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2 Consent This document may not be copied or shared for commercial use without prior written consent from Jainita Khatri of Prana Business Consulting. This document is the intellectual property of Prana Business Consulting and is published with the intention of helping businesses grow and develop

3 Building Customer Equity in a Digital World Jainita Khatri

4 Why are we in business?

5 Core to all successful business is Sales Profit Mastering the relationship Market Share Innovation Competitive Advantage

6 The Power of Brands

7 Brand Value in 2014 $118 billion Intebrand Oct 2014

8 Brands are important, but consumers have changed Business Ethics Information generation More Awareness Knowledge driven economy Communication More Exposure

9 Brand Equity Customer Equity Value endowed to products and services (as built in the past) Value endowed to people who are buying the products and services (as they will in the future)

10 Customer Equity The sum of the customers lifetime values to the organisation Blattberg and Deighton

11 Customer Equity Purpose Purpose is to maximize value that can be gained from managing customers better, to deliver a better customer centric organisation To drive a direct relationship with the consumer, to ensure continued support and loyalty

12 Customer Acquisition To move the customer from knowing a product to purchasing a product Customer Retention To keep the customer buying the product over and over again

13 What is CRM Customer Relationship Management a holistic process of identifying, attracting, differentiating and retaining customers Involves all members of a company culture of relationship building Results in higher profits through a firm s customer base

14 Most companies treat sales like an art, but they are discovering that the sales process needs to become more of a science. Bain, 2012

15 The science of building Customer Equity

16 What s been the major change in the past few years, driving the shift?

17 Digital Media Shifting the Economy 3 Billion Internet users 91 % access Internet through Laptop 80% access on a Smart Phone 41% Reach through direct marketing B2C content marketing 76% videos SEO Top rated Digital Channels

18 Africa is yet untapped, and will boom

19 The consumer decision tree

20 Is shifting introducing: The Zero Moment of Truth

21 Zero Moment of Truth

22

23 Challenges in CA and CR Customer Acquisition Customer Retention Costly Competitive market place The environment is changing Customer behaviour is changing Millenial Mum Online purchase Zero moment of truth Price-Check Loyalty clubs are commonplace It s hard to create and retain loyal Customers complain loudly

24 There is a shift in the consumption of media

25 There is a shift in the consumer mindset

26 It s pretty hard to create and maintain customer loyalty, Accenture

27 The brand is owned by the customer

28 Building Customer Equity in a Digital World: A Step by Step Guide

29 Steps to build customer equity 1. Assess where your business is Customer Acquisition Strategy Customer Retention Strategy 2. Segment the customer base Understand what drives purchase and loyalty 3. Implement Segmentation Focus on the most important segment Communicate as appropriate with each segment If you can be personal If you can t be personal, don t pretend 4. Understand what drives switching

30 Steps to build customer equity 1. Assess where your business is Customer Acquisition Strategy Customer Retention Strategy 2. Segment the customer base Understand what drives purchase and loyalty 3. Implement Segmentation Focus on the most important segment Communicate as appropriate with each segment If you can be personal If you can t be personal, don t pretend 4. Understand what drives switching

31 Assess where you are Who: New Business Customer Acquisition Channels based on business type Mass media/web/target audience based on demographics/partners Word of Mouth Focus areas Newness/Fashion Product or service excellence Delivering on promises Who: Established Business Customer Retention Channels - already exist Focus areas Service Acknowledgement and gratitude Value

32 Who What Where When Why How

33 Steps to build customer equity 1. Define where your business is Customer Acquisition Strategy Customer Retention Strategy 2. Segment the customer base Understand what drives purchase and loyalty 3. Implement Segmentation Focus on the most important segment Communicate as appropriate with each segment If you can be personal If you can t be personal, don t pretend 4. Understand what drives switching

34 Segmentation Traditional segmentation Geographic Demographic Behavioural Psychographic More in depth Based on the specific sector and factors influencing purchase

35 Customer Segmentation (B2B) Targeted leaders Strategic Partners Level of collaboration Transactional customers Targeted partners Income generation

36 Customer Equity The sum of the customers lifetime values to the organisation Blattberg and Deighton

37 Sales and Profit Customer Equity Value Equity Brand Equity Retention Equity The Drivers of Customer Equity

38 Drivers of Customer Equity Value Equity Brand Equity Retention Equity Quality Price Convenience Brand awareness Attitude towards brand Perceptions of brand ethics Sales and Profit Loyalty programs Special recognition Affinity programs Community building programs Knowledge building programs Customer Equity Value Equity Brand Equity Retention Equity

39 What is the key driver of customer equity for the soft drink industry? Value Equity Brand Equity Retention Equity

40 Choose what works for you Value Equity Brand Equity Retention Equity Quality Price Convenience Brand awareness Attitude towards brand Perceptions of brand ethics Loyalty programs Special recognition Affinity programs Community building programs Knowledge building programs

41 What is the key driver of customer equity for Woolworths? Value Equity Brand Equity Retention Equity

42 the difference Value Equity Brand Equity Retention Equity Quality Price Convenience Brand awareness Attitude towards brand Perceptions of brand ethics Loyalty programs Special recognition Affinity programs Community building programs Knowledge building programs

43 South African Bank Getting it Right Strong on Customer Acquisition Even Stronger on Customer Retention High Conversion High Customer Lifetime Value Value Equity Brand Equity Retention Equity Quality Price Convenience Brand awareness Attitude towards brand Perceptions of brand ethics Loyalty programs Special recognition Affinity programs Community building programs Knowledge building programs

44 Customer centered FNB is an ideas bank that is ideals and values centered. This sets the stage for an intimate conversation with our customers and attracts attention from non-users. We are pleased to achieve this ranking as it is testament that our brand, more than just selling stuff, is building enduring and rewarding relationships with customers that in turn, continue to grow the business, says Bernice Samuels, FNB Chief Marketing Officer.

45 drives sales (and brand) Voted strongest brand in 2014 Brand Finance South African Annual Survey Voted coolest bank, by Generation Next survey for past 3 years World s most innovative bank (2012)

46 Drivers of Customer Equity Value Equity Brand Equity Retention Equity Quality Price Convenience Brand awareness Attitude towards brand Perceptions of brand ethics Sales and Profit Loyalty programs Special recognition Affinity programs Community building programs Knowledge building programs Customer Equity Valu e Equit y Brand Equity Retention Equity

47 Sales and Profit Customer Equity Value Equity Brand Equity Retention Equity

48 Steps to build customer equity 1. Define where your business is Customer Acquisition Strategy Customer Retention Strategy 2. Segment the customer base Understand what drives purchase and loyalty 3. Implement Segmentation Focus on the most important segment Communicate as appropriate with each segment If you can be personal If you can t be personal, don t pretend 4. Understand what drives switching

49 Implementation is key Require - Financial resource - Research capability - Qualified CRM personnel - CRM IT system - Analytical skill - Organisational culture of customer service - Committed employees, who all buy into the program

50 Segmentation Process Define segments and sub-segments Build strategies to service customers Sales follow up phone calls Customer satisfaction surveys Product or service happiness level Gifts and vouchers Communicate with the customers No mass s Based on customer needs Measure effectiveness of communication by way of sales increase Analyse results bi-annually or annually Evaluate communication and relationship tactics Redefine as necessary

51 Focus on the right channels Blogging Video Marketing Social Networking Marketing Social Media Channels Micro blogging Discussion Forums Social Bookmarking

52 Online Activities Seeking Information Shopping News, magazines Keeping in touch Website Online ads and other engagement Website, with detailed localised info Facebook Twitter Pinterest Good SEO Online store, including value ad Blogs Discussion forums Strong mobile compatibility Promotional newsletters Newletters You tube

53 Posting / tweeting etc is not CRM Powerful means to connect with the consumer Keep social media in perspective Needs to be managed well

54

55 Using Social Media Well It s not about likes and followers, it s about engagement It s about turning fans into advocates It s about servicing complaints It s about gathering insights, and turning that information into knowledge

56 Builds a relationship Meaningful connection for both parties Sharing information Building better ideas Driving innovation

57 Social Media Matters

58 Steps to build customer equity 1. Define where your business is Customer Acquisition Strategy Customer Retention Strategy 2. Segment the customer base Understand what drives purchase and loyalty 3. Implement Segmentation Focus on the most important segment Communicate as appropriate with each segment If you can be personal If you can t be personal, don t pretend 4. Understand what drives switching

59 Globally there has been a 4% increase in switching Watch for these blindspots Nice to Meet You Missing the chance to set the right expectations at the start of a customer relationship, potentially through overpromising. You Don t Know Me Anymore Not noticing subtle changes that matter in customers need for recognition, special treatment and reward. Cheating Heart Overlooking signs that customers are itching to switch, including partial switching on some services. Are You Listening? Failing to offer consumers opportunities to engage with a provider. Trinkets Won t Save Me Relying on point solutions to satisfy and keep customers. Accenture s Global Consumer Research 2011 Surveyed 10,173 consumers in 27 countries in November 2011.

60 To recap: Why are we in business?

61 To Recap Customer Business Development Customer Relationship Management

62 To Recap Customer Business Development Customer Relationship Management

63 Customer Acquisition Strategy 1. Define the customer base 2. Focus on building connections on an emotive level 3. Use mass media or word of mouth marketing (including Phone calls, s and Social Media) to drive contact 4. Ensure contact is meaningful, rather than counterproductive 5. Focus on early adopters

64 Customer Retention Strategy 1. Understand and respect the customer (by segment and sub-segment) 2. Focus on same goals and purpose 3. Share the value proposition (and change as circumstances change) 4. Keep service oriented 5. Anticipate problems 6. Manage the issues 7. Understand the cost of losing a customer, including the growing switching mentality of the aware consumer

65 Maximising Customer Equity/Sales 1. Invest in the high value customers first 2. Transform product management into customer management 3. Reduce costs associated with customer acquisition 4. Track customer equity gains and losses against marketing programs 5. Relate branding to customer equity (segmentation) 6. Build separate plans for customer acquisition and customer retention

66 Customer relationship management at every level in the organisation 1. Every person is important 2. Build a culture of customer management 3. Internal customer management

67 Business is always personal

68 There is only one profit centre, and that is the customer Peter Drucker Jainita Khatri Mobile: +27 (0) Twitter

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