Satisfied customers come back for more. (customer loyalty is not the same as satisfaction)(What Keeps Customers? A Special Report On Customer Retention Strategies)

Customer loyalty depends upon more than measurements of customer satisfaction, and bank managers must consider both. Customers are often satisfied by service in business which did not cost much to implement, but satisfied customers do not necessarily return to the same business, whether bank or stor...

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Bibliographic Details
Published in:The American banker 1995-11, Vol.160 (230), p.13
Main Author: Reichheld, Frederick F
Format: Article
Language:English
Subjects:
Banking industry
Banks (Finance)
Customer satisfaction
Management
Services
Online Access:Get full text
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Summary:Customer loyalty depends upon more than measurements of customer satisfaction, and bank managers must consider both. Customers are often satisfied by service in business which did not cost much to implement, but satisfied customers do not necessarily return to the same business, whether bank or store. Branch managers can find it all too easy to manipulate customer satisfaction results by offering simple services such as call-backs and friendliness. A bank's truly profitable customers will not care about these favors, preferring different levels of service before loyalty is granted.
ISSN:0002-7561
1945-578X