Driving Profitable Growth Through Improved Customer Loyalty
Source: McKinsey & Company
Improving customer loyalty has clear, quantifiable benefits. The paper shows that improving customer migration can bring four times the economic impact typically achieved by reducing attrition rates alone. Yet as attitudes change, new competitors enter, and technology evolves, customer loyalty is declining across a broad range of industries. To meet this challenge, author worked with clients in all sectors to develop high-impact approaches to boosting customer loyalty that will drive profitable growth. The factors that lead customers to migrate downward to lower-value products and services vary significantly across industries and from company to company.