How Loyal Are Customers? Good News For Credit Unions, Bad News For Sprint March 10, 2008
Posted by Bruce Temkin in Customer experience.trackback
I recently analyzed consumer loyalty patterns across 9 industries (banks, credit card providers, health plans, insurance firms, Internet service providers, investment firms, retailers, TV service providers, and wireless carriers) in the report The Strength Of Customer Relationships. Here are a few of the findings:
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Retailers have the most loyal customers
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Banks have the least loyal customers
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We also looked at 112 large organizations relative to their industry averages and found that customers were the:
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Least likely to switch away from credit unions, Medicare, USAA, Virgin Mobile, and American Express
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Most likely to switch away from Sprint/Nextel, Circuit City, Gap, National City Bank, and Radio Shack
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Most likely to buy additional products from credit unions, USAA, Citizens Bank, TracFone, and American Express
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Least likely to buy additional products from Nextel, Capital One/North Fork Bank, AIG, Charter Communications, and Citibank
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The bottom line: The key question is how loyal are your customers?
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