| Did you ever wonder if some of those age old sayings | | | | independent; you must manage them hand-in-hand.? |
| about marketing are true? For instance, we?ve all | | | | The authors do a good job of going through how to |
| heard ?It costs five times more to acquire a new | | | | build and measure a loyalty program around these |
| customer than to retain a current customer.? But does | | | | ?truths.? |
| anyone have any proof of that? That is exactly what | | | | The book is an extremely fast paced, entertaining |
| a group of authors set out to do in Loyalty Myths: | | | | read. Anyone reading the book with an open mind will |
| Hyped Strategies That Will Put You Out of Business ? | | | | agree with the authors? solid reasoning. In particular, |
| and Proven Tactics That Really Work. The authors, | | | | business owners, CEO?s, and anyone in marketing or |
| Timothy L. Keiningham, Terry G. Varva, Lerzan Aksoy, | | | | consumer affairs will directly benefit by eliminating |
| and Henri Wallard are all experts in consumer loyalty | | | | these ?myths? from their business and implementing |
| and use their wealth of knowledge to dispel common | | | | the ?truths.? This book can have a very real impact on |
| myths and offer insight into what really works. | | | | your company?s bottom line. Many businesses |
| The book chooses and interesting format ? the first | | | | mindlessly pour money into customer loyalty programs |
| six chapters are devoted to dismiss over fifty | | | | without taking the steps outlined in this book. For some |
| common ?loyalty myths? and the final two chapters | | | | companies, a loyalty program doesn?t even make |
| are used to learning about why customers are loyal | | | | sense. For others, their program needs a significant |
| and how a loyalty program should be managed. Each | | | | overhaul. This book will help you identify where your |
| of the ?loyalty myths? chapters contains several | | | | business is and give you the tools to make |
| ?myths? grouped together by common themes, such | | | | improvements. |
| as Loyalty Myths That Subvert Company Goals and | | | | The only downside with the book is the shear number |
| Loyalty Myths Regarding Employees. The chapters | | | | of myths. Many of the ?myths? blend together and |
| both begin and end with an example pulled from | | | | readers would probably be more likely to retain the |
| industry that encompasses all of the myths mentioned | | | | ?myths? if there were ten as opposed to fifty-three |
| in the chapter, with the actual myths discussed in the | | | | (similar to the seven ?truths?). The amount of myths |
| middle. | | | | also doesn?t allow for the authors to go into quite as |
| The authors spend a couple of pages banishing each | | | | much detail as one would like for each ?myth.? There |
| of the fifty three myths. Some of the myths are things | | | | are several myths that aren?t so much dispelled in the |
| that we tend to take for granted, such as ?Companies | | | | paragraph or two devoted to it, but within the context |
| tend to know their customers,? while others like | | | | of the entire chapter. It just seems like it would have |
| ?share-of-wallet increases as customer lifetimes | | | | made more sense to combine many of the myths. |
| increase? would seem intuitively true. For each and | | | | Overall, Loyalty Myths: Hyped Strategies That Will Put |
| every one, the authors use solid historical data to dispel | | | | You Out of Business ? and Proven Tactics That |
| the myth and show the negative business effects of | | | | Really Work is a tremendously entertaining and |
| believing it. | | | | enlightening read. Anyone that has an interest in |
| The final two chapters focus on seven ?loyalty truths? | | | | consumer loyalty will learn a great deal of directly |
| such as ?Don?t manage for customer retention | | | | applicable information that can save their company |
| before you manage for customer selection? and | | | | money and help differentiate them from the |
| ?Customer loyalty and brand imagery are far from | | | | competition. |