Analysis methods Commitment Model and Share of Wallet Predictor
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| Commitment Model and Share of Wallet Predictor |
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How it works:Commitment is defined as an emotional attachment in the sense of a deep conviction and personal identification with a provider, product or brand. The dimensions of commitment are
Customer loyalty is defined as loyal behaviour. A customer is generally seen to be loyal to a provider or brand if he always or repeatedly spends a high share of his overall expenditure on this provider or brand. Customers who repeatedly buy a certain brand without identifying with it (=uncommitted) are loyal in their behaviour, but not in their attitude. Customers who also identify with the brand (=committed) are loyal both in their behaviour and in their attitude. The Share of Wallet Predictor starts off with a simple equation: Predicted Share = Commitment Score + Barriers ScoreLoyal behaviour is explained as the combination of an attitude component and barriers that have nothing to do with attitude, but which influence behaviour. Advantages:The model used by Anovum to explain behaviour takes into account results of the latest research in psychology, neuroscience and market research. It can better explain decision-making processes and polling behaviour than currently used concepts.
Uses:B2B and B2C.Customer loyalty analyses , customer value analyses, image and brand analyses , reputation analyses, analyses of potential, Enterprise Feedback Management (EFM) , segmentation, polling and voting analyses. The Commitment Model is a method that can be employed universally to examine the attitude relevant to people’s decision-making. Because of its universal applicability, it is suitable for all situations where you try to explain why people make certain choices. The Share of Wallet Predictor, a more comprehensive version of the model including barrier effects that can interfere between commitment and behaviour, allows us to make a prognosis of the share of wallet. Further information:The Commitment Model used by Anovum is based on the ideas published by Dr. Jan Hofmeyr and Butch Rice on how to measure and analyse customer loyalty.
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