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)
8 snips
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.
AI Snips
Chapters
Books
Transcript
Episode notes
Customer-Centricity Gap
- Many CEOs believe they prioritize customers, but few customers agree.
- Traditional accounting focuses on assets, not customer relationships, hindering customer-centricity.
Measure Customer Value
- Track basic customer metrics (count, spending, frequency, churn) for insights into customer base health.
- This data is relatively inexpensive to gather and report for most companies.
Maximizing Customer Relationships
- Few companies effectively combine customer lifetime value models with next best action models.
- Coordinated marketing and customer-centric product/service design are crucial for maximizing customer relationships.
