Crm-final.pdf
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Creating Long‐term Loyalty Relationships
Discussion Questions
Customer Customer Customer VALUES SATISFACTION LOYALITY
How can companies DELIVER them?
Discussion Questions
Lifetime Revenue
+
Operating Expenses
+
Cost of Acquisition
+
Implementation & Delivery Costs
=
Customer Life Time Value
Customer Life Time Value
Discussion Questions
Cultivate strong customer relationships Attract
Retain The right customers
Customer Value, Satisfaction, and Loyalty
Holistic Marketing • Inform • Engage • Energize
Customer Perceived Value Customer‐ perceived Value
Economic
Evaluating Functional
Obtaining Using
Psychological
Disposing Total Customer Benefit
Total Customer Cost
Customer perceived value
Total customer benefit
Total customer cost
Product benefit
Monetary cost
Services benefit
Time cost
Personal benefit
Energy cost
Image benefit
Psychological cost
Determinants of Customer Perceived Value
Customer Loyalty
Customer Loyalty “A deeply held commitment to rebuy or repatronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior.” ‐‐ Oliver
Customer Satisfaction A person’s feelings of pleasure or disappointment that result from comparing a product’s perceived performance to (or outcome) to expectations.
Customer Satisfaction Expectations
Customer Expectations Previous purchases Friends advice
Marketers’ /competitors Expectations
Monitoring Satisfaction Influence of Customer Satisfaction Measurement Techniques
Customer Complaints
Measurement Techniques Customer Loss Rate Surveys
Mystery Shopper
Influence of Customer Satisfaction Customer satisfaction
Speed of communication
Customer Complaints
5% Complain
54% ‐ 70% Buy again if resolved 95% If resolved quickly
25% Dissatisfied 95% Stop buying
Tell 11 people
Tell 5 people
Product and Service Quality Conformance
Performance QUALITY
SATISFACTION
PROFITABILITY
Maximizing Customer Lifetime Value
20% of Customers
80% of Profits
Customer Profitability Customer Profitability Analysis
Unprofitable
Profitable Customer Lifetime Value
A Profitable Customer A person, household, or company that over time yields a revenue stream exceeding by an acceptable amount the company’s cost stream for attracting, selling, and serving that customer.
Customer‐Product Profitability Analysis
Cultivating Customer Relationships Customer Information • Differentiate • Customize • Personalize • Share
Customer Relationship Management (CRM)
Personalizing Marketing Customer Empowerment Customer Reviews & Recommendations
Personalizing Marketing
One-to-One Marketing Identify prospects and customers
Interact with each customer
Differentiate customers
Customize
Customer Reviews/Recommendations Customer ratings Negative reviews
Create Buzz
Customer Retention Acquiring new customers costs
5x more
The average company loses
than retaining current customers
10% Of its customers yearly
Reducing customer defections by 5% can increase profits from
25% to 85%
Attracting and Retaining Customers Manage customer base
Reduce Defections 1. Define and measure 2. Determine causes 3. Compare CLV to costs Retention Dynamics
The Marketing Funnel
Building Loyalty Interact with customers Develop loyalty programs
Create institutional ties
Databases & Database Marketing Customer databases • Name, address, telephone # • Purchase history • Demographics • Psychographics • Mediagraphics
Data Warehouses
Data mining
Value Proposition Core positioning: • Safety Other benefits: • Good performance • Design • Environmentally friendly
Volvo
SCREEN CRM
SCREEN CRM
SCREEN CRM
SCREEN CRM
SCREEN CRM
Discussion Questions
Customer Customer Customer VALUES SATISFACTION LOYALITY
How can companies DELIVER them?
Discussion Questions
Lifetime Revenue
+
Operating Expenses
+
Cost of Acquisition
+
Implementation & Delivery Costs
=
Customer Life Time Value
Customer Life Time Value
Discussion Questions
Cultivate strong customer relationships Attract
Retain The right customers
Customer Value, Satisfaction, and Loyalty
Holistic Marketing • Inform • Engage • Energize
Customer Perceived Value Customer‐ perceived Value
Economic
Evaluating Functional
Obtaining Using
Psychological
Disposing Total Customer Benefit
Total Customer Cost
Customer perceived value
Total customer benefit
Total customer cost
Product benefit
Monetary cost
Services benefit
Time cost
Personal benefit
Energy cost
Image benefit
Psychological cost
Determinants of Customer Perceived Value
Customer Loyalty
Customer Loyalty “A deeply held commitment to rebuy or repatronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior.” ‐‐ Oliver
Customer Satisfaction A person’s feelings of pleasure or disappointment that result from comparing a product’s perceived performance to (or outcome) to expectations.
Customer Satisfaction Expectations
Customer Expectations Previous purchases Friends advice
Marketers’ /competitors Expectations
Monitoring Satisfaction Influence of Customer Satisfaction Measurement Techniques
Customer Complaints
Measurement Techniques Customer Loss Rate Surveys
Mystery Shopper
Influence of Customer Satisfaction Customer satisfaction
Speed of communication
Customer Complaints
5% Complain
54% ‐ 70% Buy again if resolved 95% If resolved quickly
25% Dissatisfied 95% Stop buying
Tell 11 people
Tell 5 people
Product and Service Quality Conformance
Performance QUALITY
SATISFACTION
PROFITABILITY
Maximizing Customer Lifetime Value
20% of Customers
80% of Profits
Customer Profitability Customer Profitability Analysis
Unprofitable
Profitable Customer Lifetime Value
A Profitable Customer A person, household, or company that over time yields a revenue stream exceeding by an acceptable amount the company’s cost stream for attracting, selling, and serving that customer.
Customer‐Product Profitability Analysis
Cultivating Customer Relationships Customer Information • Differentiate • Customize • Personalize • Share
Customer Relationship Management (CRM)
Personalizing Marketing Customer Empowerment Customer Reviews & Recommendations
Personalizing Marketing
One-to-One Marketing Identify prospects and customers
Interact with each customer
Differentiate customers
Customize
Customer Reviews/Recommendations Customer ratings Negative reviews
Create Buzz
Customer Retention Acquiring new customers costs
5x more
The average company loses
than retaining current customers
10% Of its customers yearly
Reducing customer defections by 5% can increase profits from
25% to 85%
Attracting and Retaining Customers Manage customer base
Reduce Defections 1. Define and measure 2. Determine causes 3. Compare CLV to costs Retention Dynamics
The Marketing Funnel
Building Loyalty Interact with customers Develop loyalty programs
Create institutional ties
Databases & Database Marketing Customer databases • Name, address, telephone # • Purchase history • Demographics • Psychographics • Mediagraphics
Data Warehouses
Data mining
Value Proposition Core positioning: • Safety Other benefits: • Good performance • Design • Environmentally friendly
Volvo
SCREEN CRM
SCREEN CRM
SCREEN CRM
SCREEN CRM
SCREEN CRM
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