Date Added: Dec 2010
In a world where marketing resources are scarce and acquiring new customers is increasingly difficult, it's more important than ever to retain customers. Unfortunately, it's also more challenging. Yet, the challenges must be overcome?because the alternative simply isn't acceptable. Loyal customers are the lifeblood of a business: they are more likely to remain, and less likely to be seduced by competitive offers. Building and sustaining that loyalty requires adherence to four key principles of success: understanding your customers, one at a time; differentiating their experiences with your company based upon the value and needs of each individual; enhancing trust through personalized and relevant interactions in both traditional and new channels; and creating powerful communities of loyal customers. Read this paper for an insightful dialogue between Don Peppers, founding partner of Peppers & Rogers Group, and Melissa Boxer, vice president of CRM applications at Oracle, as they explore these principles and provide guidance on how to create and sustain loyalty in a multichannel world.