In the age of convergence, customer churn is a concern for service providers, challenging most retention techniques...
Michelangelo once said – “the greater danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low and achieving our mark”
I came across a very good article published in the Harvard Business review some time ago that spoke about the difference between a satisfied customer and a loyal customer and of the fact that the chance of a satisfied customer buying a service or a product again from the same company is one sixth of that compared to a loyal customer.
This title is so apt to businesses today. This not something new and has been put into practice by companies since the time human capital gained strategic importance and even much before. Good performer always got recognised, rewarded and benchmarked and this is very much the norm in every company. It is also prominent in sales function where better clients get more attention from all functions of the organisation. Companies now have different levels of customer service based on what kind of business they get for example if one has a platinum card she does not have to wait to get her call answered at the helpdesk
The recent news of Amazon hosting all the data related to the human genome project and making it available to researchers across the world is a very good example of collaborative research for the betterment of mankind. I am sure this step will help to speed up research and make information available to smaller organisations that otherwise would have to spend a lot of time and money to get hold of such valuable information. We need more of these kinds of collaborative efforts to help not only industry to prosper but to also make solutions more accessible, available and affordable.