New York, NY — Loyalty Myths: Hyped Strategies That Will Put You Out of Business and Proven Tactics That Really Work by Ipsos researchers has been chosen as one of the best business books of the year by Soundview Executive Book Summaries. The company, which publishes book reviews to a subscriber list of about 50,000, selects only 30 business books from about 1,500 its editors receive each year.
Said Linda Gross, Soundview Editor-In-Chief: "Each month the Soundview Editorial Sounding Board applies rigorous selection criteria to new books being considered for summarization. Selected books must provide a business solution, broaden readers’ business knowledge and/or sharpen their leadership or management skills. Loyalty Myths was chosen on that basis as a Soundview Best Book in the category of Marketing."
“Many CEOs worldwide cite customer loyalty as their most important strategic objective, spending billions of dollars to hold onto their current customers,” said the Soundview review of Loyalty Myths. “Thousands of books and even more articles have been written about customer loyalty and everyone agrees that it is vital. But are they right? In Loyalty Myths, renowned authors from one of the world’s premier business research firms reveal the ugly truth about customer loyalty — almost everything you’ve been told about it is wrong! To set things straight, the authors critique 53 of the most common beliefs about customer loyalty and debunk them fully with hard science and even harder data. They also explain the essential truths of customer loyalty that every marketer should know.”
Authors Timothy Keiningham, Terry Vavra and Henri Wallard are business strategists with Ipsos Loyalty -- a global, specialized practice dedicated to helping companies improve business performance through customer satisfaction management, customer relationship management, and employee climate management -- mix decades of experience with the latest academic knowledge in an entertaining and thought-provoking package.
Said Keiningham: “This is quite an honor given that so many high quality business books are published and so few are selected by Soundview.”
Blind pursuit of customer loyalty could be disastrous
Virtually everything we have been told about the relationship between customer loyalty and financial outcomes is bunk, write the Ipsos authors.
“The difficult truth regarding customer loyalty is that how it links to growth and profitability is far more complex than we have been led to believe. An improperly directed program can result in keeping the wrong customers and ironically deflating an organization’s profitability. A blind pursuit of customer loyalty is at best a case of misallocated resources. But at worst it is a recipe for financial disaster.”
They say most companies have not changed their methodology for capitalizing on customer loyalty. Managers everywhere are learning the hard way that the strategies they’re using don’t easily translate into business success and may actually be costing them billions of dollars in missed profits. They examine the most popular maxims of customer retention, revealing why these strategies fail, while showing how they poison management practices and affect the bottom line.
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Ipsos Loyalty is a global, specialized practice dedicated to helping companies improve business performance through customer satisfaction management, customer relationship management, and employee climate management. Ipsos Loyalty provides a state-of-the-art approach to customer-driven business performance through a modular suite of innovative research tools that provides an integrated framework to identify complex global business solutions. Ipsos Loyalty is an Ipsos company, a leading global survey-based market research group.
To learn more, visit www.ipsosloyalty.com
Ipsos is a leading global survey-based market research company, owned and managed by research professionals. Ipsos helps interpret, simulate, and anticipate the needs and responses of consumers, customers, and citizens around the world.
Member companies assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media. They measure public opinion around the globe.
Ipsos member companies offer expertise in advertising, customer loyalty, marketing, media, and public affairs research, as well as forecasting, modeling, and consulting. Ipsos has a full line of custom, syndicated, omnibus, panel, and online research products and services, guided by industry experts and bolstered by advanced analytics and methodologies. The company was founded in 1975 and has been publicly traded since 1999. In 2005, Ipsos generated global revenues of €717.8 million ($853.8 million U.S.).
Visit www.ipsos.com to learn more about Ipsos’ offerings and capabilities.
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