In a time when the economy is so volatile, it is important to understand customers' spending patterns. "Focussing on retaining customers alone does not have a big enough impact on a company's bottom line," states Rentia Kramer, Head of Ipsos Loyalty in South Africa. Even though your brand could be receiving high satisfaction and recommendation ratings from customers, it could still be losing sales if customers are more satisfied with, and more likely to recommend, a competitor. It is valuable and important to measure how happy your customers are and how likely they would be to recommend your brand, however it doesn't shed any light on how customers are dividing their spending between your brand and its competitors.
Issued by Ipsos 24 Jul 2014 12:29