Every business owner or manager knows that creating satisfied customers is key to establishing customer loyalty and building a business. But many are applying the wrong strategy in trying to achieve customer loyalty: instead of focusing on consistent execution of the company’s value proposition on a day-to-day basis, they waste their efforts constantly chasing after new customers or trying to address every complaint. Using research to demonstrate how striving to turn merely satisfied customers into highly satisfied customers significantly affects loyalty behaviors and in turn boosts profits, Capturing Loyalty lays out a new approach to a very old problem. Additionally, it presents a blueprint for identifying the perceived risks to consumers inherent in your business—many of which are not readily apparent to the casual or even invested observer—and explains how to minimize those risks.
Authors Larson and McClellan explain why trying to ensure 100% customer satisfaction is not the path to achieving customer loyalty, and that the reality is that customer dissatisfaction is rarely the result of an error a business has made—two concepts that many initially find counterintuitive. You’ll learn how to offer your company’s products and services in a manner that creates highly satisfied customers, understand the true value and vast economic benefits of having highly satisfied customers, and see why highly satisfied customers are actually cheaper to serve than others. The book presents a clear and comprehensive plan for creating a loyalty initiative suitable to your business and cascading it through your entire organization, from the C-suite to the line employees.
- Provides research-based insights into consumer behavior across a diverse series of businesses, including health care, food service, hotels, pharmaceuticals, and retail
- Demonstrates that the idea of there being a linear relationship between customer satisfaction and customer loyalty is a myth
- Refutes the oft-heard objection that creating highly satisfied customers is too costly by showing that highly satisfied customers are consistently 2–5 percent cheaper to serve than satisfied ones
- Offers business owners and managers a proven methodology for better understanding the key aspects of a company's product and service offerings that create highly satisfied customers
- Examines the organizational challenges inherent in deploying a customer loyalty initiative and discusses ways that successful companies have overcome these challenges