Athavale katie ignite presentation_creating customer value, satisfaction, and loyalty
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Transcript of Athavale katie ignite presentation_creating customer value, satisfaction, and loyalty
Creating Customer Value, Satisfaction, and Loyalty
Customer Perceived Value
Total Customer Satisfaction
• Dissatisfied-below expectations
• Satisfied-meets expectations
• Delighted-exceeds expectations
Monitoring Satisfaction
Monitoring Satisfaction• Surveys• Mystery shoppers• Interview inactive
customers • Monitor competitor
performance
Make it easy for the customer to complain
• 24/7 hotline• Contact complainers ASAP• Accept responsibility• Hire empathetic customer service reps
Impact of Quality
The 80/20 Rule
Customer Profitability Analysis
Customer 1 Customer 2 Customer3
Product 1 + + Highly profitable product
Product 2 + Profitable product
Product 3 _ _ Unprofitable product
High-profit customer
Mixed bag customer
Losing customer
Attracting and Retaining Customers
Customer Lifetime Value
Customer Relationship Management (CRM)
Building Loyalty
Building Loyalty
Customer Databases
• Past purchases• Volumes• Prices• Profits• Buying policies• Competitive suppliers• Age
• Income• Family members• Birthdays• Hobbies• Favorite foods• Interests• Opinions• Prefered media
Data Warehouses and Datamining
Database Uses
1. Identify prospects2. Customize offerings3. Deepen customer
loyalty
Database Uses
1. Identify prospects2. Customize offerings3. Deepen customer
loyalty4. Reactivate customer
purchases5. Avoid customer
service errors
The Downside of Database Marketing & CRM
• Large investment• Getting employees on board• Privacy issues• False assumptions
Implementing CRM
• 70% of firms found little or no improvement through CRM
• Don’t put the cart before the horse!