track'. Major topics include management practices, loyalty programs, and profitability.
The links between customer loyalty and growth and profitability are 'far more complex than we have been led to believe' according to the authors. 'An improperly directed program can result in keeping the wrong customers and ironically deflating an organization's profitability' and the most popular maxims of customer retention can 'poison management practices and affect the bottom line'.
In their place, the book offers 'Seven Tested Strategies To Get Back On Track', including:
All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.
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