Aksoy’s latest book cracks Times’ best seller list
Faculty | Mar 02, 2015 | Gabelli School of Business
A Fordham University professor’s book on customer loyalty has struck a chord with readers.
Lerzan Aksoy’s latest, The Wallet Allocation Rule, has cracked the bestseller lists of both The New York Times and USA Today.
The book, a look at how companies need to change the way they measure customer loyalty, expands on Aksoy’s long interest in the topic. She wrote the book with Tim Keiningham, the global chief strategy officer for Ipsos Loyalty; Luke Williams, a former vice president at Ipsos Loyalty; and Alexander Buoye, an assistant professor of marketing at Fordham. It ranked 16th on the Times’ March 1 list of Advice, How-To and Miscellaneous books and 86th overall on USA Today‘s list.
Making the list was momentous for Aksoy.
“Actually, it was my co-author who called me,” Aksoy said. “And I think I did a little bit of a dance.”
Aksoy said she and Keiningham knew they had tapped into something important with their research, pieces of which had been published in the Harvard Business Review and the MIT Sloan Management Review. The research, Aksoy said, had won awards.
The research showed that a better way to measure customer loyalty is to gauge the “share of wallet” that customers give to brands. Previous methods of measure satisfaction are based on poor modeling that yields little useful information.
“We knew very well that the reason why this interest happened is because what companies are doing right now as it relates to customer satisfaction is not working,” Aksoy said. “So this book provides a completely new way of managing for that, and that’s why I think it struck a chord.”
The announcement of her book’s inclusion in the lists caps an eventful month for Aksoy, who has authored or edited five books. She also has been named associate editor at the Journal of Service Research, and she will be the featured speaker at two California gatherings of Fordham alumni.
A professor of marketing in the Gabelli School of Business, Aksoy’s research interests include consumer satisfaction and its relationship to customer loyalty and firm performance. She has been recognized several times in Turkey for her research.