Creating long-term loyalty relationships - Cultivating customer relationships
12 important questions on Creating long-term loyalty relationships - Cultivating customer relationships
What is customer relationship management (CRM)?
- Customer relationship management is the process of carefully managing detailed information about individual customers and all customer "touch points" to maximize loyalty.
- CRM enables companies to provide excellent real-time customer service through the effective use of individual account information.
What is a customer touch point?
What is the difference between customers and clients?
- Customers may be nameless, clients cannot be nameless.
- Customers are served as part of the mass, clients are served on individual basis.
- Customers are served by anyone who happens to be available, clients are served by the professional assigned to them.
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The 5 different CRM strategies
- Reduce the rate of defection
- Increase longevity
- Enhance growth potential (up and cross-selling)
- Terminate low-profile customers (or make more profitable)
- Focus more on high-profit customers
What is permission marketing?
Explain the 4 steps of one-to-one marketing.
- Identify your prospects and customers.
- Differentiate customers in terms of their (1) needs and (2) value to your company.
- Interact with individual customers to improve your knowledge about their individual needs and to build stronger relationships.
- Customize products, services, and messages to each customer.
Forming strong customer bonds:
- Create superior products, services and experiences for the target market
- Get cross-departmental participation in planning and managing the customer satisfaction and retention process
- Integrate the "voice of the customer" to capture their stated and unstated needs or requirements in all business decisions
- Organize and make accessible a database of information on individual customer needs, preferences, contacts, purchase frequency and satisfaction
- Make it easy for customers to reach appropriate company staff and express their needs, perceptions and complaints.
- Assess the potential of frequency programs and club marketing programs
- Run award programs recognizing outstanding employees
When does one-to-one marketing work for a company?
What can be done to reduce defection rate?
- Define and measure its retention rate.
- Distinguish the causes and identify those that can be managed better.
- Compare the customer's lifetime value to the costs of the products reducing the defection rate.
Explain conversion rates, customer relationship capital and customer base.
- Conversion rates: the percentage at one stage of the funnel that move on to the next.
- Customer relationship capital: satisfied customers.
- Customer base: the number and value of customers who will do business with the new firm if the old firm were sold.
How can you improve the value of the customer base?
- Reducing the rate of customer defection.
- Increasing the longevity of the customer relationship.
- Enhancing the growth potential of each customer through "share of wallet", cross-selling and up-selling.
- Making low-profit customers more profitable or terminating them.
- Focusing disproportionate effort on high-profit customers.
Explain frequency programs (FP) and club membership programs.
- Frequency programs reward customers who buy frequently and in substantial amounts.
- Club membership programs can be open to anyone who purchases a product or service, or limited to an affinity group or those willing to pay a small fee.
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