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A Model of Customer Loyalty

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  Case History  Copyright © 2016 Decision Analyst. All rights reserved. Category:   Insurance Methods:  Advanced Analytics, Brand Equity Modeling, Customer Loyalty Modeling, Customer Loyalty Simulator™ Summary  A nancial holding company desired an equity and loyalty evaluation of several insurance company brands. Using an online survey, consumers evaluated insurance company brands on a battery of attributes. Decision Analyst’s Customer Loyalty Simulator™ was integral in empowering the client to make decisions about how to improve the brand. First, a customer loyalty model provided the client with customized latent-class factor models, and regression models were developed using the survey ratings. Once these models were programmed into the Customer Loyalty Simulator™, the client learned the value of its brand compared to the competition and identied key attributes that impacted equity and loyalty. Strategic Issues Within the highly competitive insurance industry, a nancial holding company wanted to know how to talk to consumers about its agship brand and products. The company sought to identify aspects of their brand that most impacted likelihood to consider purchasing and customer loyalty. These key aspects would be used to differentiate the brand from others in the competitive landscape. Research Objectives The main objective of this research was to determine the value of several insurance brands. More specically, the client company sought to:    Measure the overall brand equity and customer loyalty, relative to other insurance brands.    Identify key aspects of the brand that impacted brand equity and loyalty. A Model of Customer Loyalty 604 Avenue H East ã Arlington, TX 76011-3100, USA1.817.640.6166 or 1.800.ANALYSIS ã www.decisionanalyst.com   A Model of Customer Loyalty (Continued) Copyright © 2016 Decision Analyst. All rights reserved. Research Design and Methods In an online survey, consumers evaluated several insurance company brands on a battery of image, product, customer service, and availability attributes. Approximately 3,400 consumer surveys were included in the modeling exercise. These consumers were sourced from Decision Analyst’s proprietary  American Consumer Opinion ®  panel.Decision Analyst developed latent-class factor models and regression models by using the consumer ratings of each brand. Next, Decision  Analyst customized the brand-equity model details.Brand equity was considered a comprehensive metric that measured relative brand preference based on all aspects of the brand, including both rational and emotional perceptions of the product, customer service, image, and supply or availability in the marketplace. Results The models were programmed into the Customer Loyalty Simulator™. This tool allowed management to investigate how changes in perceptions of their brand would impact equity and loyalty through “what if” scenarios. With the intelligence gleaned from the research, the client gained a deeper understanding of the value of its brand compared to competitive brands. In addition, the client identied key attributes that would increase brand equity and loyalty. Finally, Decision Analyst’s research quantied the contribution of the key attributes via “impact scores” that measured the percentage change in brand equity (or likelihood to consider purchasing) caused by a percentage increase in an attribute. Armed with the knowledge of which marketing levers to pull, the client leveraged the research ndings in its communications with potential and current customers.  A Model of Customer Loyalty (Continued) Brand Equity Customer Loyalty (Likelihood to Purchase/Recommend) Brand Advantages (Products, Customer Service, Image, Availability)  AModelofCustomerLoyalty.pdf  604 Avenue H East ã Arlington, TX 76011-3100, USA1.817.640.6166 or 1.800.ANALYSIS ã www.decisionanalyst.com
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