How to win and keep customers harvard business review

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how to win and keep customers harvard business review

Harvard Business Review on Increasing Customer Loyalty by Harvard Business School Press

How do you keep your customers coming back-and get them to bring others?

If you need the best practices and ideas for making your
customers loyal and profitable--but dont have time to find
them--this book is for you. Here are nine inspiring and useful
perspectives, all in one place.

This collection of HBR articles will help you:

- Turn angry customers into loyal advocates

- Get more people to recommend you

- Boost customer satisfaction by satisfying your employees

- Focus on profitable customers--whether theyre loyal or not

- Invest in the right CRM technology for your business

- Mine customer data for more effective marketing

- Increase your customers lifetime value
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Published 01.05.2019

Strategy - Prof. Michael Porter (Harvard Business School)

Focus on Keeping Up with Your Customers, Not Your Competitors

Companies often apply consumer marketing solutions in business markets without realizing that such strategies only hamper the acquisition and retention of profitable customers. Unlike consumers, business customers inevitably need customized products, quantities, or prices. A company in a business market must, therefore, manage customers individually, showing how its products or services can help solve each buyer's problems. And it must learn to reap the enormous benefits of loyalty by developing individual relationships with customers. To achieve these ends, the firm's marketers must become aware of the different types of benefits the company offers and convey their value to the appropriate executives in the customer company. It's especially important to inform customers about what the author calls nontangible, nonfinancial benefits--above-and-beyond efforts, such as delivering supplies on holidays to keep customers' production lines going. The author has developed a simple set of devices--the benefit stack and the decision-maker stack--to help marketers communicate their firm's myriad benefits.

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Right now, customers are experiencing your company. They may be interacting with your mobile app, company website, on the phone, by email, in person and possibly multiple ways at once. The question is: Are those experiences forging a bond — or driving your customers to look for alternatives? Acquiring new customers is expensive, so keeping the ones you have and increasing wallet share is critical to survival. The report, Lessons From the Leading Edge of Customer Experience Management , is an in-depth study of more than customer experience management executives worldwide. The results show a distinct divide between the leading companies and the laggards in profitability, revenue, market share and customer retention see Figure 1.

Every company these days seems to be either contemplating or pursuing digital transformation. Most cite the need to keep up with disruptive and well-established competitors. But perhaps this focus is too narrow. We believe the greatest challenge to companies today is not keeping up with their competitors , but with their own customers. One reason is that individuals are transforming to digital faster than organizations. Think for a moment about people as tiny enterprises. Have you reinvented your core processes to the same degree?

5 thoughts on “Harvard Business Review on Increasing Customer Loyalty by Harvard Business School Press

  1. Marketers see today's consumers as web-savvy, mobile-enabled data sifters who pounce on whichever brand or store offers the best deal. Brand loyalty, the.

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