September 2006
Intermediate to advanced
192 pages
2h 37m
English
Let me toss some statistics at you. More than 50% of customers would pay a 20-25% premium for their favorite brand before switching to another brand. In some categories, a 5% increase in loyal customers can produce a 95% increase in profitability. In certain luxury categories, 10% of the customers generate 50% of the sales. It’s enough to make any marketer’s heart beat faster.
Scott M. Davis and Michael Dunn, in their book, BUILDING THE BRAND-DRIVEN BUSINESS, offer six reasons for encouraging customer loyalty: When customers are loyal, 1) they stop considering other brands, 2) they request your brand by name, 3) they recommend your brand to others, 4) they wait longer and travel farther to get your ...
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