"Yesterday, I overheard one of my colleagues say about his family, "We're Subway people; we go there all the time." That statement shows incredible customer loyalty. The most loyal customers feel complete identification with a brand.
Brand loyalty shows up everywhere. "I only drink Diet Coke, buy Apple products, drive Subaru cars." People also develop brand loyalty for local businesses on and off line. Creating customer loyalty to pull in customers for continued business can decrease cost and increase income.
Acquiring new customers can cost as much as 5x more than satisfying and retaining current customers (Murphy & Murphy).
A 2% increase in customer retention has the same effect as cutting costs by 10% (Murphy & Murphy).
A 5% increase in retention yields profit increases of 25-100% (Bain and Company).
Repeat customers spend, on average, 67% more than new ones (Bain and Company). Read more
Tuesday, September 13, 2011
Wednesday, June 22, 2011
Sunday, January 9, 2011
Soles
From Seth Godin's blog -
All you've got, all your brand has got, all any of us have are the memories and expectations and changes we've left with others.
It's so easy to get hung up on the itinerary, the features and the specs, but that's not real, it's actually pretty fuzzy stuff. The concrete impact of our lives and our work is the mark you make on other people. It might be a product you make or the way you look someone in the eye. It might be a powerful experience you have on a trip with your dad, or the way you keep a promise.
The experiences you create are the moments that define you. We'll miss you when you're gone, because we will always remember the mark you made on us.
There's a sign on most squash courts encouraging players to wear only sneakers with non-marking soles. I'm not sure there's such a thing. If you're going to do anything worthy, you're going to leave a mark.
All you've got, all your brand has got, all any of us have are the memories and expectations and changes we've left with others.
It's so easy to get hung up on the itinerary, the features and the specs, but that's not real, it's actually pretty fuzzy stuff. The concrete impact of our lives and our work is the mark you make on other people. It might be a product you make or the way you look someone in the eye. It might be a powerful experience you have on a trip with your dad, or the way you keep a promise.
The experiences you create are the moments that define you. We'll miss you when you're gone, because we will always remember the mark you made on us.
There's a sign on most squash courts encouraging players to wear only sneakers with non-marking soles. I'm not sure there's such a thing. If you're going to do anything worthy, you're going to leave a mark.
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