Trial vs. loyalty: Two paths to market share

From a recent RetailWire discussion: The question of the day pertains to market share gains, and whether they are more achievable by prospecting new customers or catering better to existing customers. My opinion follows:

There is a “false choice” presented here. Obviously a new store needs to encourage trial in the first place, but an established store is smart to work on converting its “good” customers to “best” customers. If the retailer is successful earning higher share of wallet, it’s probably doing something right…and in today’s world of social networking and other reference groups, this sort of good execution is likely to drive new customers into the door.

 

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