I just read the latest issue of CRM magazine, September, 2007 and read a comment by Woody Driggs who is the global managing partner for the CRM serivce line at Accenture. If I read his column correctly, Accenture has a loyalty metric that has the following components:
1. Involvement with the Product or Service Category - this metric looks into how interested customers are with products and services. Apparently Accenture looks into the degree of involvement by customers with either the product or service or both.
2. Commitment to the Brand - this metric looks at the level of passion that customers have about the brands they buy. They are measuring the degree to which customers are willing to pay a premium for a brand. They also want to know if the customer is an advocate for a brand.
3. Likelihood to reevaluate - this metric measures how prone customers are to reevaluate their buying choices. Apparently they are trying to find the points at which customers are willing to switch.
I have simplified the definitions provided by Mr. Driggs and hope that in my simplification I have not distorted their meanings. If so, I apologize. These three components generally follow the three components of my loyalty model which are product, service and relationship. The component that they include that is not included in my model is brand loyalty.
This brings up an interesting dimension that needs to be evaluated further. The question I must answer is whether or not brand loyalty is just a composite of the three components in my loyalty model or is it really a new variable (component of loyalty). The question that comes to my mind is whether or not you can have brand loyalty without having product, service or relationship loyalty or is this a summary variable that is some function of some of them or all three. Is the brand loyalty variable an independent variable or does it have a high correlation to the three in my model and hence not really a separate variable?
Accenture believes this model will increase a company's ability to improve segmentation and improve their market focus and help them retain the most profitable customers. My previous blog demonstrates that a company with a customer focus will out perform those companies who do not have a customer focus. This suggests that Accenture will improve their client company's performance whether their model is correct or not.
More on the brand loyalty variable issue later.
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