FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W273572849> ?p ?o ?g. }

• W273572849 startingPage "31" @default.
• W273572849 abstract "In debunking six retention myths, the author offers a better way to build a true customer relationship, in which both parties find value Bank customer retention is up a bit. Or down a bit. Maybe it's holding steady. The answer changes with the study of the month. The different conclusions fail to disguise the larger point. A whole industry (mutual funds) and legions of companies (Schwab, et al) owe their success largely to the wallet share they lifted from banks, in broad daylight, right when the banks were mounting guard against that very assault. If this is retention, what would defection look like? Of all the customer initiatives in any bank, retention is one of the most prominent. It is backed up with retention rallies, defection tracking, cross-sell campaigns, and personal interventions. Retention, indeed, is make-or-break because regardless of the business, channel, or product, a mere handful of customers account for most of the profits. Lose a few, and you can spend a whole year's worth of your front-line sales and service capacity lust getting back to the starting line. We believe defection occurred--is occurring--because banks, like many other companies, treat retention as an event--and as a separate strategy to be implemented and moved on from. Mistaking retention for loyalty, and seeking to shore up loyalty, they subscribe to some enticing myths about retention. MYTH #1 High-profile retention programs seriously alter loyalty patterns. Announcing a major retention program does work well as a clarion call. It gets everyone focused on the fact that value is slipping away. It drives efforts to seek out certain customers and identify deliberate means of making sure they stay kept. That's a good thing. But it unwittingly masks a bad thing. The energy expended in those proactive retention efforts belies the fact that they account for a tiny fraction of the customer's experience. A retention tactic may be sound, but if it is not part and parcel of the entire customer experience--if it is just one more transaction for the customer, why would loyalty go up? Airlines now single out their very best customers for an on-board visit from a solicitous representative. Is there anything we can take care of on your arrival in London? Clearly a proactive retention technique and appreciated, I'm sure. But if you consider the rest of the service experience during the flight, plus all the phone calls and waiting lines before the flight, how many other unmanaged interactions actually define that customer's defection or loyalty? Heroic retention forgets that the customer's experience consists mainly of customer-initiated dealings across all channels where retention is not the main thought in anyone's mind. Retention happens all the time, whenever and wherever the customer shows up, not just when the trumpet blows. MYTH #2 Focusing on the most-likely-to-leave should be the first line of defense against defection. When management tells the front-line, Here are your best customers who look ready to walk--no matter what, hang on to them, they are saying, Spend your energy on those who now require a lot of it. Since it takes skill, insight, and often high-level authority to reverse the course of a wavering customer, that means assigning the best resources to these at-risk customers. Good retention is the lob of the whole customer contact apparatus. Making retention the job of the person with the likely-to-leave list is like making surgeons responsible for a hale and hearty populace. After all, when beeping monitors send the whole medical team racing to the patient in intensive care, the objective is not wellness but resuscitation--and very costly at that stage. Likewise, when a customer gets a flurry of solicitous calls about a plunge in account balances, it is a little late to talk about building loyalty. …" @default.
• W273572849 created "2016-06-24" @default.
• W273572849 creator A5004475709 @default.
• W273572849 date "2000-02-01" @default.
• W273572849 modified "2023-09-23" @default.
• W273572849 title "Why Dedicated Retention Efforts Often Fail" @default.
• W273572849 hasPublicationYear "2000" @default.
• W273572849 type Work @default.
• W273572849 sameAs 273572849 @default.
• W273572849 citedByCount "0" @default.
• W273572849 crossrefType "journal-article" @default.
• W273572849 hasAuthorship W273572849A5004475709 @default.
• W273572849 hasConcept C101276457 @default.
• W273572849 hasConcept C112698675 @default.
• W273572849 hasConcept C140781008 @default.
• W273572849 hasConcept C144133560 @default.
• W273572849 hasConcept C146897074 @default.
• W273572849 hasConcept C162853370 @default.
• W273572849 hasConcept C18903297 @default.
• W273572849 hasConcept C2776829547 @default.
• W273572849 hasConcept C2776967331 @default.
• W273572849 hasConcept C2778735886 @default.
• W273572849 hasConcept C2780378061 @default.
• W273572849 hasConcept C86803240 @default.
• W273572849 hasConceptScore W273572849C101276457 @default.
• W273572849 hasConceptScore W273572849C112698675 @default.
• W273572849 hasConceptScore W273572849C140781008 @default.
• W273572849 hasConceptScore W273572849C144133560 @default.
• W273572849 hasConceptScore W273572849C146897074 @default.
• W273572849 hasConceptScore W273572849C162853370 @default.
• W273572849 hasConceptScore W273572849C18903297 @default.
• W273572849 hasConceptScore W273572849C2776829547 @default.
• W273572849 hasConceptScore W273572849C2776967331 @default.
• W273572849 hasConceptScore W273572849C2778735886 @default.
• W273572849 hasConceptScore W273572849C2780378061 @default.
• W273572849 hasConceptScore W273572849C86803240 @default.
• W273572849 hasIssue "2" @default.
• W273572849 hasLocation W2735728491 @default.
• W273572849 hasOpenAccess W273572849 @default.
• W273572849 hasPrimaryLocation W2735728491 @default.
• W273572849 hasRelatedWork W114911781 @default.
• W273572849 hasRelatedWork W2413377875 @default.
• W273572849 hasRelatedWork W2481275312 @default.
• W273572849 hasRelatedWork W2484685827 @default.
• W273572849 hasRelatedWork W2495712511 @default.
• W273572849 hasRelatedWork W2495966731 @default.
• W273572849 hasRelatedWork W2498837874 @default.
• W273572849 hasRelatedWork W25675738 @default.
• W273572849 hasRelatedWork W264559434 @default.
• W273572849 hasRelatedWork W2801774877 @default.
• W273572849 hasRelatedWork W285320389 @default.
• W273572849 hasRelatedWork W2885591022 @default.
• W273572849 hasRelatedWork W3033462 @default.
• W273572849 hasRelatedWork W318276657 @default.
• W273572849 hasRelatedWork W69002512 @default.
• W273572849 hasRelatedWork W2183699853 @default.
• W273572849 hasRelatedWork W2198349240 @default.
• W273572849 hasRelatedWork W2233449121 @default.
• W273572849 hasRelatedWork W2400483670 @default.
• W273572849 hasRelatedWork W2612202850 @default.
• W273572849 hasVolume "92" @default.
• W273572849 isParatext "false" @default.
• W273572849 isRetracted "false" @default.
• W273572849 magId "273572849" @default.
• W273572849 workType "article" @default.