Results of a recent study released at the 2012 IBEX
Left Brain Marketing, Inc. presented the results of a recent Brand Loyalty and Defection Study at the 2012 IBEX marine trade show in Louisville, KY. According to the study, 27% of prior new boat buyers who repurchased another new boat stayed with the same brand.
Jerry Mona, President of Left Brain Marketing, commented: “A key reason why customers leave is because many repurchase a completely different type of boat. Approximately four in ten went with a different type of boat for their subsequent purchase and only 11% of that group stayed with their original brand.”
Of those who did repurchase the same type of boat, price, quality and product selection were the main reasons why many defected from their original brand. However, increasing customer satisfaction can greatly increase the chances of customer retention. In fact, it was reported that going from a CSI score of 80 to 90 would increase retention by 14% and could have a significant impact on a company’s bottom line.
“Given the present economy, it is very important for companies to identify their brand loyalty rate and understand why customers leave you. And, responding to customer issues quickly and professionally is not only the right thing to do, but can also have a significant financial impact due to repeat purchases and positive word of mouth”, according to Mona.
A complete copy of the study can be downloaded at: http://www.leftbraininc.com/reference/BoatBrandLoyalty.pdf
Left Brain Marketing, Inc.
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