September 21, 2012
The Miracle, Ecstasy & Cost-Efficiency of Repeat Business: General Motors.
In The Detroit News: "GM To Target Product Loyalty". Excerpt:
Alicia Boler-Davis [GM Vice President for Customer Experience] said GM has launched initiatives to improve customer experience such as sending Chevrolet dealers to train at the Disney Institute; mystery shopping sales and service at dealerships; and engaging consumers through social media.
Each is aimed at ensuring customers are happy with their complete ownership experience, Boler-Davis said.
Attracting new customers is five times more expensive than retaining one, she said.
"It's not rocket science," Boler-Davis said. "You build them right, and you treat people right, and they will come back for more."
My college classmate and former GM chief, the talented and persistent Rick Wagoner, having a customer retention epiphany circa 2009.
Posted by JD Hull at September 21, 2012 10:37 PM
This is an epiphany? This is very, very old news. I was taught the customer retention research at business school in 1989. Perhaps they should have given the top job at GM 20 years earlier to a first year MBA. It might have saved them from near-bankruptcy.
Posted by: Stever Robbins at September 21, 2012 12:46 AM
It's bit of a joke, Stever. Businesses of all sizes and pedigrees have chronic problems remembering and putting into action that power of existing customers feeling happy and safe. :)
Posted by: Dan Hull at September 23, 2012 02:50 PM