Loyalty Is Dead, Long Live Loyalty! [Forbes]
Salesforce, Inc. (CRM)
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Source: Forbes
In a November 2017 interview with Mad Money’s Jim Cramer, Salesforce.com CEO Marc Benioff declared that “Loyalty is dead.” At the time, that comment caused a lot of kerfuffle and was used by many in the retail industry to validate their own claims that loyalty was dead. However, if you listen to the interview, when Benioff says that loyalty is dead he is referring to the idea of loyalty as a program. He suggests that loyalty is changing and is now more associated with a customer’s whole journey, their experience and, in some cases, dependent on being part of a community. That is not new. In my 2016 book, How To Wow , I explored this idea and quoted research by Clickfox that was published in 2012 that found that the most critical times for generating loyalty were at the point of purchase or when a customer had an issue that needed resolving. Their research found that: 49% of customers said that their loyalty was earned at the point of purchase/service
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CRM
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- 4/26/24 - Form 4
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- 4/25/24 - Form 4
- CRM's page on the SEC website