quotes from HBS
I was very excited to find that Harvard Business School runs an online magazine. If I can't afford to go there, I will at least soak up as much as I can of what they have to say:
Why building customer loyalty is important:
“[F]or strong customer-facing businesses, our research has shown that a 5% increase in customer loyalty can lead to 40% to 90% increases in the lifetime value of a customer across a variety of industries—from automotive services to advertising.”
On building a cult brand:
“Cult brands dare to be different, observed Matt Ragas, a panelist and co-author of The Power of Cult Branding. Cult brands sell lifestyles, not just a product or service, he added. But cult branding is not a viable path for every company. Most companies don't have the risk-taking mentality. In cult branding, the management and marketers behind it are willing to take big risks and they understand the potential payoff.”
On customer-focused business success:
“The first lesson is that a singular customer focus must be part of the corporate DNA; it has to be systemic within the organization. So to answer your question, every employee is involved from top to bottom, and bottom to top. This is the second lesson we can learn from the quality champions; you have to work it from both ends. The role of upper management is a combination of preacher and cheerleader and the front-line employees must be allowed to participate, and contribute, through cross-functional teams. This is also important because it allows a company to achieve some quick results. The last lesson is that success requires a champion, someone with a singular focus that keeps employees from falling back into the old way of doing things and keeps the teams working together. Possibly, as you suggested, a customer experience manager.”
2003.03.07 01:39 PM