Order Report - Stores & Success Metrics: The Battle for Customer Loyalty Heats Up as Big Firms Gain Share and Service Models Diversify
Firms across the industry are battling to capture more households and share of wallet. Many are introducing new service models designed to accommodate different asset levels and service demands, and customer outreach during COVID-19 reached a crescendo. But, surprisingly, despite all the efforts across the board, only a few of the largest stores are increasing reach. Unfortunately, consumer trust, intent to invest more and intent to recommend is down, especially with the $2M+ segment.
- Most consumers have multiple saving and investing relationships but did not add new ones in 2020
- Outreach during COVID-19 mattered. Lack of outreach is associated with lower intent to recommend, while more contact and more personalization is associated with higher intent to recommend
- Nationally, share of wallet at the primary store is going up
- The biggest stores substantially increased their reach into U.S. households, by organic growth and acquisition
- Stores are diversifying across Inside Advice® Grid, creating new service models and moving customers into more robust categories
- High trust, intent to recommend and intent to invest more at current relationships dropped at the national level, driven by steep declines in relationships with households with $2M+
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