Marketing Mix for Retaining Customers

Articles, customer retention, Uncategorized
To achieve better sales and profits, most companies could be doing more to cultivate business from their existing customers. However, enthusiasm for customer-retaining strategies must not endanger sound customer-getting efforts. How companies balance the two is the big question. To intensify reaching old customers while still seeking new ones, for many firms, will mean changes in market analysis, planning systems, management incentives, and marketing and/or operations organization. In the rush toward growth, consumer marketers have tended to regard success as stemming from obtaining new customers while unwittingly minimizing the importance of satisfying old ones. It is time for more companies to distinguish between their getting and retaining functions, to assess the balance between them, and to remedy any deficiencies in customer retention. This process requires management to value the potential…
Read More

Customer loyalty – managing, understanding and profitability

Articles, customer acquisitions, customer retention, loyalty, niche, segmentation
[caption id="attachment_39" align="alignright" width="300" caption="Know your customers"][/caption] It is of vital importance that organisations understand what drives both value and delight for their customers. Adopting a customer centric vision enables an organisation understand their customers, deliver customer delight and drive for loyalty. One fundamental issue we forget is that different customers have different requirements and will be delighted in different ways. Segmentation and data analysis are critical if an organisation is to generate loyalty from different customer segments. (more…)
Read More

Factors affecting member loyalty

alumni, association, customer retention, loyalty, membership
[caption id="attachment_25" align="alignright" width="300" caption="Factors affecting member loyalty"][/caption] Member loyalty is a strategic objective for most institutions. Managers around the world agree that new member acquisition alone will not ensure long-term success. Acquisition must be balanced with member retention and member development to optimize performance in the long run. There are many different terms used to describe the process of keeping members longer and becoming a greater share of each member’s lifestyle. It has been called many things, including the following: (more…)
Read More

Customer retention and university alumni

alumni, association, customer retention, membership
I believe that any company interested in maintaining a profitable business should be interested in customer retention marketing. Customer retention and customer retention marketing are crucial for converting one-time customers into long-term brand advocates. I am looking at customer retention purely from a university alumni angle (more so alumni associations). It seems that very few Australian associations have got it right in terms of retention. Most of them spend huge amounts for initial alumni acquisition but it seems alumni retention is not taken as a priority. It’s a real pity to see them acquire members, service them, and leave them unchecked for future sales/purchases and word of mouth marketing. (more…)
Read More