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Key Takeaways
Customer retention and customer loyalty are different concepts, with loyalty requiring an emotional attachment.
The myth that companies can boost profits by 100% by retaining just 5% more of their customers is based on a thought experiment and lacks empirical evidence.
Net Promoter Score (NPS) and other loyalty measures have limitations and should be part of a balanced scorecard approach.
Understanding the jobs customers need to be done is crucial for effective personalisation and customer service.
Customer loyalty is not a necessity for all companies, but it can be desirable if done effectively.
Key Statistics
According to a McKinsey survey, 81% of customers want personalised products, services, and experiences, but 86% feel dissatisfied because they are not getting personalised offerings.
Research conducted by Coon Powell found that in-moment marketing was 44 times more effective than planned campaigns.
Key Discussion Poin...
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