Loyal customers can and should be the foundation for marketing strategy. Beyond the profit they generate, loyal customers provide the basis for brand development and improvement. The brand that loses sight of its loyal customers has lost its direction, and is prone to lose its market share. Brand loyalty “means people won’t go elsewhere, even if the competition offers lower prices. It keeps revenues high and retains market share. You can see why brand loyalty is a priority for any business” (Goodson, Scott, 2011, p 2).…
As a Manager, we all know customer loyalty is all about attracting the right customer, getting them to buy, buy often, buy in higher quantities and even bring you more customers,…
Holding on to the customers that are the most profitable is just plain good business. The retaining of current customers is less expensive than acquiring new ones. Current customers represent the path for growth, only if you know how to expand a relationship with them. Jeffery R. Immelt chairman and CEO of General Electric Company recently announced an extraordinary goal to increase the organic rate of G E from 5% a year to 8%. This 60% increase would be tremendous for a company of this magnitude, who already has the ninth largest revenue in the world.…
To be able to keep my customers, I will study every potential customer contact point and then turn it into a remarkable experience for them to be able to come again. I will make sure that I will acquire customers who will appreciate my products and services and not because they are looking for the lowest price. I can create a customer database with the purchase history, so I can have an approximate figure of how many customers have come into the shop and how many…
Customers want the business to produce quality products at reasonable price. You have different types of customers. There are different types of customers there are loyal ones, young ones, elderly, family or one-time customers.…
Customers are the main focus when developing and managing an effective communications plan for any product. The current generation and future generations of customers demand products at a rapid and above reasonable pace. Even if marketers wanted to overlook it, the success of the company is driven by the satisfaction of the customers. Today, marketing communications are increasingly seen as an interactive dialogue between the company and its customers. Companies are concerned with how they can reach the customers and how to receive feedback from the customers.…
Previously, B2B business was based more on Intangible factors, mainly to be read as “TRUST”. But today we have systems in place to measure even intangible assets. Hence today, B2B marketing is all about analytics, another reason being that the data is available to everyone. As a B2B marketer, the Unique Selling Point is the analytical skill and prediction skill. It has to be kept in mind that in B2B marketing, services are as important as the product itself. And hence the importance of a B2B marketer has increased in today’s scenario. The information on any product as well as the user’s opinion is available to all potential customers. On taking a look at possible risks involved in the companies now has moved on to distribution of risk. They minimise the risk by forming teams for certain accounts. The team members focus individually on various aspects and attributes of its client. This enhances the quality of existing services being provided as well as helps a company to identify the potential services that can be provided to its clients.…
Many marketers agree that by reducing customer’s to competitors defection by only 5 per cent, companies can improve profits by anywhere from 25 per cent to 95 per cent. There is no question this will be a great advantage and could benefit any retailer. It is for this very reason why consumer’s relationship marketing and using tools such as loyalty scheme is important to retain consumers.…
(c) When looking to grow the brand, is it more important for the company to focus on selling more to existing customers or attracting new customers?…
staff had to spend most of their time dealing with the processing documents so a…
According to Forrester Research, as on 2014 E-Commerce is contributing 5.9% of the overall retail revenue amounting to $1.3 trillion. E-Commerce share is expected to grow to $2.5 trillion by 2018 reaching 8.8% contribution to retail revenue. While E-Commerce is having such a great growth potential, there are many challenges for the firms in this area. In a seller perspective customer retention is the key for their profitability. Most of the initial transactions are not profitable in B2C E-commerce business while accounting the average cost for new customer acquisition. A customer relationship will start making profit only after a few repeated business, when the average cost per serving the customer comes down. This underlines the need of customer retention and reduction of customer…
* Make customers loyal customers by involving the consumers more about the company and its offers. E.g. emails, customised bottles for special occasions and newsletters on the companies achievements.…
There are three tiers of non-customers that can be indentified and brought in as customers. Each tier is different and displays a comparative distance from the desired market. 3M has a broad spectrum of product but they are most notably known for their office organization products. A company that examines the similarities among non-customers and existing customers can identify how expand their consumer base. To say that the first tier has the highest potential for bringing the consumer back in whereas the third tier of non-customers may take the most effort and money to bring in as a customer would be inaccurate. The best way to bring in more customers is to explore the commonalties among the three tiers rather than to assume that the first tier is the most marketable rather than the third tier.…
The main objective of this system is to replace the current system with a new one that is more advanced in terms of technology and performance in that it has many advantages apart from performing the tasks it is supposed to carryout. The system is designed to be a minimum service system in that there is an attendant operating the pumping machine while there is another member of staff who will be inputting the amount of litres that a customer purchases in the system.…
We have sufficient men power and stocks of the items to requirement our customer’s need…