For many years now, Andrew Ehrenberg, Professor of Marketing at London's South Bank University, has been urging marketers to forget loyalty and embrace "nudging". His reasoning was that big brands are big because they are bought by more people, whether they are loyal or not. Concentrating on loyalty alone misses the point. Better, he says, to concentrate on "nudging" gently but continually, reminding the consumer that you are there, you are relevant and you can provide the satisfaction they want.
Yet the best customers, we are told, are the loyal ones. They cost less to serve, they are less price sensitive, they act as brand advocates and, thereby, they make us more money. Concentrate on building a relationship with the customer, make them more loyal, profits will rise and you'll never look back. But is it really that simple?
Read our white paper on how to use Customer Value Management to increase customer loyalty to find out.
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- 3rd April 2020 Create Date
- 18th June 2020 Last Updated