In Which We Get to Cover China
I have to admit when you see Business Week, Harvard Business Review, Knowledge @ Wharton and a slew of other respected business publications devoting entire issues to China and Chinese consumers, you start to ask yourself: "When do we get a shot at this?"
This week's 1to1 Weekly provides that shot, finally. It's a bit of an underrated facet of the Chinese consumer tiger. That facet is customer loyalty. In the US and EU we tend to think we've invented loyalty and we do all the cool thinking about it. Turns out we don't. The authors of the study we highlight this week are from Peking University and the National University of Singapore. That sound you just heard was the sigh from every CEO that has considered the fact that the millions of consumers in the Pacific Rim and China could ever be loyal. Can you imagine that? In China, the thought leaders are on the case. Their conclusion is that delayed reward is the key to effective loyalty programs. This is a very Eastern concept. In the Western economies we want immediate gratification. But maybe what we want in the West is not as universal as we thought.
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