In his customer loyalty speech, Steven van Belleghem positions friendship as a retention strategy. The speaker cites a rule that states 10% of customers bring in 80% of revenue. Van Belleghem challenges this and says it's closer to 40/60 or even 50/50. This has led business and marketers to focus on the disloyal percentage of business, as there is more opportunity for growth.
In the customer loyalty speech, he says this is doing business with the brain, rather than doing business with the heart. If companies treated clients as friends and made a sincere effort to support them and do the right thing, without expectation of something in return as real friends do, this will naturally result in increased loyalty. Customers will tell their stories and positive experiences, bringing in even more clients and funds.
He also believes companies should do as much as they can with their clients to create lasting memories and an emotional connection. This will also allow companies to survive, and be more than a commodity.
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