Synopsis:
Keeping and gaining market share is what most business strive for in the race to make brands profitable. In a hugely competitive world, customer loyalty has become a key area for concern.
What would happen if you could go one step further and identify not just those customers who are loyal to your brand, but those who are truly committed to your product or service? This book helps you to do just that.
More that ten years ago, Jannie Hofmeyr and Butch Rice created something called The Conversion Model - a technique that analyses the degree of a person's psychological commitment to anything and everything.
Marketers will be able to gain a strategic advantage within their market if they implement the thinking, tools and strategies outlines in this book.
"After years of using customer satisfaction measures I was extremely frustrated at the lack of correlation between satisfaction and subsequent customer defection rates. The measurement of commitment, via The Conversion Model provided the vital link I had been looking for." Alan Gilmour, Brand and Marketing Director, Lloyds TSB
"The Conversion Model enabled us to establish real insight into loyalty and we effectively fused it with a segmentation process. This has allowed us to really grapple with the core market dynamics and establish key marketing objectives in an increasingly competitive and diverse marketplace..." Mark Horton, Group Head of Marketing, Northcliffe Newspaper Group
"Since I first came across the Conversion Model back in 1990, I have always found it was the perfect tool for measuring the health of brands I've worked on..." David V. Spangler, Director, The Council for Marketing and opinion Research (MCMOR) and former Research Director of Levi Strauss Co
"The Conversion Model is a compelling strategic marketing tool that offers a true understanding of institutional investor behaviour. It is a predictive indicator of potential market share gains and losses with a phenomenal degree of precision." Patricia Toney, Manager, Marketing research, Chicago Board of Trade
"To grow a business, convert customers to your offering and then keep them committed....a very powerful answer is in this book." John Deighton, Professor of Business Admininstration, Harvard Business School
"Using the Conversion Model has given us significant insights into brand choice across a range of countries and cultures......The added dimension of commitment has allowed us to understand more comprehensively what is in the mind of our consumers - a real plus in terms of giving us the competitive edge." Janett Edelberg, Joseph E. Seagram & Sons
From the Inside Flap:
Some customers appear to be loyal because they habitually buy a product, but this does not mean to say they are committed to a product or service. When a new player comes into the market offering a competitive product at a cheaper price, they could easily defect from your brand, with the result that you lose market share.
As pioneers in the field of brand equity, Jannie Hofmeyr and Butch Rice have developed a tried-and-tested analytical tool - The Conversion Model - which enables you to segment users of a brand in a market by their commitment to staying with the brand, and non-users by their openness to adopting the brand. The in-depth diagnostic tools not only allow you to uncover drivers of customer commitment and openness to alternatives, they also point to actionable strategies aimed at growing your brand.
If you are a small brand, wanting to know the vulnerabilities of a 'giant' in your market, an understanding of commitment will help find that achillles heel, and develop strategies to gain market share at the giant's expense.
If you are a large strong brand, and you are wondering if a specific advertising theme is right for the future, an understanding of commitment will help you pinpoint what the focus of the advertising campaign should be, both in terms of tone, content and weight of the execution.
However you use the model - either by capitalizing on opportunity from specific competitors, or forestalling potential loss - it will help grow your brand's profits.
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