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Customer Loyalty | Back to Basics

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Customer Loyalty | Back to Basics | Thank You

Covid19 is impacting all our business plans and has stalled many major initiatives.

The question is – going forward how will we retain our existing customers and rekindle their loyalty to our brand or service ‘during and after lock down’.

It is imperative as business owners we re-plan and consider putting in place a strategy and tactics for the near future, to rebuild our approach to customer engagement with a view to rekindle our customer base.

Explore a quick and simple but effective way to keep existing customers by recognising them for their business and loyalty to our brand or service and to engage with them directly on a 1:1 basis.

The most effective way to do this is using very basic marketing tactics and to personally communicate on a 1:1 basis.

Devise a communication campaign starting with a single message from the heart of the business saying ‘THANK YOU’ for their loyalty & custom.

There are a plethora of multi media techniques and missives available that we can use to get the message across – choose which is the most cost effective and expedient way to communicate.

Back to Basics: 3 Step Plan

  1. Social media as we know plays a massive role in society and by placing a well structured ‘THANK YOU’ message on different social media means that it will reach as many people as possible as quick as possible.
  2. Alternatively a simplistic well designed printed personalised mailing in the format of a ‘THANK YOU’ card or personalised em message.
  3. A tastefully designed video with a message from the owner or CEO of the organisation or better still the front line employees expressing how much you value your customers and their business played in store (essential businesses only). This can also be featured on social media platforms thanking your customers for their loyalty and reassuring customers your business or service – will be back when it is safe to do so.

But most of all whatever marketing communications tactics you choose – do it now – and do it today!

Marketers are on a – Digital Beach Head

 

The Beach Head

Traditionally Marketers formulating Enterprise Marketing Strategy used to be based on Growth Market Identification, Market Positioning & Gaining Market Share – Customers were traditionally identified by; Type, Segment and Clusters, Transactions & Buying behaviour via Channel – share of voice and sentiment analysis and empathy mapping came later.

The Market Tactics deployed were based on the the ability to successfully traverse The Chasm to the Main Street. Where the ‘choice pickings’ were perceived to be.

Whilst still a valid approach today for most Organisations and Enterprises today and a valid strategy to gain Market Entry & Share. Things have changed. There is a new challenger in The Main Street.

tornado-bowling
Inside the Tornado

 

Digital Disruption & Digital Re-Invention.

Inside the Tornado

New Digital Disruptive companies are breaking all the business rules and models within the Tornado.

Companies such as Uber ( who doesn’t own a Taxi), Airbnb (doesn’t own any hotel real estate) and Amazon (doesn’t even own any inventory). Are changing the way consumers think and react and interface with brands, products and services.

Digital Disruption is changing the purchase propensity models daily, creating a unique relationship with the brand and the Enterprise – the business model is changing and is closely coupled with collaborative Cognitive Technology to devise Digital Strategies that work.

Main Street

Digital Transformation and Digital Re-Invention coupled with a collaborative Ecosystem is the new DNA that Enterprises are seeking to embrace.

As far as the economics go – in a recent study with a High Street Retail Bank it was reported on average that for every $1 spent on Digital initiatives the bank returned a $10 ROI – far more rewarding than traditional bank marketing methods initiatives.

It is understandable with this kind of ROI and the need to differentiate the consumer proposition Enterprises are prepared to be Disruptive and embrace Digital Strategies and Transformation to change the business – to achieve commercial success.

We will see more Disruption in the future I am sure……

Credits to: Geoffrey Moore Inside the Tornado

Boss or Leader- what style of Management do you have? http://wp.me/p3aCAV-4s

Leadership today is in short supply

The difference between a Boss and a Leader is collaboration and team understanding . Good leaders can make a management team aspire to greater heights and increase employee motivation.

Bad bosses can instantly break it!

What is your Management style?

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70% of businesses in Europe have failed to meet their CRM objectives. http://wp.me/p3aCAV-4K

70% of businesses have failed in Europe to meet their CRMs objectives according to D&B research.

Some of the key factors are;

  • Failure to plan for change -transformational barriers and issues
  • No clear defined objectives – not underpinned with rigour or metrics
  • Failure to align with the business – lack of user buy in
  • Poor Data and Information – lack of accurate, current  data
  • Over customisation – need for simplification of message and program structure

Take a look at some of the key factors behind the failings and the pointers to avoid being part of this statistic.

Comments welcome as usual please.

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Customer Lifetime Value is still a valuable metric (LTV)

Customer Engagement is about understanding who your customers really are and the value they bring to the organisation.

Net Promoter Score or traditional LTV models using predictive analysis are one of the ways to look at LTV.

As a practitioner I still prefer the traditional LTV model for customer acquisition to estimate retention (“LTV”) of a customer.

Roughly defined, LTV is the projected revenue that a customer will generate during their lifetime to determine true value and worth.

Below is an interesting example in an Infographic.

How To Calculate Customer Lifetime Value

Managing Customer Experience is about knowing who your customers are and the value they represent to you.

Retail purchases via mobile phones will increase to $689 Billion by 2016. http://wp.me/p3aCAV-2o

Mobile is a great influencing factor in retailing trends and a key preference for consumers.

Mobile helps provide real data targeting opportunities 33% of smartphone owners have shared their location details with favoured Retailers to make themselves available to promotional messages and personalised communications.
Loyalty coupons are in growth mode with 18% of consumers having redeemed a mobile coupon within their chosen Retail outlet.

Watch this space.

What do you think-your comments welcome as always.

Customer-Centricity – is the mobile wallet the way of Loyalty in the future? http://wp.me/s3aCAV-2

What does it mean to be “customer-centric” as an Airline or Business? Assuming that you start with a quality product and service, being customer-centric means understanding the customer’s point of view and respecting the customer’s interest. You fix problems, handle complaints, and remember individual customer preferences. Customer Loyalty programmes assist in this objective.

But customer centricity isn’t merely a matter of adding up these different components of quality, service, insight and responsiveness. You can introduce all these ideas into your business model, but if you don’t grapple with your company’s most basic strategic objective, then sooner or later your efforts will fail.

In the past I’ve found it helpful to explain the contrast between customer centricity and product centricity by understanding three criteria that actually help organisations to differentiate themselves from the competition. If you think about it, for a business to be competitively successful, it must meet three criteria:

  1. It must be able to satisfy a customer’s need
  2. It must identify a customer who wants that need satisfied
  3. Organisations must communicate in the media of preference and choice.

In this world of immediacy that we live in is the mobile wallet the way to go for customer loyalty in the future?  What are your views