CRM strategies (Marketing Management)
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Whole Foods and Honda both employ strategies to reduce customer defection and increase loyalty. Whole Foods trains employees to be knowledgeable and friendly, while Honda finds that nearly 65% of new Honda owners previously owned an older Honda, citing Honda's reputation for safety and resale value. Harley-Davidson enhances customer spending through offering a wide range of branded merchandise beyond just motorcycles and accessories. Progressive Insurance screens customers to identify and divert potentially unprofitable clients to competitors in order to maintain adequate revenue levels.
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![July 19, 2017 [CRM STRETEGIES]
Noman Naseer Page 1
CRM STRETEGIES
Reducing the rate of customer defection. Selecting and training employees to be knowledgeable and
friendly increases the likelihood that customers’ shopping questions will be answered satisfactorily.
Whole Foods, the world’s largest retailer of natural and organic foods, woos customers with a
commitment to market the best foods and a team concept for employees.
Increasing the longevity of the customer relationship. The more engaged with the company, the more
likely a customer is to stick around. Nearly 65 percent of new Honda purchases replace an older Honda.
Drivers cited Honda’s reputation for creating safe vehicles with high resale value.
Enhancing the growth potential of each customer through “share of wallet,” cross-selling, and up-
selling. Sales from existing customers can be increased with new offerings and opportunities. Harley-
Davidson sells more than motorcycles and accessories like gloves, leather jackets, helmets, and
sunglasses. Its dealerships sell more than 3,000 items of clothing—some even have fitting rooms.
Licensed goods sold by others range from predictable items (shot glasses, cue balls, and Zippo cigarette
lighters) to the more surprising (cologne, dolls, and cell phones).
Making low-profit customers more profitable or terminating them. To avoid the direct need for
termination, marketers can encourage unprofitable customers to buy more or in larger quantities, forgo
certain features or services, or pay higher amounts or fees.Banks, phone companies, and travel agencies
all now charge for once-free services to ensure minimum revenue levels. Firms can also discourage
those with questionable profitability prospects. Progressive Insurance screens customers and diverts the
potentially unprofitable to competitors. “Free” customers who pay little or nothing and are subsidized
by paying customers— as in print and online media, employment and dating services, and shopping
malls—may still create useful direct and indirect network effects, however, an important function.
• Focusing disproportionate effort on high-profit customers. The most profitable customers can be
treated in a special way. Thoughtful gestures such as birthday greetings, small gifts, or invitations to
special sports or arts events can send them a strong positive signal.](https://image.slidesharecdn.com/crmstretegies-171014105047/85/CRM-strategies-Marketing-Management-1-320.jpg)
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5-Year ARMRateHigher RateLoanABCDDown PaymentLoan AmountMonthly Principal & InterestMonthly Mortgage Insurance PaymentProperty Taxes/monthInsurance/MonthTotal House PaymentLoan Payment used to qualify to ARMHouse Payment used to qualify for ARMHousing RatioTotal Debt to Income RatioAPR for the LoanNot RequiredDo they qualify for this loan?Down PaymentClosing CostsPrepaid Finance ChargesTotal Cash to CloseAnalysis of Your CalculationsType Your Name HereCalculate the difference in the cash required to close and the total monthly payment for the 30 year loan with the higher rate and the 90% loan with mortgage insurance.Additional Cash to Close
[Loan B Less Loan C]Additional Monthly Pmt
[Loan B Less Loan C]Should these buyers take the 90% loan and use the reduced cash to close to pay off their student loans? Explain you recommendation.Consider the ARM loan.What is the balance after 5 years?What is the maximum possible principal and interest payment on that loan in year 6, when the rate adjusts?Which Loan option would you recommend? Loan Why do you suggest this option?
Check YES
Check NO
R E P R I N T N U M B E R 5 4 4 0 9
S U M M E R 2 0 1 3 V O L . 5 4 N O . 4
How to Drive Customer
Satisfaction
By Rolph E. Anderson, Srinivasan Swaminathan and Rajiv Mehta
INTELLIGENCE
SUMMER 2013 MIT SLOAN MANAGEMENT REVIEW 13COURTESY OF WE FASHION
Savvy company executives
know that some of their greatest
and potentially most enduring
assets are their long-run cus-
tomer relationships. Trying to
sustain a competitive advantage
with new products is a frustrat-
ing game, where short-term
leads often erode quickly. But by
satisfying customers, compa-
nies can nurture long-term
relationships and customer
loyalty. What’s more, a small in-
crease in customer loyalty can
make a big difference in com-
pany profits. McDonald’s, for
example, calculated back in the
1990s that just one additional
visit per week by “heavy users”
would boost annual sales by
more than $10 billion dollars.
Blending Bricks
and Clicks
In retailing, customer loyalty
cannot be achieved for long by
keeping customer interactions
online distinct and separate from
those offline. Many consumers
have largely merged their shop-
ping to the extent that they go
back and forth between online
and offline retailers. They may
start out by looking at desired
products in a store, go online to
check out the products further,
then decide to buy them from an
online seller such as Amazon. Or
they may start searching online,
then go look at the items offline
at a Wal-Mart or Target store,
and perhaps buy them there
because they’re immediately
available. Si.
Mobile loyalty
http://repeatbusiness-guaranteed.co.uk
t: 01202 233433
95% of UK consumers appreciate customer loyalty programs.
Loyalty programs are a great way of adding value to customer visits and giving them a reason to return in the future.
To create loyal customers who always use your business over your competitors you need to acknowledge their loyalty and reward them for their business.
Mobile loyalty
This is a guide, shared by centricweb.co.uk, to mobile loyalty for small and medium businesses. It makes a case how SMEs can boost their sales and retain customer value using mobile loyalty programmes on their own branded apps.
How to maximise instore gifting campaigns
Brands and retailers know the value of strategic marketing at point of purchase. Great levels of customer service coupled with targeted POS and promotional offers can make the difference between sales in-store, online or not at all.
iD In-store have therefore developed this five point guide to help ensure you get the most out of your in-store team at tactical gifting occasions such as Valentine’s Day, Mother’s Day and Easter, as well as non-seasonal events like Bar Mitzvahs, weddings and birthdays.
Mobideals 2 28 11
The document provides information about mobile marketing and coupons, including:
- Mobile coupons allow engagement with consumers throughout the purchasing process.
- Benefits of mobile coupons include portability, immediacy, relevance, lower costs, and measurability.
- A proposed mobile deals app/website called MobiDeals is described that would allow businesses to create mobile coupons and consumers to search and redeem coupons.
Get Loyalty Smart - Sectors of Opportunity
The document discusses loyalty challenges and opportunities across different sectors including grocery/supermarkets, technology/appliance retailers, consumer insurance, and travel retailers. It notes that traditional loyalty programs are becoming less effective and brands are looking to leverage customer data to build more personalized loyalty strategies. Successful approaches discussed include using data insights to provide superior customer service, deliver additional value beyond price, and integrate technology to improve the customer experience at every touchpoint. The document advocates that truly loyal customer relationships require consistently interpreting data to understand customer behavior and needs.
5 secrets coming back
The document discusses five secrets to customer retention that successful brands employ: 1) Providing stellar customer service even during mistakes, 2) Implementing creative loyalty programs that reward frequent purchases, 3) Engaging in consistent relationships with customers through marketing and social media, 4) Taking extra steps such as sending gifts during milestones, and 5) Speaking to customers with authenticity and understanding their lives. These tactics encourage repeat business and create loyal, long-term customers.
Survival Tactics & Ideas
This document provides marketing strategies and tactics for navigating a recession. It recommends focusing on customer intimacy through structured and customer-centric efforts. Marketers should evaluate how to convert leads into loyal customers rather than just focusing on lead generation. Both outbound and inbound marketing approaches are discussed, with inbound suggested as a better approach that avoids wasting efforts on uninterested prospects. The document concludes by advising marketers to devise a recession marketing framework and focus on areas where competitors have reduced presence.
1 to 1 Cross Media Personalized Marketing
With today’s influx of communication channels, the need for brands and corporations to connect with consumers on a 1 to 1 level is simply an expectation.
With B2C business, we tend to forget that ultimately, we are dealing with INDIVIDUALS, telling them to buy from us.
1 to 1 X-Media Personalized Marketing provides a platform that allows personalized communication, across multiple channels, covering off BTL, WEB, Social Media utilizing personalized URL, Print, SMS and email, etc.
1 to 1 X-Media Personalized Marketing also present corporations the opportunity to create triggers, which allows consumers to receive prompts, to act. Most importantly, it allows multi-channel execution, allowing organisations to engage your consumers across a wide spectrum of platforms.
1 to 1 x media personalized marketing
With today’s influx of communication channels, the need for brands and corporations to connect with consumers on a 1 to 1 level is simply an expectation.
With B2C business, we tend to forget that ultimately, we are dealing with INDIVIDUALS, telling them to buy from us.
1 to 1 X-Media Personalized Marketing provides a platform that allows personalized communication, across multiple channels, covering off BTL, WEB, Social Media utilizing personalized URL, Print, SMS and email, etc.
1 to 1 X-Media Personalized Marketing also present corporations the opportunity to create triggers, which allows consumers to receive prompts, to act. Most importantly, it allows multi-channel execution, allowing organisations to engage your consumers across a wide spectrum of platforms.
Inside BGA Marketing Groups - AimcoR
AimcoR Group is an insurance marketing organization that differs from competitors by operating at a higher, more efficient level through exclusive membership, open communication and a culture of sharing. The organization is focused on transforming the business through alternative distribution channels, technology adoption, and shifting from a product focus to new producer enablement and consumer engagement. AimcoR aims to achieve sustainable growth and become a dominant player in the future insurance brokerage landscape.
Newsletter Fall 2016
This document summarizes key findings from a study about Millennials and their shopping behaviors. It discusses that Millennials have surpassed Baby Boomers as the largest living generation in the US. The study found that Millennials are generally more satisfied consumers than Baby Boomers, particularly with utilities, healthcare, and telecom services. Millennials expect good customer service and value for their money. They are also more willing than older generations to share their personal information for targeted offers and services. The document emphasizes that understanding the nuances of the Millennial customer experience is important for businesses.
The Affordable Care Act was signed into law by President Barack Ob.docx
The Affordable Care Act was signed into law by President Barack Obama in March 2010. Many of the provisions of the law directly affect health care providers. Review the following topic materials:
1. "About the Affordable Care Act"
2. "Health Care Transformation: The Affordable Care Act and More"
What are the most important elements of the Affordable Care Act in relation to community and public health? What is the role of the nurse in implementing this law?
Copyright © 2016 Pearson Education, Inc. 22-*
Chapter
22
Managing Personal Communications: Direct and Database Marketing and Personal Selling
Copyright © 2016 Pearson Education, Inc. 22-*
Learning Objectives
How can companies conduct direct marketing for competitive advantage?
What are the pros and cons of database marketing?
What decisions do companies face in designing a sales force?
What are the challenges of managing a sales force?
How can salespeople improve their selling, negotiating, and relationship marketing skills?
Copyright © 2016 Pearson Education, Inc. 22-*
Direct MarketingThe use of consumer-direct (CD) channels to reach and deliver goods and services to customers without using marketing middlemen
Direct marketers can use a number of channels to reach individual prospects and customers: direct mail, catalog marketing, telemarketing, interactive TV, kiosks, Web sites, and mobile devices. They often seek a measurable response, typically a customer order, through direct-order marketing.
*
Copyright © 2016 Pearson Education, Inc. 22-*
Direct Marketing
Direct mail
Catalog marketing
Telemarketing
Other direct-response marketing
Direct marketing can reach prospects at the moment they want a solicitation and therefore be noticed by more highly interested prospects. It lets marketers test alternate media and messages to find the most cost-effective approach.
Direct marketing also makes the company’s offer and strategy less visible to competitors. Finally, direct marketers can measure responses to their campaigns to decide which have been the most profitable.
Direct-mail marketing means sending an offer, announcement, reminder, or other item to an individual consumer. Using highly selective mailing lists, direct marketers send out millions of mail pieces each year—letters, fliers, foldouts, and other “salespeople with wings.”
In catalog marketing, companies may send full-line merchandise catalogs, specialty consumer catalogs, and business catalogs, usually in print form but also as DVDs or online.
Telemarketing is the use of the telephone and call centers to attract prospects, sell to existing customers, and provide service by taking orders and answering questions. It helps companies increase revenue, reduce selling costs, and improve customer satisfaction. Companies use call centers for inbound telemarketing—receiving calls from customers—and outbound telema.
Similar to CRM strategies (Marketing Management) (20)
Subscription Economy: How to shift mindset in 2017 and adapt to changing cons...
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Simple Techniques To Grow Your Business-Duane Sprague
Simple Techniques To Grow Your Business-Duane Sprague
Answer SheetFin 331Homework 2You may wish to summarize your input .docx
Answer SheetFin 331Homework 2You may wish to summarize your input .docx
The Affordable Care Act was signed into law by President Barack Ob.docx
The Affordable Care Act was signed into law by President Barack Ob.docx
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CRM strategies (Marketing Management)
- 1. July 19, 2017 [CRM STRETEGIES] Noman Naseer Page 1 CRM STRETEGIES Reducing the rate of customer defection. Selecting and training employees to be knowledgeable and friendly increases the likelihood that customers’ shopping questions will be answered satisfactorily. Whole Foods, the world’s largest retailer of natural and organic foods, woos customers with a commitment to market the best foods and a team concept for employees. Increasing the longevity of the customer relationship. The more engaged with the company, the more likely a customer is to stick around. Nearly 65 percent of new Honda purchases replace an older Honda. Drivers cited Honda’s reputation for creating safe vehicles with high resale value. Enhancing the growth potential of each customer through “share of wallet,” cross-selling, and up- selling. Sales from existing customers can be increased with new offerings and opportunities. Harley- Davidson sells more than motorcycles and accessories like gloves, leather jackets, helmets, and sunglasses. Its dealerships sell more than 3,000 items of clothing—some even have fitting rooms. Licensed goods sold by others range from predictable items (shot glasses, cue balls, and Zippo cigarette lighters) to the more surprising (cologne, dolls, and cell phones). Making low-profit customers more profitable or terminating them. To avoid the direct need for termination, marketers can encourage unprofitable customers to buy more or in larger quantities, forgo certain features or services, or pay higher amounts or fees.Banks, phone companies, and travel agencies all now charge for once-free services to ensure minimum revenue levels. Firms can also discourage those with questionable profitability prospects. Progressive Insurance screens customers and diverts the potentially unprofitable to competitors. “Free” customers who pay little or nothing and are subsidized by paying customers— as in print and online media, employment and dating services, and shopping malls—may still create useful direct and indirect network effects, however, an important function. • Focusing disproportionate effort on high-profit customers. The most profitable customers can be treated in a special way. Thoughtful gestures such as birthday greetings, small gifts, or invitations to special sports or arts events can send them a strong positive signal.