Lynn Ledwith.

• Author: Madden, Jim
• Position: Manage Your Assets - Brief Article

Lynn Ledwith

Sr. Marketing Director

Siemens Medical Solutions USA

Studies have shown that customers who are product- or service-loyal are less sensitive to price, as they perceive additional value in the customer-company relationship. Companies that employ product- or service-loyalty strategies therefore typically enjoy a sustained competitive advantage over firms that implement more transaction-oriented strategies.

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So where do you start? Analyze customers and their usage patterns, identify a subset of the most profitable customers and then develop strategies to build loyalty among this key group. Integrate customer perspectives into marketing and product development. Identify customer problems, root causes and develop respective solutions, then measure the effectiveness of the corrective action. Don't just...