The One Number You Need to Grow

There is a very good reason that I decided to feature an article that was originally published in 2003—it is more applicable today than ever. We have seen this ‘loyalty phenomenon’ with our clients and in our own organization. Loyalty is defined as the willingness of someone—a customer, an employee, a friend—to make an investment or personal sacrifice in order to strengthen a relationship. Loyalty is the key to growth, particularly during and post-pandemic, when companies are reluctant to risk unproven providers and when there’s no reason to go with anyone or anything other than a sure thing. This applies to consumer products, the services industry, and businesses of all types. True loyalty affects profitability—a customer’s choice to stick with a product or service reduces a company’s customer acquisition costs. Loyalty also drives top-line growth. It’s time to read this article again—from the viewpoint of 2021 and beyond.