1 CUSTOMER RELATIONSHIP MANAGEMENT CONCEPTS AND TECHNOLOGIES Managing the customer lifecycle customer retention and development
2 Three stages of the customer lifecycle 1. Customer acquisition 2. Customer retention aims to keep a high proportion of current customers by reducing customer defections 3. Customer development aims to increase the value of those retained customers to the company
3 Generic goals of customer retention and development Customer retention: to keep a high proportion of valuable customers by reducing customer defections (churn). Customer development: to increase the value of those retained customers to the company.
4 Simple customer retention definition Customer retention is the number of customers doing business with a firm at the end of a financial year expressed as percentage of those who were active customers at the beginning of the year.
5 The appropriate time frame Depends on repurchase cycle found in the industry Insurance policies are renewed annually. If the normal replacement cycle is four years, then retention rate is more meaningful if it is measured over four years instead of 12 months.
6 Can you tell if a customer has defected? May not be able to measure retention and defection if you have Product-based views of customers Channel-based views of customers Separate customer records in sales, marketing and service
7 Three measures of customer retention Raw customer retention rate the number of customers doing business with a firm at the end of a trading period expressed as a percentage of those who were active customers at the beginning of the period. Sales-adjusted retention rate the value of sales achieved from the retained customers expressed as a percentage of the sales achieved from all customers who were active at the beginning of the period. Profit-adjusted retention rate the profit earned from the retained customers expressed as a percentage of the profit earned from all customers who were active at the beginning of the period.
8 Retention issues Retention measures should be made with an understanding of customer profitability issues The fundamental purpose of focusing CRM efforts on customer retention is to ensure that the company maintains relationships with strategically significant customers It may not be beneficial to maintain relationships with all customers. Some are too costly to serve strategic switchers constantly in search of a better deal not strategically significant in roles such as benchmark, door opener, inspiration or technology partner
9 Customer retention vs. value retention Companies should focus on retaining customers that contribute value Sometimes this will mean that the focus is not on retention of customers, per se, but on retention of share of wallet In the banking industry, for example, it may be more important for companies to focus on managing the overall downward migration of customer spending than customer retention. Many customers simply change their buying behaviour rather than defect.
10 The economic argument for customer retention Purchases grow as tenure grows Customer management costs fall over time Customer referrals grow Premium prices Customers who are satisfied in their relationship may reward their suppliers by paying higher prices
11 Which customers to retain? Strategically significant customers High lifetime value customers High volume customers Benchmarks Inspirations Door openers But these may also be attractive to your competitors
12 Commitment and retention The level of commitment between your customer and you will figure in the decision about which customers to retain If the customer is highly committed, i.e. impervious to the appeals of competitors, you do not need to invest so much in retention. If strategically significant customers are not committed to you, you may want to invest considerable sums in their retention.
13 Why focus on newly acquired customers? New customers may have greater future lifetime value potential than longer tenure customers evidence suggests that retention rates rise over time, so if defections can be prevented in the early stages of a relationship, there will be a pay-off in future revenue streams.
14 Two basic strategies for customer retention
15 Negative and positive customer retention strategies Create exit barriers Enforce the contract Extract switching penalties Delight customers Create customer-perceived added value Create social and structural bonds Create customer engagement
16 DRIVER TO INCREASE CUSTOMER VALUE Increasing the level of expenditure Increasing cross-buying Encourage customers to diversify their purchases Encourage the customer to reduce average repurchase times Encourage the customer to reduce the number of refurbishments/returns required Encourage the customer to reduce the frequency of contacts or push them towards communication channels at a lower cost of ownership.
17 CLASSYFY CRM TOOLS Tools that try to work on time of purchase Tools that try to work on value of purchase Tools that try to work on strength of relation
18 What is customer delight? Customer delight = P > E where P = Perception E = Expectation
19 Bridging the gaps: importance against performance Clean toilets Performance Importance OFI Food quality Performance Importance OFI Numbers are scores on a 7-point scale OFI = opportunity for improvement
20 Customer delight through product quality
21 Simple ways to delight customers provide information about the customer s served market A packaging company could alert a fast-moving consumer goods manufacturer customer to competitive initiatives in the market. volunteer to collect and replace a faulty product from a customer rather than issuing a credit note offer better, lower cost solutions to the customer, even though that might reduce margin
22 Three ways to create customer-perceived added value 1. loyalty schemes 2. customer communities 3. sales promotions
23 Loyalty programme definition A loyalty scheme is a customer management programme that offers delayed or immediate incremental rewards to customers for their cumulative patronage.
24 Reward programmes Co-op dividend > Green Shield Stamps > American Airlines AAdvantage Card > Nectar Card-based schemes have changed over time No identification member s name Magnetic strip chip-embedded Solus networked Company-operated third-party operated Trivial reward major reward (5%)
25 Nectar loyalty programme
26 Sources of added value from loyalty programmes Collecting points may deliver some pre-redemption psychological benefits to customers, such as a sense of belonging and of being valued, and an enjoyable anticipation of desirable future events. At the redemption stage, customers receive both psychological and material benefits.
27 Criticisms of loyalty programmes They are ineffective at generating attitudinal loyalty They cost too much to operate
28 Customer club definition A customer club is a company-run membership organization that offers a range of value-adding benefits exclusively to members.
29 B2C customer clubs Swatch the Club ( ) The Harley Owners Group (HOG) ( ) The Subaru Owners Club ( ) Nestlé s mother and baby club ( )
30 Harley Owners Group
31 Sales promotions that build repeat purchase In pack or on-pack voucher Rebate or cash-back Patronage awards Free premium for continuous purchase Collection schemes Self-liquidating premium
32 PRICE PROMOTION (discount) An increase is necessary to balance the lower earnings SALE INCREASE (%)= Price reduction (Gross margin - Price reduction) PR=9%, GM=30% Sales increase = 0.09/ ( )=42.8% A retail company sells an average of 300 units per week to its loyal customers, the cost is 2.5 and the price 3. If company introduces a 10% reduction for one week, how many more products does it have to sell to keep same earnings?
33 Cash-back sales promotion
34 Bonds Social Positive relationships between individuals Empathy Responsiveness Reliability Leads to development of trust and commitment Structural Investments linking customer and supplier Financial Legal Equity Technological Values-based Geographic Project Multi-product
35 Insurers encourage loyalty with financial bonds Excellent claims service No-claims discounts Tenure-related discounts Multi-policy discounts Financial Bonds
36 Build customer engagement Engaged consumers are generally thought to have a higher intensity of participation in and connection to a brand or organization. They feel a strong sense of connection to the organization or brand based on their experiences of the firm s offerings, activities and reputation.
37 Four types of engagement 1. cognitive engagement 2. affective engagement 3. behavioural engagement 4. social engagement
38 Building engagement Interactivity Gamification Relational attachment Values-based attachment
39 Values defined Values are core beliefs that transcend context and serve to organize and direct attitudes and behaviours.
40 Values-based attachment Body Shop International Harley-Davidson Virgin Group
41 Body Shop s core values
42 Context makes a difference to customer retention strategies Number of competitors Corporate culture Channel configuration Purchasing practices Ownership expectations Ethical concerns
43 KPIs for customer retention programmes 1. Raw customer retention rate. 2. Raw customer retention rate in each customer segment. 3. Sales-adjusted retention rate. 4. Sales-adjusted retention rate in each customer segment. 5. Profit-adjusted retention rate. 6. Profit-adjusted retention rate in each customer segment. 7. Cost of customer retention. 8. Share of wallet of the retained customers. 9. Customer churn rate per product category, sales region or channel. 10. Cost-effectiveness of customer retention tactics.
44 The role of research Why are customers churning? Are there any lead indicators of impending defection? What can be done to address the root causes?
45 Advance indicators of intention to churn Reduced RFM scores (Recency Frequency Monetary value) Non-response to a carefully targeted offer Reduced levels of customer satisfaction Dissatisfaction with complaint handling Reduced share of customer (e.g. customer only flies one leg of an international flight on your airline) Inbound calls for technical or product-related information Late payment of an invoice Querying an invoice Customer touchpoints are changed, e.g. store closes, change of website address Customer change of address
46 Two main strategies for customer development Cross-selling is selling additional products and services to an existing customer. Up-selling is selling higher priced or higher margin products and services to an existing customer.
47 DRIVER TO INCREASE CUSTOMER VALUE Increasing the level of expenditure Increasing cross-buying Encourage customers to diversify their purchases Encourage the customer to reduce average repurchase times Encourage the customer to reduce the number of refurbishments/returns required Encourage the customer to reduce the frequency of contacts or push them towards communication channels at a lower cost of ownership.
48 CLASSYFY CRM TOOLS Tools that try to work on time of purchase Tools that try to work on value of purchase Tools that try to work on strength of relation
49 CRM TOOLS FOR INCREASING AND RETAING CUSTOMER VALUE (1/2) Tools that offer mainly economic benefits (free additional services, premiums, discounts...) Tools that offer mainly immaterial or social benefit (engagement to a forum, club, events,.)
50 CRM TOOLS FOR INCREASING AND RETAING CUSTOMER VALUE (2/2) Tools for extending the duration of the relationship Tools to extend the breadth of relationship (cross-buying) Instruments aimed at extending the depth of the relationship, i. e. instruments that push a more intense frequency of use and purchase or, in any case, that concern decisions to update or purchase premium price products compared to those at the lowest cost.
51 RETAIND AND DEVELOP LOYAL CUSTOMERS: TOOLS
52 RETAIND AND DEVELOP LOYAL CUSTOMERS: TOOLS STRATEGIC PROACTIVE ACTIONS (1/2) Actions to improve familiarity Welcome calls Newsletter Instructions for Use Actions to prevent the perception of problems Panel of early adopters Power users panel
53 RETAIND AND DEVELOP LOYAL CUSTOMERS: TOOLS PROACTIVE POLICY ACTIONS (2/2) Actions to facilitate and improve use Automatic detection New products and restyling Actions on the distribution network Vip clubs Website Newsletter Actions to facilitate the positive assessment, repurchase and guidance of other potential customers Managing critical steps Provision of unexpected benefits Customer convention Member get a member
54 RETAIND AND DEVELOP LOYAL CUSTOMERS: TOOLS REACTIVE STRATEGIC ACTIONS AND PROACTIVE TACTICAL ACTIONS Targeted actions to deal effectively with the unresolved problem Replacement services Immediate alternative benefits Customer Guarantee
55 RETAIND AND DEVELOP LOYAL CUSTOMERS: TOOLS Negative actions Bundling on product/service Bundling on customer Legal barriers Knowledge barriers
56 RETAIND AND DEVELOP LOYAL CUSTOMERS: TOOLS REACTIVE TACTICAL ACTIONS Actions aimed at a positive management of defection Retention team Ad hoc network programmes Recovery actions Win-back letter Competitive upgrades
57 CRM technologies used for customer development Campaign management Event-based marketing Data mining Customization Channel integration Integrated customer communications Marketing optimization
58 Strategies for terminating customers Make them profitable by raising prices or cutting the cost-to-serve. Un-bundle the offer Respecify the product Reorganize sales, marketing and service departments Introduce ABC class service
59 A typology of companies termination behaviours Hardliners take an active and rigorous stance in terminating unprofitable relationships, including the regular clearance of their customer portfolio. Appeasers take a more cautious approach concerning the termination of unprofitable relationships. The undecided are reluctant to terminate unprofitable relationships.
GENERAL CONTENT Multiple Choice Questions Chapter 12 Managing Relationships and Building Loyalty 1. Which of the following is NOT one of the advantages to incremental profits of a loyal customer? a. Profit
RELATIONSHIP MARKETING AND CUSTOMER CARE LEARNING OUTCOMES At the end of the class room discussion we will be able to: Explain what is relationship marketing Identify the importance of relationship marketing
Database and Direct Response Marketing Chapter 11 11-1 Chapter Objectives 1. How can a marketing team match a database program with an IMC program? 2. What is meant by database-driven marketing communications?
The ROI on Member Retention Why Focus on Member Retention? The Myths Around Member Retention Retention is About Loyalty, Not Satisfaction The Lifetime Value of a Member The Key to Retention is Member Relationship
CRM Chapter 8 The relationship policy In this chapter, we will first discuss on what type of customer to develop a relationship with. This can be identified by understanding the customer segments and where
REAL-TIME ENGAGEMENT PLAYBOOK FOR MOBILE OPERATORS MAKING DATA PAY Monetise every subscriber interaction with contextual real-time engagement Contextual marketing is about UNDERSTANDING WHO the subscriber
Seven Keys to Customer Retention Jorge A. Restrepo M.G.A. EurekaFacts LLC It takes far more effort to acquire a new customer than to retain one, says the old business adage. And the benefits can be far
The Impact of Loyalty and Reward Schemes upon Consumer Spending and Shopping Habits Author: Eanna Murphy. Client Services Manager. Azpiral. Date: 19/08/2015 Contents Introduction... 3 Loyalty and Rewards...
Airline Dr Keith Mason FRAeS Istanbul Technical University Air Transportation Management, M.Sc. Program Airline Marketing Module 17 31 st January 2014 Customer loyalty Dr Keith Mason K.Mason@cranfield.ac.uk
Customer Relationship Management BACKGROUND Growth of the power of customer information and the ability to affect corporate reputation Development of integrated offerings Diffusion of ICT Speed and response
Customers expectations compared to banks perception Brussels, 25 May 2012 The E&Y Global Consumer Banking Survey 2012 This is Ernst & Young s latest survey of retail banking customers around the world.
Tourism Research Journal E-ISSN: 2598-9839 2018, Vol. 2 No. 1 Customer Retention Strategy Through Customer Satisfaction and Customer Loyalty: The Study on Traveloka Loyalty Program Fiona Poetri Komalasari
CHAPTER- 2. BUILDING CUSTOMR SATISFACTION. For long term sustainability, business entities need to build customer satisfaction. Customer satisfaction involves - Customer creation. - Customer maintenance/
Why Conduct a Consumer Survey? Because informed decision-making produces better results RKM Research and Communications, Inc., Portsmouth, NH. All Rights Reserved. Executive summary This paper discusses
Universal Banking Solution System Integration Consulting Business Process Outsourcing IT'S SOMETHING that makes a serious difference to building and maintaining customer relationships. It is part of every
International Journal of Retail Management and Research (IJRMR) ISSN 2277-4750 Vol. 2 Issue 3 Sep 2012 21-27 TJPRC Pvt. Ltd., RELATIONSHIP MARKETING 1 R. UMAMAHESWARI, 2 R. BHUVANESWARI & 3 V. BHUVANESWARI
"Customer loyalty 2004" Roland Berger Strategy Consultants Munich, September 2004 The goal of customer loyalty management is to better exploit the value of the customer base Exploitation of customer value
What s happened to CUSTOMER LOYALTY? And 5 Steps You Can Take To Get It Back What s happened to CUSTOMER LOYALTY? A business without customers is just a hobby, and loyal customers are the most important
QUALIFICATION HANDBOOK Level 2 Certificate in Principles of Sales (QCF) (7711-02) April 2011 Version 1.3 (November 2012) Qualification at a glance Subject area City & Guilds number 7711 Age group approved
Copyright 2010-2013 Performance Loyalty Group, Inc. All Rights Reserved. Why Consider a Loyalty or Retention Program Now? Market conditions have changed..so has your customer Over the past two years, as
14 Turning chaos into cash How to enable revenue growth in the digital age The role that technology can play in enabling revenue growth in the digital age All commercial businesses face continuous pressures
MKT501- Marketing Management Question No: 1 ( Marks: 1 ) - Please choose one A market leader firm can expand the total market through: Decreasing distribution of the product Introducing the new usage of
WWW.CUSTOMERS-DNA.COM VALUE PROPOSITION TELECOM COMPANIES Value Proposition for Telecom Companies Customer Intelligence in Telecoms CRM & CUSTOMER INTELLIGENCE SERVICES INFO@CUSTOMERS-DNA.COM 2 of 15 Value
Customer Lifecycle Management How Infogix Helps Enterprises Manage Opportunity and Risk throughout the Customer Lifecycle Analytics can be a sustained competitive differentiator for any industry. Embedding
MMK101 SUMMARY NOTES Marketing Fundamentals Exam Preparation LINK TO PROQUEST EBOOK THROUGH DEAKIN PORTAL (Armstrong et al 2017, Principles of Marketing, 7th edition) LO = Learning Objective Word count:
CUSTOMER RETENTION AND SUPERIOR ENGAGEMENT INTRODUCTION Everyone aims to satisfy the customers; in fact, some competing organisations may have the same customer satisfaction ratings but satisfaction is
Customer Relationship Management- CRM Day 1: Introduction to CRM Dr. V Kumar Richard and Susan Lenny Distinguished Chair Professor of Marketing, Executive Director, Center for Excellence in Brand & Customer
Price Optimization in Motor Insurance 28 th May 2015 Price A main reason for customers to switch provider! Top Reasons for closing or replacing a policy Is it all about price? Price is the most important
Abstract The significance of Customer Lifetime Value (CLTV) is now being increasingly acknowledged among the decision makers around the world. However, only a few actually take the plunge and implement
Rewarding with Points: Making the Most of Customer Loyalty A white paper prepared by Simply Thank You August 2015 Contents Introduction...2 Customer Rewards...3 The Experience...3 The Outcome...3 Creating
KEY CONSIDERATIONS FOR EXAMINING CHANNEL PARTNER LOYALTY AN ICLP RESEARCH STUDY IN ASSOCIATION WITH CHANNEL FOCUS BAPTIE & COMPANY NOVEMBER 2014 Executive summary The changing landscape During this time
Retain & Delight Understand Each and Every Customer to Solidify Lifetime Value An NGDATA White Paper KEEPING CUSTOMERS HAPPY SO THEY KEEP COMING BACK IS A CRITICAL COMPONENT OF YOUR BUSINESS SUCCESS. ORGANIZATIONS
Don t forget the customer! Darwinism in effect - Customer retention and margin management during the downturn By Ralf Möbus & Joachim Klein Evolution and natural selection If Charles Darwin had been an
ZING YOUR LOYALTY & REFERRAL PROGRAMS TOP 10 BENEFITS FROM LOYALTY REWARDS PROGRAM 102 Persian Drive Suite #101, Sunnyvale, CA 94089 +1 650-701-7759 www.zinrelo.com CONTENTS 1. DRIVE REPEAT SALES...3 1.1
www.responsetek.com Telecommunications Industry ebook Three Pillars of Churn Reduction Aware Buy Install Use Support Billing Move Servicing Credit Ops Retention Technician B2 B1 Call Centre B1,2 B1,2 B1
Exploiting IT for business benefit EITBB 5. Customer relationship management benefit. BCS 1 Transactions versus relationships Transactions are usually: One-off purchases or uses of services With no automatic
Creating and Capturing Customer Value Topic Outline What Is Marketing? Understand the Marketplace and Customer Needs Designing a Customer-Driven Marketing Strategy Preparing an Integrated Marketing Plan
Solutions for Enabling Lifetime Customer Relationships WHITE PAPER: RETAIL Steve Topper Business Solution Architect, Retail Practice Pitney Bowes Software WHITE PAPER: RETAIL 2 ABSTRACT EXECUTIVE LEADERS
Creating Loyal Customers Brought to you by Page 1 of 6 In today s competitive retail environment it takes far more than a sequence of emails or coupons to engage consumers efficiently and create a loyal
From the SelectedWorks of Mark E Pickering October, 1999 Not All Customers are Created Equal: Looking at Lifetime Value Mark E Pickering Available at: https://works.bepress.com/mark_pickering/7/ Not all
Chapter 5 Creating Long- Term Loyalty Relationships Copyright 2016 Pearson Education Ltd. 5-1 Learning Objectives 1. What are customer value, satisfaction, and loyalty, and how can companies deliver them?
Customer Lifetime Value Opportunities and Challenges Greg Firestone Mohamad Hindawi, PhD, FCAS March, 2013 Antitrust Notice The Casualty Actuarial Society is committed to adhering strictly to the letter
Keeping Customer Relationship Measurement Programs Relevant: North American Conference on Customer Management October, 2007 Using Your Resources Wisely Why Do We Care? Developing, implementing, and maintaining
Slide 7.1 Slide 7.2 Management issues Chapter 7 E-procurement What benefits and risks are associated with e- procurement? Which method(s) of e-procurement should we adopt? What organizational and technical
Branding as a Competitive Edge for MSME A presentation to OVOP Malawi By. Tom Owuor 2 A world without marketing? What is Marketing? American Marketing Association: Marketing is the activity, set of institutions,
How to drive customer retention in e-commerce 7 tips to transform your online business and thrive Table of Contents 1 01. Customer Acquisition vs. Customer retention: the big challenge 3 02. The role of
PART A: 1a) AO1 = 1 A (1) b) AO1 = 1 Unit 3: Building a Business (GCSE Business Studies) Sample Past Paper 2 (Mark Scheme) Lower costs More competitive c) AO1 = 1 AO2 =2 Possible reasons include: Training
CHAPTER II THEORETICAL FOUNDATION Theoretical foundation consists of the theoretical base such as opinion and understanding from several experts, which are gathered as secondary data from various sources
Exchange: Def n : Exchange: The act of obtaining a desired object from someone by offering something in return Exchange is he underlying theory of marketing, and explains why we need to work in order to
OUTLOOK SEVEN WAYS TO PROFIT FROM BIG DATA AS A BUSINESS by James Platt, Robert Souza, Enrique Checa, and Ravi Chabaldas Information is multiplying inside businesses at an exponential rate, generated by
Data for Marketing Analytics Measuring Value for Customers Objective Value Observed/Behavioral Value Conjoint/Tradeoffs Measuring Value of Customers Arvind Rangaswamy firstname.lastname@example.org www.arvind.info MKTG
Nuance Loop Mobile Marketing and Advertising Services 2 Contextual Marketing for personalized, real-time and interactive marketing campaigns Mobile operators face increasing pressure on traditional revenue
ecommerce Loyalty? YES indeed, Mr. Customer! MAKIS THEMELIS Chief Digital & Commercial Officer QIVOS S.A. About Me BA in European Studies / MA in International Business Relations 20+ years of professional
6. MARKETING CONCEPTION A PHILOSOPHY OF BUSINESS, CUSTOMERS AND CONSUMERS, MARKETING AND SELLING, PRODUCT DEVELOPMENT PROCESS - STRATEGY, TACTICS What is Marketing Marketing encompasses a wide array of
Understanding Customer Experience Management Five Essential Elements of a Comprehensive Approach Pg. 1 Overview In this era of the referral economy, the customer experience has more influence than ever
1 5 Creating Long-Term Loyalty Relationships Chapter Questions What are customer value, satisfaction, and loyalty, and how can companies deliver them? What is the lifetime value of customers and how can
Creating Unique Data Assets to Drive Marketing Predictions and Actions The Second-Party Data Advantage 1 Industry Trends The second-party data movement has quickly emerged as an innovative solution for
Calculating loyalty & retention metrics. Table of Contents 01. Maximizing Revenue from Existing Customers.... Average Order Value (AOV)... Profitability Per Order(PPO)... 2 3 7 02. Bringing More Customers
GE 6757 TOTAL QUALITY MANAGEMENT LECTURE NOTES UNIT 1 UNIT I INTRODUCTION 1.1 Meaning of Quality Quality referred as Grade of service / productreliability safetyconsistencyconsumer's perception Quality
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike License. Your use of this material constitutes acceptance of that license and the conditions of use of materials on this
9-511-029 REV: JANUARY 18, 2017 THOMAS STEENBURGH JILL AVERY Marketing Analysis Toolkit: Customer Lifetime Value Analysis Introduction Customers are increasingly being viewed as assets that bring value
PERSONAL SELLING (PART-3) PRODUCT KNOWLEDGE 1. INTRODUCTION Hello students, Welcome to the series on personal selling. Today we are going to study about Product knowledge in personal selling. Definition
Lecture 1: Introduction to Marketing; The Marketing Environment and Market Analysis Chapters 1. What is marketing? Marketing- the activity, set of institutions, and processes for creating, communicating,
The Definitive Buyer s Guide for a Customer Success Platform Table of Contents Customer Success Platform Overview 3 Getting Started 4 Making the case 4 Priorities and problems 5 Key Components of a Successful
10 Manage Pricing Decisions Chapter Questions How do consumers process and evaluate prices? How should a company set prices initially for products or services? How should a company adapt prices to meet
Topic 1 Marketing Concepts What is Marketing? Marketing: the activity, set of institutions, and process for creating, communicating, delivering and exchanging offerings that have value for customers, client
SERENATA CRM SUITE ENGAGE & RETAIN GUESTS LIKE NEVER BEFORE NEXT GENERATION CRM With the Serenata CRM Suite your guest data, one of your hotel s most precious assets, is put to good use to engage guests
FOSTERING CUSTOMER RETENTION CALLS FOR A FULL 360-DEGREE PERSPECTIVE Satisfying and retaining current customers is three to 10 times cheaper than acquiring new customers, and 65 percent of a typical company
CUSTOMER RELATIONSHIP MANAGEMENT: THE WINNING STRATEGY IN MODERN MARKET ERA Ms. Ritika Assistant Professor in Management Pyramid College of Business and Technology, Phagwara (India) ABSTRACT Customer relationship
Understanding Customer Experience Management Five Essential Elements of a Comprehensive Approach Overview In this era of the referral economy, the customer experience has more influence than ever on the
THE STATE OF CUSTOMER DEVOTION IN RETAIL PART TWO A QUICK RECAP: PART ONE... THE OBJECTIVE We were intrigued to discover how customer s devotion to retailers is influenced by loyalty strategies. THE METHODOLOGY
i t s good and good for you LECTURE 1 Chapter 1 Marketing: Creating and Capturing Customer Value Creating and Capturing Customer Value Topic Outline What Is Marketing? Understand the Marketplace and Customer
Question No: 1 ( Marks: 1 ) - Please choose one Which of the following must be developed at each product level for achieving the goals? Corporate plan Selling plan Marketing plan http://en.wikipedia.org/wiki/marketing_plan
April 2015 Retail Industry Rating Methodology Summary This rating methodology introduces the key rating factors of retail industry adopted by China Chengxin (Asia Pacific) Credit Ratings Company Limited