Likely return on investment outcomes from unusual acquisition and error, the Adjusted R2 declines considerably, although the pattern of retention results remains the same. The short answer is yes. The result customers, whereas increased acquisition has no corresponding effect turns out to show that unusual acquisition is roughly twice as important on the value of existing customers.
The size of this effect is small, and as unusual defection when explaining changes in the customer base. The result is simply an empirical regularity, which To illustrate this, consider pharmaceutical prescribing. However, more ability based on panel data observations.
Both the absolute value and surprising is the observation of the same principle for declining brands, the variance of these effect sizes can be examined. This is anal- Table 1 ogous to integrating the areas under the curve, but applies just to Regression results for pharmaceutical drugs. Excluding Others The vari- 5. Summary ance for acquisition is The ratio of Reducing customer defection is often suggested as the key to growing the variance of one variable to total variance is analogous to an R2.
The a successful brand. Yet, as a brand normally only loses a small fraction of ratio does not include unexplained variance, but the results of Tables 1 its customers each year, the growth that can be achieved from reducing and 2 suggest that unexplained variance is small. In any event, consider- defection is limited. The results of this study further due to unusual acquisition and 4. So, for this data, acquisition is associated with much greater brand growth is more complex than previously proposed.
These benchmarks are ceutical prescribing. The size of ally low. Reichheld's recommen- turn the general conclusion. Nonetheless, given the strict Such initiatives are well within the capabilities of existing Customer Re- assumptions in the simulation, stating that the ratios or percentages it lationship Management systems.
Rather, a more reasonable increase the emphasis on customer acquisition and prospect manage- approach is to interpret these results as simply showing that the relative ment, and avoid the temptation to over-emphasize customer retention.
References 4. Implications Anschuetz, N. Why a brand's most valuable customer is the next one it adds. Journal of Advertising Research, 42 1 , 15— Baldinger, A. Why brands grow. As acqui- Bass, F. The theory of stochastic preference and brand switching. Journal of Marketing Research, 11 February , 1— Customer equity: Building and managing does, presenting defection metrics alone is to present less than half the relationships as valuable assets.
Harvard Business School Press. Both acquisition and retention should be closely monitored, keep- Blumenthal, D. Doctors and drug companies. The New England Journal of Medicine, 18 , — A corollary is that Customer Relationship Manage- cial service. Journal of Business Research, 62 3 , — While the Cao, Y. Reducing adverse selection through customer relationship need for balance between acquisition and retention may seem obvious, management. Journal of Marketing, 69 4 , — Colombo, R.
A brand switching model with implications for the skew towards publication of customer retention studies highlights marketing strategies. Marketing Science, 8 1 , 89— Dawes, J. You need more customers: the key is how many you have, not how The dangers of a mindset that over-emphasizes defection are illus- much they buy. Marketing Research, 30— East, R. The erosion of repeat-purchase loyalty. Marketing Letters, trated by recent criticisms of the US automobile industry, levied in the 7 2 , — Here, practitioners and East, R.
First-store loyalty and retention among researchers widely believe and claim that the loss of existing customers supermarket customers. Working paper. London: Kingston Business School. Ehrenberg, A. The pattern of consumer purchases. Applied Statistics, 8 1 , is the root cause of US car brands' declining market shares. Indeed the 26— The Dirichlet: A comprehensive have all suffered a dramatic drop in customer retention Vlasic, Journal of the Royal Statistical Society, 5 , — Gupta, S. Valuing customers.
Journal of Marketing The results of the present study imply that the cause is unlikely to be Research, 61 1 , 7— Buying more and buying longer: Concepts in sales. The more likely explanation is that commentators are unaware and measures of consumer loyalty. Working Paper. London: London Business School. Kalwani, M. A parsimonious description of the Hendry sys- of normal defection levels in the industry.
The evidence bears out this tem. Management Science, 23 5 , — Marketing's new paradigm: What's really happening out there. Zero defections: Quality comes to services. Harvard Business Review, 68 5 , — Reichheld, F. The customer relationship management Sharp, B. Purchase loyalty is polarised into either process: Its measurement and impact on performance.
Journal of Marketing Research, repertoire or subscription patterns. Australasian Marketing Journal, 10 3 , 7— Stern, P. Doctoral thesis: Patterns of pharmaceutical prescribing. London: London Reinartz, W. Ride the next wave of marketing knowledge with insights such as how to build Mental Availability, metrics to assess the strength of your brand's Distinctive Assets and a framework to underpin your brand's Physical Availability strategy.
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Marketing: Theory, Evidence, Practice bridges academic theory and real-world marketing knowledge. It introduces students to the core topics necessary for their undergraduate studies and is designed with the future professional in mind.
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This book addresses the No 1 challenge of all major luxury brands today: How can these brands pursue their growth yet remain luxury? How do you reconcile growth and rarity? Each chapter addresses a specific issue relating to the luxury growth challenge such as sustaining the 'luxury dream', adapting the internet to luxury demands, re-widening the gap with premium brands' competition, and the importance of non-delocalization. It also explores in detail facing the demand of the Chinese clients, rising sustainable quality and experiential standards, developing real luxury services and managing luxury brands within groups without diluting their equity and more.
As such, Kapferer on Luxury is the perfect and timely resource for luxury executives, communication managers, luxury observers and advanced students willing to deepen their understanding of this major luxury challenge. Skip to content. How Brands Grow. How Brands Grow Book Review:. Grow Book Review:. Emotional Branding. Emotional Branding Book Review:. Building Distinctive Brand Assets.
A Big Life In Advertising. Grow the Core. Grow the Core Book Review:. A New Brand World. Advances in Corporate Branding. Author : John M.
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