Loyalty Management

Did u know there is something called "Loyalty Management"? Well, if you didn't know, here's what it means - "Loyalty Management grows a business’s revenues and profits by improving retention among its customers, employees and investors." in Darrell Rigby's own words. Loyalty programs measure and track the loyalty of various groups, diagnose the root causes of defection among them, and develop ways not only to boost their allegiance but turn them into advocates for the company. He also mentions that Loyalty Management quantifiably links financial results to changes in retention rates, maintaining that even small shifts in retention can yield significant changes in company profit performance and growth.

Common uses, as identified by Darrell Rigby include:

a) Build lasting relationships with customers who contribute the most to profitability, and capture a larger share of their business;
b) Generate sales growth by increasing referrals from customers and employees;
c) Attract and retain employees whose skills, knowledge and relationships are essential to superior performance;
d) Improve productivity, and decrease recruitment and training costs;
e) Strategically align the interests and energies of employees, customers, suppliers and investors, in a self-reinforcing cycle;
f) Improve long-term financial performance and shareholder value.

WOW! Whadda concept!