Today's economic environment is very challenging. In fact, the average American company loses 20-40% of its customers each year. Recognizing this pattern and its severe impact on competitiveness and profitability, businesses must move away from the long accepted market share strategy to a radically different, more long term approach to business: Building Customer Loyalty.

Increased loyalty can bring cost savings to a company in at least six areas:

• Reduced marketing costs (customer acquisition costs require more dollars)
• Lower transaction costs such as contract negotiation and order processing
• Reduced customer turnover expenses ( fewer lost customers to replace/no churning)
• Increased cross selling success leading to larger share of customer
• More positive word of mouth
• Reduced failure costs

 

Net Promoter® is a powerful tool in gauging customer loyalty and, by extension, company health. Thrive Analytics is a firm believer that loyalty has a direct relationship to the long term financial success of a company. We provide Loyalty Management Consulting and Net Promoter® Programs that help our clients increase their revenues by improving retention of their employees, customers and investors.