Customer Loyalty Newsletter - June 2018

CUSTOMER LOYALTY | JULY 2018 | ISSUE 22

2

LearnMore about Loyalty:

Click here and subscribe to the Daniel Group Blog. The Daniel Group is the providerWagner uses toconduct our customer loyalty surveys. HTTP://BLOG.THEDANIELGROUP.COM Have questions? Call Talina Jones at extension 3216.

Customer Loyalty and Retention — It Takes Both

Sometimes we think a customer who continues to do business with us is a loyal customer. A loyal customer is not only one who keeps returning but also tells others about their positive experiences with your company. Sometimes, what appear to be loyal

customers are simply “retained” customers. To illustrate, let me discuss my current bank. I will likely stay with my current bank. I have loans with them, both business and personal. I have several credit cards and, of course, checking accounts. So they count me as a loyal customer I suspect, I am more a “retained” customer. Why? It is too difficult, time-consuming and costly to switch. Am I a loyal customer? No. I haven’t recommended this bank to anyone. I have actually taken some of my business elsewhere primarily because of a desire to not have all of my business with one bank. Frankly, I don’t think the available alternatives would be much better. My story illustrates the difference between a retained customer versus one who is loyal. To illustrate this difference a bit more, below are several other environments where there is customer retention to a degree but not necessarily customer loyalty.

Read more on page 3

Made with FlippingBook - Online catalogs