New research says this approach must be embraced throughout the company to be successful. It was turning over its customer base every five years. When convinced of the company's commitment, customers were happy to provide it - in detail. It now turns over its customer base every 20 years instead of every five.
Customers are willing to invest in a relationship if they sense the commitment is mutual.
A company's perceived commitment to a long-term orientation encourages the customer to invest in the same way. It pays to distinguish between those customers who are willing to do business in a new way and those who are not.