Marketing Plan for Verizon Wireless Customer Loyalty Program
Business Mission: To provide the best quality of wireless and customer services in today’s market of wireless communications.
Marketing Objective: To decrease the monthly customer churn rate to less than 1%, therefore ensuring Verizon Wireless will continue to lead the competition in customer loyalty.
Cellular communications is such a large aspect of today’s industries, and with the number of consumers already with cell phones drastically increasing all the time, it is good to think about the future, and maybe making the customers you already have, happy and content. There are only so many “new” customers you can gain in today’s market. Phone companies have a serious untapped market for raising profitability month by month. What is this untapped market in the cell phone industry? The loyal customer that continues to give you money every month for your services! Why not focus on keeping the customers you have already and making them happy? A happy loyal customer will continue to bring you business through the years. Think of this situation. An 18 year old student comes to Verizon Wireless to get his very own cell phone. Six years down the road, he meets the girl he is going to marry, and they would like to get a plan together for cell phone minutes. Verizon, for the past two years has been taking very good care of this gentleman, so he talks his wife into getting a Verizon Wireless phone. She does, and that’s one new activation for Verizon and more money monthly from that gentleman. Fast forward a few years, when that gentleman is married and has children. It is now time for his children to get a cell phone. Where will he turn? Verizon Wireless, of course, because for all these years, they have been taking care of him, for being a loyal customer. It just makes sense to take care of the customers you have in the long run. Yes, new customers are always good, but please don’t forget about the ones that have been putting money in your pocket all these years!
While the telecommunications industry is more than 100 years old, the industry today finds itself at the beginning of a new communications revolution. Technology is radically transforming the industry. In the United States: • [pic]More than 40 percent of long-distance telephone use and more than a third of local telephone use has been supplanted by new technologies. • By 2004 the number of long-distance calls made over wireless networks exceeded those made over wireline networks. Wireless minutes of use exceeded 1 trillion in 2004. • More than 180 million Americans have wireless phones – approximately one in five of whom use their mobile phones as their main communications device. • More than 70 percent of American households are connected to the Internet, and by 2010 an estimated 62 percent will use broadband access. • 80 percent of American adults under age 50 use the Internet. • Instant messages, which already outnumber e-mails, are not only becoming the principal means of communication for young people, but have evolved beyond text to voice and video. • Nationwide wireless networks and Internet-based communications have changed traditional distinctions between "local" and "long-distance" services. The mega-trends in telecommunications – the shifts from analog to digital technology, from wired to wireless platforms, and from narrowband to broadband services – have fundamentally changed the way people communicate. This is a social phenomenon that is already shaping the telecommunications industry of the future. Around the world, traditional telephone companies are evolving into providers of full-service communications networks that deliver high-speed, mobile connectivity to customers wherever they are. This worldwide spread of wireless communications is exactly why it is extremely important to hold on to the customers you...
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