The Wallet Allocation Rule (eBook, ePUB)
Winning the Battle for Share
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The Wallet Allocation Rule (eBook, ePUB)
Winning the Battle for Share
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Customer Loyalty Isn't Enough--Grow Your Share of Wallet The Wallet Allocation Rule is a revolutionary, definitive guide for winning the battle for share of customers' hearts, minds, and wallets. Backed by rock-solid science published in the Harvard Business Review and MIT Sloan Management Review, this landmark book introduces a new and rigorously tested approach--the Wallet Allocation Rule--that is proven to link to the most important measure of customer loyalty: share of wallet. Companies currently spend billions of dollars each year measuring and managing metrics like customer satisfaction…mehr
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- Produktdetails
- Verlag: John Wiley & Sons
- Seitenzahl: 240
- Erscheinungstermin: 4. Februar 2015
- Englisch
- ISBN-13: 9781119037286
- Artikelnr.: 42367684
- Verlag: John Wiley & Sons
- Seitenzahl: 240
- Erscheinungstermin: 4. Februar 2015
- Englisch
- ISBN-13: 9781119037286
- Artikelnr.: 42367684
Customer satisfaction is the most widely used metric for measuring and
managing customer loyalty. But our research finds that satisfaction does
not link to what counts most: market share and share of wallet.
Satisfaction is a strong negative predictor of market share. And
satisfaction typically explains a miniscule 1 percent of customers' share
of spending in an industry category. This problem isn't just limited to
customer satisfaction. All commonly used measures of customer loyalty--such
as the Net Promoter Score (NPS) or recommend intention perform equally
badly. This contradicts the message of virtually all programs discussed in
the business press regarding the relationship of satisfaction and NPS to
business performance. The grim reality is that most of these efforts are
doomed to fail. Moreover, they often run counter to a firm's competitive
positioning and strategy. Growth Is Hard to Find 3 Deconstructing Market
Share 4 Different Metric, Same Outcome 8 Satisfaction
Market Share 11
Satisfaction
Share of Wallet 15 Always Wrong on Average 18 A Cautionary
Tale 22 The Moral of the Story? 25 Chapter 2 Eureka! The Discovery of the
Wallet Allocation Rule 27 Key Takeaway: Satisfied customers who recommend
your brand are important. But all too often customers like your competitors
just as much as they like your brand. The end result is that you are losing
sales. To understand what drives share of wallet and ultimately market
share, managers need to shift their focus from the drivers of satisfaction
or NPS to the drivers of rank. Our research conclusively proves that the
rank that customers assign to a brand relative to other brands they use
predicts share of wallet using a simple, previously unknown formula, which
we've named the Wallet Allocation Rule. Getting There 29 Determining Your
Rank 32 The Wallet Allocation Rule and Share: The Evidence 33 The "Best"
Metric? 38 Why Does the Wallet Allocation Rule Work? 40 Using the Wallet
Allocation Rule 41 Wallet Allocation Rule Strategy 43 How to Improve Your
Rank 46 The Rule in Practice 47 Conclusion 49 Chapter 3 The Wallet
Allocation Rule in Action 51 Key Takeaway: The drivers of share of wallet
are almost always very different from the drivers of satisfaction or NPS.
Wallet Allocation Rule analysis gets to the heart of what drives wallet
share by identifying what drives customers' preference for your brand
vis-à-vis competition instead of simply determining what makes customers
happy. Grinding a New Set of Lenses 52 Putting the Wallet Allocation Rule
to Work 53 Conclusion 88 Chapter 4 Customers as Assets 89 Key Takeaway:
Growth is easy for firms willing to give their products away--for as long
as they remain in business! But the first duty of a business is to survive.
Managers must never lose sight of the fact that the end goal is profits,
not just revenues. The Wallet Allocation Rule Is Not a Panacea 91 Revenue
Profits 98 Short-Term Gain, Long-Term Pain 99 Money-Losing Delighters
102 Aligning Satisfaction, Share of Wallet, Revenue, and Profit 104
Conclusion 106 Chapter 5 New Metrics That Matter for Growth 109 Key
Takeaway: The Wallet Allocation Rule makes it possible for managers to
easily link customer satisfaction to share of wallet. But because the rule
is based upon a company's relative rank, not its absolute satisfaction
level, firms need to add new metrics to their list of Key Performance
Indicators (KPIs). Glass Houses and Stones 110 Must-Have Marketing Metrics
112 Customer Satisfaction 115 Key Drivers and Market Barriers 121 Demand
Evidence 127 Chapter 6 Making It Happen 129 Key Takeaway: Rather than end
this book with a cheerleader's call to "Go, Fight, Win!" we instead want to
focus on this all too important fact: Without proper execution, good ideas
can and often do fail. The Wallet Allocation Rule is no exception. We end
by identifying the most common failure points, and what you can do to avoid
them. Rule 1: Get the Data Right 131 Rule 2: Set the Right Performance
Standards 135 The Next Disruption 136 Afterword What's Next? 139 Establish
That You Need It 139 Get Help 139 Let's Talk 140 Connect with Us 140 Visit
www.walletrule.com 140 Appendix A Quick Start Guide 141 What Is the Wallet
Allocation Rule? 141 Wallet Allocation Rule Strategy 143 Identifying
Opportunities for Improving Share of Wallet 146 An Example in the Credit
Union Industry 147 Conclusion 149 Appendix B Frequently Asked Questions 151
When Is It Appropriate to Use the Wallet Allocation Rule? 151 Does the
Wallet Allocation Rule Work with All Satisfaction Metrics? 152 Is There a
Preferred Metric We Should Use to Determine a Brand's Rank? 153 How Do I
Ensure That All Relevant Competitors Are Ranked? 154 What Metrics Should Be
on My "Dashboard" Related to the Wallet Allocation Rule? 154 Why Does the
Wallet Allocation Rule Work? 155 Will Relative Net Promoter Score Work? 155
Isn't Share of Wallet Just a Function of a Brand's Reach (i.e.,
Penetration)? 156 Visit www.walletrule.com 157 Acknowledgments 159
Principal Contributors 159 About the Authors 187 Timothy Keiningham, PhD
187 Lerzan Aksoy, PhD 188 Luke Williams 189 Alexander Buoye, PhD 189 Notes
191 Index 211
Customer satisfaction is the most widely used metric for measuring and
managing customer loyalty. But our research finds that satisfaction does
not link to what counts most: market share and share of wallet.
Satisfaction is a strong negative predictor of market share. And
satisfaction typically explains a miniscule 1 percent of customers' share
of spending in an industry category. This problem isn't just limited to
customer satisfaction. All commonly used measures of customer loyalty--such
as the Net Promoter Score (NPS) or recommend intention perform equally
badly. This contradicts the message of virtually all programs discussed in
the business press regarding the relationship of satisfaction and NPS to
business performance. The grim reality is that most of these efforts are
doomed to fail. Moreover, they often run counter to a firm's competitive
positioning and strategy. Growth Is Hard to Find 3 Deconstructing Market
Share 4 Different Metric, Same Outcome 8 Satisfaction
Market Share 11
Satisfaction
Share of Wallet 15 Always Wrong on Average 18 A Cautionary
Tale 22 The Moral of the Story? 25 Chapter 2 Eureka! The Discovery of the
Wallet Allocation Rule 27 Key Takeaway: Satisfied customers who recommend
your brand are important. But all too often customers like your competitors
just as much as they like your brand. The end result is that you are losing
sales. To understand what drives share of wallet and ultimately market
share, managers need to shift their focus from the drivers of satisfaction
or NPS to the drivers of rank. Our research conclusively proves that the
rank that customers assign to a brand relative to other brands they use
predicts share of wallet using a simple, previously unknown formula, which
we've named the Wallet Allocation Rule. Getting There 29 Determining Your
Rank 32 The Wallet Allocation Rule and Share: The Evidence 33 The "Best"
Metric? 38 Why Does the Wallet Allocation Rule Work? 40 Using the Wallet
Allocation Rule 41 Wallet Allocation Rule Strategy 43 How to Improve Your
Rank 46 The Rule in Practice 47 Conclusion 49 Chapter 3 The Wallet
Allocation Rule in Action 51 Key Takeaway: The drivers of share of wallet
are almost always very different from the drivers of satisfaction or NPS.
Wallet Allocation Rule analysis gets to the heart of what drives wallet
share by identifying what drives customers' preference for your brand
vis-à-vis competition instead of simply determining what makes customers
happy. Grinding a New Set of Lenses 52 Putting the Wallet Allocation Rule
to Work 53 Conclusion 88 Chapter 4 Customers as Assets 89 Key Takeaway:
Growth is easy for firms willing to give their products away--for as long
as they remain in business! But the first duty of a business is to survive.
Managers must never lose sight of the fact that the end goal is profits,
not just revenues. The Wallet Allocation Rule Is Not a Panacea 91 Revenue
Profits 98 Short-Term Gain, Long-Term Pain 99 Money-Losing Delighters
102 Aligning Satisfaction, Share of Wallet, Revenue, and Profit 104
Conclusion 106 Chapter 5 New Metrics That Matter for Growth 109 Key
Takeaway: The Wallet Allocation Rule makes it possible for managers to
easily link customer satisfaction to share of wallet. But because the rule
is based upon a company's relative rank, not its absolute satisfaction
level, firms need to add new metrics to their list of Key Performance
Indicators (KPIs). Glass Houses and Stones 110 Must-Have Marketing Metrics
112 Customer Satisfaction 115 Key Drivers and Market Barriers 121 Demand
Evidence 127 Chapter 6 Making It Happen 129 Key Takeaway: Rather than end
this book with a cheerleader's call to "Go, Fight, Win!" we instead want to
focus on this all too important fact: Without proper execution, good ideas
can and often do fail. The Wallet Allocation Rule is no exception. We end
by identifying the most common failure points, and what you can do to avoid
them. Rule 1: Get the Data Right 131 Rule 2: Set the Right Performance
Standards 135 The Next Disruption 136 Afterword What's Next? 139 Establish
That You Need It 139 Get Help 139 Let's Talk 140 Connect with Us 140 Visit
www.walletrule.com 140 Appendix A Quick Start Guide 141 What Is the Wallet
Allocation Rule? 141 Wallet Allocation Rule Strategy 143 Identifying
Opportunities for Improving Share of Wallet 146 An Example in the Credit
Union Industry 147 Conclusion 149 Appendix B Frequently Asked Questions 151
When Is It Appropriate to Use the Wallet Allocation Rule? 151 Does the
Wallet Allocation Rule Work with All Satisfaction Metrics? 152 Is There a
Preferred Metric We Should Use to Determine a Brand's Rank? 153 How Do I
Ensure That All Relevant Competitors Are Ranked? 154 What Metrics Should Be
on My "Dashboard" Related to the Wallet Allocation Rule? 154 Why Does the
Wallet Allocation Rule Work? 155 Will Relative Net Promoter Score Work? 155
Isn't Share of Wallet Just a Function of a Brand's Reach (i.e.,
Penetration)? 156 Visit www.walletrule.com 157 Acknowledgments 159
Principal Contributors 159 About the Authors 187 Timothy Keiningham, PhD
187 Lerzan Aksoy, PhD 188 Luke Williams 189 Alexander Buoye, PhD 189 Notes
191 Index 211