Search results

1 – 2 of 2
To view the access options for this content please click here
Article
Publication date: 4 July 2008

Janet L. Hoffman and Eric M. Lowitt

The US retail industry seems headed toward a zero‐sum game, a place where growth comes from taking customers away from competitors. This paper aims to present three steps

Abstract

Purpose

The US retail industry seems headed toward a zero‐sum game, a place where growth comes from taking customers away from competitors. This paper aims to present three steps to reduce the risk of defection of customers.

Design/methodology/approach

Despite the widespread prevalence of loyalty programs in the retail industry, customer defection risk within the industry remains high. Research shows that 85 percent of the “loyal” customers are willing to shop elsewhere if properly enticed. In response, some retailers have adjusted their loyalty programs to align them better with what they believe matters most to their target customers.

Findings

The paper reveals that there are three key steps to achieving an effective loyalty program.

Research limitations/implications

In the summer of 2007, Accenture conducted ten independent but related surveys to assess behavioral loyalty of US retail customers in specific retail product categories (that is, retail segment markets). The ten surveys were conducted online simultaneously and were administered by a third‐party research vendor.

Practical implications

The paper offers this checklist for managers: align loyalty strategy with what matters most to target customers; recognize that price only buys volume but service earns continued loyalty; and use your loyalty strategy as both a defensive and an offensive weapon.

Originality/value

All loyalty programs are not equally effective. Retailers that ensure that their loyalty strategy is truly customer‐centric and use this strategy to both retain and acquire loyal customers will be the winners in retail's zero‐sum growth game.

Details

Strategy & Leadership, vol. 36 no. 4
Type: Research Article
ISSN: 1087-8572

Keywords

To view the access options for this content please click here
Article
Publication date: 8 August 2009

Peter Lacy, James Arnott and Eric Lowitt

This paper aims to address the importance of a framework for developing employees' sustainability knowledge, skills, and behaviors.

Abstract

Purpose

This paper aims to address the importance of a framework for developing employees' sustainability knowledge, skills, and behaviors.

Design/methodology/approach

The paper draws on in‐depth interviews with executives from five Fortune 1000 companies that are viewed as market leaders in addressing sustainability.

Findings

This paper provides a series of initiatives to equip their employees' talent – from top executives to employees throughout the organization – with the much needed, but often sorely lacking knowledge, skills and attitudes to spearhead efforts to attend to sustainability both today and tomorrow.

Practical implications

The usefulness of demonstrating a company's suite of ongoing initiatives to address sustainability to potential employees during the recruiting process is highlighted by each company.

Originality/value

The framework covered by this paper can help companies enhance their talent management skills.

Details

Corporate Governance: The international journal of business in society, vol. 9 no. 4
Type: Research Article
ISSN: 1472-0701

Keywords

1 – 2 of 2