Harris Interactive Introduces New Model for Measuring Customer Loyalty in Singapore
Banks and Insurers Given Opportunity to Understand the “Harris Interactive Commitment Model”
SINGAPORE --February 2008— Harris Interactive® has unveiled the “Harris Interactive Commitment Model” in Singapore, the first research framework that allows businesses to accurately understand and measure the drivers of customer loyalty to retail and bank customers. The model implements loyalty simulators that allow businesses to accurately see how changes in service delivery, facilities or any other aspect of business will affect their bottom line.
“A customer’s commitment to a brand or company is determined by more than just satisfaction,” stated Ali Mirza, President South Asia for Harris Interactive. “In order to engender (and predict) loyal customer behavior, organizations must be able to measure and synchronize satisfaction and trust. In turn, customer commitment serves as a catalyst for loyalty and advocacy, and is the vital measure that links behavior to business results”.
Recently, Harris Interactive Loyalty Research President Stephan Sigaud and Howard Lax, Ph.D., Vice President and Senior Consultant, had the opportunity to introduce distinguished banking and insurance sector representatives to the model, illustrating its’ capabilities through a study of 800 retail bank customers and 1,090 insurance customers which applied the model.
“The Commitment Model is the culmination of decades of research and practice,” said Stephan Sigaud. “Unlike earlier loyalty models, the Commitment Model is not built on widely used satisfaction metrics alone, which is really challenging the way that other research firms look at loyalty. Instead, we look at the rational and emotional dimensions of commitment. These are two concepts that allow us to model customer behavior more precisely than any previous model and they allow us to demonstrate how committed customers are to a brand.”
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