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Loyalty programs good, observers say, but customer service must lead
This article is part of the March 2012, Vol. 1, Issue 3 issue of Customer Experience Exchange
To ensure they thrive in a struggling market, companies everywhere are experimenting with a whirlwind of loyalty programs that allow them to track and gather feedback from existing and new customers. As these companies figure out what works best, observers such as Matthew Keylock -- recognized as an industry leader in building winning customer strategies -- weigh in on the debate. When it’s time to grow a business, Keylock, senior vice president of new business development and partnerships at dunnhumbyUSA, suggests a word-of-mouth campaign through those loyal customers. “I generally grow my circle of friends through my existing ones, and in most cases this should be the same in business, but many companies and brands spend their time and effort chasing new customers,” he said. Customer loyalty falling According to The Effects of the Recession on Brand Loyalty and 'Buy Down' Behavior: 2011 Update by comScore, 54% of consumers said they bought the brand they wanted most in 2008. By 2010, that number dropped to 45% and further to...
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