Customer switching

In

The term serial switcher was first coined by Charles Turner and David Alexander in their customer relationship management course and then their CRM Pocketbook.^[3] It describes a person, who continually moves his/her patronage from one company to another and highlights the ignorance of many organizations, including credit card companies, who strive for customer acquisition regardless of retention rates.

By offering a range of financial incentives, such as free balance transfers or interest free periods, a company may hope to attract new customers. This is superficially attractive to companies if it meets acquisition and competitive switching targets. In practice, however, a serial switcher will not contribute any profit if he/she does not stay long enough to provide a return on investments. The lesson is that lack of integration and analysis across the business allows bad decisions to be made.

See also

• Boycott – Voluntary ban on consuming a product
• Consumerism – Socio-economic order that encourages the purchase of goods/services in ever-greater amounts
• Customer experience – Interaction between an organization and a customer
• Energy customer switching
• Push–pull strategy – Business terms
• Vendor lock-in – Switching costs inhibiting a change of vendor

References

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