Six elements that describe a profitable customer

Six elements that describe a profitable customer

Articles
The term “profitable customer” can sometimes be quite subjective. To simplify this I have outlined the top six elements that will enable you to decide who the profitable customer is. When customers purchase high-margin products and services When they pay full price, don’t bargain for discounts, and do not ask you to amend the terms and conditions of the contract When they purchase through few large orders rather than many small orders When they do not cancel or amend orders When they pay in advance or pay on time without you chasing them for payment When they are happy with standard after sales service (more…)
Read More
Marketing dashboards can be effective

Marketing dashboards can be effective

Articles
Last week I was discussing marketing measurements tools with a marketing manager in the services industry. He asked me an interesting question “Do you think having a marketing dashboard is important?” It is no secret that measuring marketing ROI and effectiveness is important to access how your campaigns are going. But, the question really made me think as what should be the elements (you want to track) to make the marketing dashboard really effective. Please keep in mind that every business is different, so you will need to prioritise and customise the measurements that are truly important. What I have outlined here can be a good place to start thinking of different measurements you would want to see on your marketing dashboard. (more…)
Read More
Three quick fixes to build customer rapport

Three quick fixes to build customer rapport

Articles
Why don’t we have loyal customers? This is a serious question which every business comes across when the going get though. It so happens that your answers are right in front of you, but you need look at the situation with a different perspective. Building customer loyalty should be a well planned process. However, I have outlined few quick fixes which may help you build some kind of rapport with your customer base. Tell customers about hidden benefits Communicate true savings Marketing through leftovers (more…)
Read More

Marketing to teens – Five key points

Articles
You don’t need a marketing consultant to tell you that the teenager market is a big market. I have outlined five key points to be considered while you are investing your marketing dollars for the teen market. Do keep in mind that quality marketing endeavours will require time, determination, and a good budget. A good way to start is to research you own teen prospects. Once you get to know your teen prospects it will be easier to follow these five key points which will give you a head start over your competitors. (more…)
Read More

It’s time to utilize deep customer knowledge

Articles
With the increasing use of customer relationship software some companies hold more customer information than other companies. Still, it appears to be quite rare for companies to use this information to deepen their customer relationships. I am suggesting you use micro-segmentation to help pinpoint customer preferences and styles. This will enable you to formulate a customer-value metric which will assist to identify the customers and segments that deserve the most investment. I also suggest that more attention should be paid to triggers and major life events, this will help to identify and anticipate customers' needs. Deep customer knowledge is multifaceted and requires a multifaceted approach, the trick is to integrate various forms of customer reactions and comments (of various types), transactional data and some intuition. (more…)
Read More

Offering discounts often tends to reduce customer loyalty

Articles
“Oh yes, we love you and your product. This is just perfect for us, and we would like to do business with you, but your price is too high. Can't you do something so we can give you our business?” How many times have you heard something like that? Do salespeople get nervous and worry about losing such a piece of business? Honestly, I think most of us try to get the prospect to focus on the price/value relationship. What usually happens, however, is we try to find out how much the prospect would be willing to pay and then negotiate the price down to almost that level. When I ask this question of overcoming price objection, most salespeople I know respond to it by trying to find out how…
Read More

Mobile marketing an effective tool for customer engagement

Articles, strategy
Engaging with existing customer base can be costly, particularly in today’s world when advertising costs are continuing to increase and positive results from an advertising campaign are harder to achieve. In such challenging times, marketers should search for new ways in which they can assign specific segmented targets for campaigns, increase customer touch points, and analyse the information collected after every campaign in order to maximize ROI. If you are focusing on customer engagement, then, mobile marketing provides the ability to achieve all of these goals. I have outlined some key benefits of using mobile marketing as a customer engagement tool: Easy and Instant - The message is delivered within seconds; this will result in positive touch-point. Most mobile marketing applications are very simple to operate. This means it’s very easy…
Read More

Tailored Strategies for Customer Churn Management

Articles, customer retention, loyalty, marketing, strategy
Customer churn in the services industry is still a growing issue, primarily because many consumers have little or no allegiance to a particular service provider. So, how do we solve this? The answer is knowledge: know your customers and know your prospects. As retailers are the customer-facing end of the sales cycle, much of the responsibility for producing customer loyalty has to lie with them. I know many companies who collect vast amounts of data for ensuring risk management procedures. However, this information can be converted into a powerful tool to reduce churn by helping to answer three basic questions: How do I sign up profitable customers? How can I enhance loyalty with my most profitable customers? How do I handle my existing customer base? (more…)
Read More

Pros and Cons of Rewards Programs

Articles
Nearly everyone has or wants to have a customer loyalty rewards program. Rewards programs operated by large businesses are fairly successful. But, this does not apply to majority of small and medium businesses. I believe that every positive aspect of a rewards program almost always has a negative side. Here are the major pros and cons of rewards programs. Pros Consumers are aware how rewards programs work - you spend and collect points. It is simple and easy to understand. Rewarding points will enable you to reduce price discounting. (more…)
Read More

9 Cs of Client Retention

Articles, customer retention, strategy
The fastest way to grow your business is to reduce the number of clients who leave you. Thus, looking after existing clients should become your top priority. You would have to do more than just service your clients if you want to retain them for a long period of time – for which you would have to transform the business into a client driven organisation. There is a big difference between focusing on service and being client driven. Follow these 8 Cs for Client Retention to avoid the 9 C – Cancellation: (more…)
Read More