Measuring Customer Loyalty As Well As Satisfaction

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Measuring Customer Loyalty
As Well As Satisfaction
Perhaps you have noticed this phenomenon at your bank: Your customer satis-
faction surveys tell you that your customers are “satisfied,” yet they continue to
defect in large numbers.
   The problem, according to Michael Hinshaw, managing partner of MCorp., a stra-
tegic brand and marketing consultancy, is that satisfied customers are not necessarily
loyal customer; and satisfaction surveys do not measure loyalty.
   The company, which has offices in the San Francisco and Portland, Ore., areas, has
begun offering a Loyalty Mapping survey service that is designed to help banks sig-
nificantly decrease customer churn, increase loyalty and drive customer value and
profitability.
   The company describes the service as a “customer listening tool and analysis meth-
odology.” The mapping service is intended to give banks a clear understanding of
where their customers actually stand in their customer relationship lifecycle, and
where banks are in danger of losing them.
   “By asking the right questions of your customers, Loyalty Mapping provides a
clear picture of your bank’s actual performance, and provides benchmark data against
which to measure your progress,” the company says. (see www.mcorpconsulting.com
for more information.)




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Description: Perhaps you have noticed this phenomenon at your bank: Your customer satisfaction surveys tell you that your customers are "satisfied," yet they continue to defect in large numbers.