Customer bonding programs enhance relationships between businesses and their clients, focusing on increasing customer loyalty and lifetime value. The objectives include moving customers up the hierarchy, reducing churn, and engaging customers through various strategies and tactics such as events and welcome kits. Key elements include identifying target audiences and implementing a prototypical program to foster long-term connections.

1. CUSTOMER BONDING PROGRAMS
© Tom Smith, Insights From Analytics, 2014.
1

2. WHAT ARE CUSTOMER BONDING PROGRAMS?
•
•
Customer relationship management
Enhance clients’ relationships with prospects or
customers
© Tom Smith, Insights From Analytics, 2014.
2

3. PREMISE
•
Any successful business’ most valuable asset is its
current customers
© Tom Smith, Insights From Analytics, 2014.
3

4. OBJECTIVES
•
•
•
•
•
•
Move customers up the hierarchy
Increase LCV
Increase “share of wallet”
Go beyond “share-of-mind” to “share-of-life”
Reduce churn
Engender loyalty
© Tom Smith, Insights From Analytics, 2014.
4

5. CUSTOMER HIERARCHY
Advocates or “Raving Fans”
Customers
Users
Prospects
© Tom Smith, Insights From Analytics, 2014.
5

6. STRATEGIES
•
•
•
•
•
Relational database
CSMI (customer satisfaction measurement &
improvement)
Provide value
Customers for Life
Demonstrate sensitivity
© Tom Smith, Insights From Analytics, 2014.
6

7. TARGET AUDIENCES
•
Current customers
–
–
•
Prospects
–
–
•
Retail
B2B
Retail
B2B
Sales
–
–
Internal
External
© Tom Smith, Insights From Analytics, 2014.
7

8. TACTICS
•
•
•
•
•
Events
Cause related marketing
Welcome kits
Newsletters
Customer satisfaction studies
© Tom Smith, Insights From Analytics, 2014
.
8

9. PROTOTYPICAL PROGRAM
1.
2.
3.
4.
5.
6.
7.
8.
Welcome kit
CSMI
Check-in
Cross-sell
Free gift/trial
“Turn in a friend”
Contract renewal
Anniversary
© Tom Smith, Insights From Analytics, 2014
.
9

10. NEXT STEPS
•
•
How can your clients benefit from a customer
bonding program?
For whom can you write a recommendation or
provide a referral?
© Tom Smith, Insights From Analytics, 2014
.
10