The Strategy Skills Podcast: Strategy | Leadership | Critical Thinking | Problem-Solving
519: Bain & Company's Partner Rob Markey on Customer Strategy, Customer Loyalty and Retention (Strategy Skills classics)
Jan 20, 2025
Rob Markey, a Partner at Bain & Company and founder of their Global Customer Strategy practice, joins to discuss customer loyalty and retention. He reveals a staggering disconnect between executive perceptions and customer experiences, with only 8% of customers feeling valued. Markey emphasizes the importance of measuring customer lifetime value and adopting customer-centric strategies. He also highlights the role of leadership in implementing these changes and the necessity of recovering customer trust to enhance loyalty.
01:07:20
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Quick takeaways
- There is a significant disconnect between executives' perceptions of customer experiences and actual customer sentiments, highlighting a need for better alignment.
- Effective measurement and management of customer lifetime value is crucial, requiring companies to utilize key metrics and effective data management.
Deep dives
Customer Value Misalignment
Many executives believe they prioritize customers, yet there is a significant gap between perception and reality. Research indicates that while 80% of executives think they provide differentiated experiences, only 8% of customers agree with that sentiment. This disconnect is partially due to outdated business models that focus on financial metrics rather than customer value. A lack of visibility into customer relationships can lead to decisions that prioritize short-term profits over long-term loyalty.
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