Regarding customer loyalty, what should newer, faster growing brands focus on as an indicator of brand health and what should more established brands watch for as an indicator of brand health?
Newer, faster growing brands should focus on the number of new loyal customers, while more established brands should track the number of lost loyal customers.
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Derrick, I will add for the more established brands another tracking metric: longevity of relationship. If lost loyal customers are leaving more rapidly than in the past, there is something deeper that needs addressing!
Great quick “temperature reading” for brands. Thanks for reminding companies to think loyalty!