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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 and Net Promoter Score (NPS) to improve customer loyalty. These metrics, however, have almost no correlation to share of wallet. As a result, the returns on investments designed to improve the customer experience are frequently near zero, even negative.
With The Wallet Allocation Rule, managers finally have the missing link to business growth within their grasp—the ability to link their existing metrics to the share of spending that customers allocate to their brands.
- Learn why improving satisfaction (or NPS) does not improve share.
- Apply the Wallet Allocation Rule to discover what really drives customer spending.
- Uncover new metrics that really matter to achieve growth.
By applying the Wallet Allocation Rule, managers get real insight into the money they currently get from their customers, the money available to be earned by them, and what it takes to get it. The Wallet Allocation Rule provides managers with a blueprint for sustainable long-term growth.
- Sales Rank: #733112 in eBooks
- Published on: 2015-02-04
- Released on: 2015-02-04
- Format: Kindle eBook
Review
This is it! Finally, something definitive about what it takes to win the battle for share of customers' hearts, minds, and wallets. Backed by rock-solid science, The Wallet Allocation Rule is a definite must read.Peter Jueptner, EVP of Strategy and New Business Development, Esteé Lauder Inc. Groundbreaking work for marketing leaders and a must read. The Wallet Allocation Rule is the next big thing!Jim Welch, Director, PwC's PRTM Management Consulting They put the Wallet Allocation Rule to the test and it performs.George Stalk, Senior Advisor, The Boston Consulting Group
From the Author
The impetus for this book began as a quest for an answer to a problem that quite literally had shaken us to our core. We have dedicated our careers to helping companies win through improved customer loyalty. Throughout our careers, however, we consistently found that most of the things we were told about loyalty were wrong.
With each new set of myths we uncovered, we sought to set the record straight. We co-authored several books (Loyalty Myths, Return on Quality, The Customer Delight Principle, and Why Loyalty Matters) and award-winning papers so that the business community could gain from our insight and avoid the pitfalls we found.
But there was one overwhelming problem that we could not explain away. The measures we use to gauge customers' perceptions of their experience (e.g., satisfaction and Net Promoter Score) are so weakly correlated to customers' share of category spending with the brands that they use that the metrics are managerially irrelevant.
This problem challenged everything we believed about customer satisfaction and loyalty. Specifically, we expect more satisfied and loyal customers to devote more of their spending to a brand. That expectation is the primary reason that efforts to improve satisfaction and loyalty are supposed to be good business decisions.
The truth was horribly bad. On average, customers' satisfaction (or Net Promoter Score) levels explain around 1 percent of the variation in customers' share of category spending. No good manager knowingly makes decisions about how to allocate a company's scarce resources based on a 1 percent model fit.
The reality, however, is that we have in effect been doing this every time we ask managers to focus on improving the customer experience to improve business outcomes. Sadly, the purportedly better-fitting models presented to managers to justify these efforts are almost always based on very bad statistics.
The result has been that businesses seldom see meaningful returns on their efforts to improve the customer experience. Not surprisingly, this has caused managers to question using these metrics to guide their businesses.
Given the seriousness of the problem, we were compelled to see if there was a better way. We began an intensive investigation to uncover why satisfaction and other commonly used metrics do not link to customers' share of spending.
The result of this investigation was the discovery of the Wallet Allocation Rule, a simple formula that managers could use to determine the share of wallet that customers allocated to their brands.
The Wallet Allocation Rule was introduced in the Harvard Business Review and received the Next Gen Disruptive Innovation Award. It has been subjected to rigorous scientific investigations. In addition, many of the strategies and tactics outlined in this book were introduced in the MIT Sloan Management Review.
Our goal in writing this book is to make businesses' efforts to improve customer satisfaction and loyalty pay dividends by giving managers a tool that we have proven works. We believe strongly that companies that apply the Wallet Allocation Rule can distinguish themselves in the eyes of both their customers and their shareholders.
From the Inside Flap
Customer satisfaction, Net Promoter Score (NPS), likelihood to recommend—today's businesses pour millions into metrics for tracking and analyzing these so-called leading indicators of business growth. But what if increases in these customer loyalty metrics do not translate into growth? An outside-the-box question, and precisely the one that the authors of The Wallet Allocation Rule sought to answer in their landmark research, originally published in the Harvard Business Review and the MIT Sloan Management Review. The results have already made waves in the business community. It turns out that not only is investing in customer satisfaction and NPS not enough, such investments frequently lead to negligible or even negative returns.
Satisfaction is useless if it fails to translate into better business performance. The Wallet Allocation Rule lays out the first systematic approach for linking to what really matters—share of wallet (i.e., the percentage of spending in a category that customers allocate to particular brands). This is a crucial step for translating popular metrics like satisfaction and NPS into increased profitability and market share. Best of all, the Wallet Allocation Rule is extremely simple to use. Executives and managers can accurately calculate how much of their customers' money is going into competitors' pockets. Using the Quick Start Guide and other resources in this book, readers can start to invest in customer experience management initiatives that will shift customer spending habits in the right direction.
The Wallet Allocation Rule is based on rock-solid science. It has been rigorously tested across cultures and industries. It works! Moreover, the science is clear with regard to satisfaction and NPS—there is no managerially relevant correlation between customer satisfaction or NPS and share of wallet. Now, thanks to The Wallet Allocation Rule, businesses can concentrate on strategies that are proven to yield results.
Most helpful customer reviews
4 of 4 people found the following review helpful.
Finally, a book that challenges business 'logic'
By Kerry Renz
I feel like I've read countless of business books and articles that use the same jargon and business speak to sell the same underlying principles. What a refreshment it is to read authors that not only are challenging the status quo, but actually HAVE a solution for it. This book will challenge you to re-think your perspective on how consumers evaluate brands and what can can truly impact dollars being brought through the door and spent on your product. The best part is that they are so transparent in their solution - no hidden tricks or secret formulas. The truest test is that this is ACTIONABLE information, and its principles stretch beyond business into how you approach your own personal life, friends, and family. Definitely recommended for the creative thinker, double recommendation for those of us that find comfort in statistically validated problem solving. An exhaustive piece of research work with concrete, relate-able examples and clear writing - who could ask for more?
3 of 3 people found the following review helpful.
Interesting Read
By Meghan Guercio
Very interesting book. I thought it would be over my head, but I found it surprisingly accessible. Gives good insight into how marketers think, and how they should be thinking.
2 of 2 people found the following review helpful.
Excellent Reading
By Cana Ogan
As a finance professional of more than ten years in the consumer goods market, I wish I had the opportunity to read a book with such an innovative approach, concrete examples, and convincing solutions as The Wallet Allocation Rule, all these years. It is refreshing and revolutionary with clear and practical applications. Along with progressive insights, the implementations are directed towards redefining the methods to assess customer loyalty. One of the most amazing aspects of this book is its language and how ideas are so comfortably conveyed to the reader. Although easy to read and to understand, it is at the same time thought provoking which would lead you to change your thinking and practices about measuring and management of customer satisfaction. The book is a highly informative source for all professionals, business owners, all those who practice the marketing profession, and MBA students. Brilliant!
Cana Ogan
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