Customer Retention Program
In the world of marketing, there are many techniques that are used to promote new products and services and customer retention programs. Sales promotion techniques are a powerful way of getting the marketing message across to all marketing channels, and are becoming increasingly sophisticated in order to be "seen and heard" in such a crowded market. Our company is aware that there may a small loss of market share, and wants to do something important and drastic to make that occur. We will call our hypothetical company Ready Rental (RR). This company is international, and wants to motivate heavy users to become more loyal by offering incentives and perks. First, we will outline a basic plan to design this program, then offer some preliminary ideas that may help identify which important aspects of renting would help motivate a customer to be more loyal to RR.
Statement of Problem - The rental car industry is extremely complex and competitive. More and more companies are placing their travelers on a budget, and there is significant competition for the business travel dollar. Business travelers are typically the largest customer base for rental cars, and provide the most regular income. They are, however, fickle purchasers, continually being pressured to find the best deal, most comfort, and most convenience. The task is to find the appropriate incentive program to allow them to overwhelmingly prefer RR.
Information Needs Assessment (Overview):
What is the typical business travel like? Demographics, etc.
What are the most important things for a business traveler regarding their rental car?
Which company do they currently prefer and why?
Of a list of incentives, what numerical rank do each of these have by way of importance (dollar discount, coupons for mileage or partner restaurants, free hotel upgrades, free size upgrades, vacation packages for personal use based on volume, better business rates, easier checkin/checkout, travel assistance, etc.)
Are those needs
Statement of Problem - The rental car industry is extremely complex and competitive. More and more companies are placing their travelers on a budget, and there is significant competition for the business travel dollar. Business travelers are typically the largest customer base for rental cars, and provide the most regular income. They are, however, fickle purchasers, continually being pressured to find the best deal, most comfort, and most convenience. The task is to find the appropriate incentive program to allow them to overwhelmingly prefer RR.
Information Needs Assessment (Overview):
What is the typical business travel like? Demographics, etc.
What are the most important things for a business traveler regarding their rental car?
Which company do they currently prefer and why?
Of a list of incentives, what numerical rank do each of these have by way of importance (dollar discount, coupons for mileage or partner restaurants, free hotel upgrades, free size upgrades, vacation packages for personal use based on volume, better business rates, easier checkin/checkout, travel assistance, etc.)
Are those needs
References: Coney, Kenneth, (2003), Consumer Behavior: Building Marketing Strategy, McGraw Hill. Evans, K. and H. Stroll, (2006), "Marketing Challenge: Three Ways To Catch Clients," Marketing Profs. Cited in: http://www.marketingprofs.com/6/stroll116.asp. Peter, J. Paul, et.al. (2004), Consumer Behavior and Marketing Strategy, McGraw Hill. Searls, D. (2006), "Marketing vs. Intention," Linux Journal, cited in: http://www.linuxjournal.com/article/8955. Wells, William, et.al., (2005), Advertising, Principles and Practice, Prentice-Hall.