RDK PARTNERS

Knowledge & Inspiration

COUNTERPOINT: Habits May Die Hard, but They Do Die

This counterpoint article acknowledges that the habit-based or “cumulative advantage” principle suggests that the cumulative advantage strategy make sense in settings where industry boundaries are clearly defined, the basis of competition is stable, there are no major disruptions in the competitive environment, and a strong competitive position, once established, can be sustained

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Yosuf Gurung
IGNITE

RDK Partners designed and successfully ran our first incubation program, IGNITE. From June 15 to June 22, we hosted three innovative startups, Itple, VFlap and Epikar sponsored by Hanyang University of Korea known for its engineering and entrepreneurship.

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Yosuf Gurung
Long-Term Profitability Requires a Focus More on Habit Than Loyalty. Exactly What Does This Mean?

This means that the brain prefers habit to conscious consideration and suggests that consumers merely the decision that’s easiest. For instance, it dominates the shelf in the supermarket or, a consumer has bought that product before from the same place where it sits on the shelf. The caveat is this: that product must meet the consumer’s expectations each time. Expectations met, product purchased. The added benefit  is that each time a consumer buys that product, the habit becomes deeper and deeper becoming easier and easier for your brain to choose it.

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Yosuf Gurung
How much does customer support affect sales? Can you quantify it?

Based upon his access to global companies, Peter Kriss reports in the Harvard Business Review that customers who had the best past experiences spend 140% more than those who had the poorest past experiences. For a subscription business, retention of its customers is the primary interest. A customer who gave the highest score on customer experience is likely to remain a subscriber for another six years. A subscriber giving the lowest score is likely to remain a subscriber for just over 12 months.

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Yosuf Gurung