A study by researchers from Miller Heiman Group suggests that in today's market competition, growth strategies based on product innovations and low pricing are not sufficient for a lasting effect. Customer loyalty is what plays a role in higher customer retention rates. Using this study, they uncovered four key ways that helped leading organizations differentiate themselves through their customer experience strategy: Executives Walk the Talk: The senior executives in both leading and stagnant organizations believed customer loyalty is a key to success. However, there was a difference in how they backed up those beliefs. Leading organization's executives were willing to invest money resources twice that of stagnant organizations into their customer experience initiatives. Customer Experience Practices Translate Strategy Into Action: Neither does the knowledge of merely improving an organization's customer service experience work nor does the plan of providing ...