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1、Author: Jennifer McEnroe Tarr bcCustomer LoyaltyContributors: Kara Gruver, Ruma SanyalMarch 1998Copyright 1998 Bain & Company, Inc. Reviewer: Rob Markeybc2LoyaltyCustomer LoyaltyAgenda What is Loyalty?Evolution of the Loyalty PracticeLoyalty EconomicsHow Bain Helps Clients Maximize the Value of thei
2、r Customer BaseExampleLoyalty Toolsbc3LoyaltyWhat is Loyalty?Loyalty is a perspective on business strategy which emphasizes the delivery of superior value to the best customers and employees. Since their loyalty is key to profit and growth, their acquisition, defection, share of relevant wallet prov
3、ide focal points for measurement, learning and improvement.Customer Loyaltybc4LoyaltyCustomer LoyaltyBain & Company.is responsible for virtually all the economic research, financial analysis and consulting in the field of customer retention and recoveryCouncil on Financial CompetitionLoyalty is a Ba
4、in & Company Innovationbc5LoyaltyCustomer LoyaltyAgenda What is Loyalty?Evolution of the Loyalty PracticeLoyalty EconomicsHow Bain Helps Clients Maximize the Value of their Customer BaseExampleLoyalty Toolsbc6LoyaltyEvolution of the Loyalty PracticeCustomer RetentionCustomer LoyaltyKeeping customers
5、: GoodLosing customers: BadCustomers who buy more: GoodSome customers will never buy moreROS/RMS doesnt work in servicesQuantification of retention economicsCredit/casualty lossesLow spenders or non-borrowersShare of wallet economicsMaryland NationalMBNACommercialBaxter IVD & IV systemsAmerican Expr
6、essState FarmBankInterFirst CommerceFundamental insights:What led to the insights:Some examples:Over the years, the training on loyalty has evolved from dont lose any customers to how do I maximize the value of my customer base.Early in Evolution:Current View:Customer Loyaltybc7LoyaltyCustomer Loyal
7、tyRetention vs. LoyaltyWhat is the difference between retention and loyalty?Loyalty is an approach to business strategy that emphasizes the retaining and growing of profitable customer segments. It is particularly powerful in clients who are in low fixed asset businesses Retention is a tool we use i
8、n diagnosing and measuring a clients success in maximizing the value of their customer bases. Other tools include share of wallet and customer segmentation.Retention is often confused with loyalty because the early insights of the loyalty practice were around the retention of customers. However, usi
9、ng retention rate alone to assess loyalty may mislead clients and not maximize value. Remember, not all customers create value. We want to help clients retain valuable customers.bc8LoyaltyProfitability Drivers - ROS/RMS Beer IndustrySoft Drinks Industry Anheuser-MillerSchlitzPabstOlympiaOperating In
10、come10%9876543210Relative Market Share3.0 x2.01.00.70.40.30.20.10.050.5BuschCottDr. PepperR.C.7-UpPepsiCokeRelative Market Share3x210.70.50.40.30.20.1.050Operating Profit22%2018161412108642We start with the empirically based belief that in many industries, market share is the key driver of profitabi
11、lity.Customer Loyaltybc9LoyaltyProfitability Drivers - ROS/RMSR = .022* Claims and expenses as a percent of premium incomeSource: Bests, Property & Casualty Premium RankingsInsurance Industry ExampleCustomer LoyaltyHowever, many service industries show no relationship between RMS and profitability.b
12、c10LoyaltyProfitability DriversFor these industries, retention is a better driver of profitability. Companies with higher retention utilize their customer assets more effectively.R = .82*Claims and expenses as a percent of premium incomeSource: Bests, Estimated Retention RatesInsurance IndustryCusto
13、mer Loyaltybc11LoyaltyProfitability DriversMidwestGothamChesapeakeLibertyGreat Lakes0%1%2%3%4%70%80%90%100%ProfitabilityRetention Rate OmnicomWPP*FC&BGreyInterpublicLeo Burnett0%2%4%6%8%10%12%14%16%18%Profitability90%92%94%96%98%100%Retention RateCredit Card Industry Advertising IndustryCustomer Loy
14、altybc12LoyaltySource: Bain Survey, Bain & CompanyCustomer satisfaction was the traditional measure of quality in service businesses. But there is little correlation between customer satisfaction indices and financial measures.012345020406080Customer Satisfaction IndicesRevenue100Revenue002040608010
15、01020304050Revenue Change Customer Satisfaction IndiciesRevenue Growth04080120160200020406080100Customer Satisfaction IndicesProfit240ProfitCustomer Satisfaction ProfitabilityCustomer Loyaltybc13LoyaltyCustomer LoyaltyAgenda What is Loyalty?Evolution of the Loyalty PracticeLoyalty EconomicsHow Bain
16、Helps Clients Maximize the Value of their Customer BaseExampleLoyalty Toolsbc14LoyaltyCustomer ValueThe first step in viewing customers as long term assets is calculating lifetime customer value.$15,000$15Single purchaseRetained for 10 YearsNo matter how valuable I was telling them a customer was, our people needed to have that magnitude in their mental balance sheet.Phil Bressler, Dominos PizzaCustomer Loyaltybc15LoyaltyCustomer Profit PatternCustomers are costly to acquire. The longer a custom
