MMR Strategy Group conducts research on customer loyalty and retention to help clients improve the customer experience and increase customer lifetime value (CLV). Customer loyalty and retention are related but different concepts. Loyalty is an attitudinal measure that indicates how much customers prefer to stay with a given company. As such, customer loyalty may be measured by attitudinal variables, such as likelihood to renew or likelihood to repurchase a service or product. Read more.
Our customer loyalty, retention, and lifetime value (CLV) research helps clients improve customer experiences and generate profitable growth by:
- Identifying the factors that drive customer loyalty and customer retention among key customer segments.
- Measuring the customer experience and monitoring changes in loyalty and retention over time.
- Analyzing the relationship between customer retention and customer lifetime value (CLV).
MMR Strategy Group’s experience helping clients improve customer loyalty, retention, and customer lifetime value (CLV) includes:
- Defining customer loyalty and retention: We conducted focus groups to define and examine customer loyalty and retention among current, long term, and lapsed customers of a consumer services company.
- Increasing customer loyalty and retention: We analyzed which elements of the customer experience have the greatest effect on loyalty and retention at a consumer services company.
- Mapping the customer experience: We developed Customer Journey Maps to map the customer experience at a nationwide consumer services company. See a sample Customer Journey Map.
- Connecting the customer experience to customer loyalty and retention: We conducted workshops to connect Customer Journey Maps to the client’s internal processes that guide the customer experience.
- Measuring customer lifetime value (CLV): We measured and identified the factors associated with high CLV customers at an insurance company. The information was used to train agents and other customer-facing personnel.