Six key questions to audit a loyalty program

customer acquisitions, customer retention, loyalty, marketing, word of mouth
These are the six key questions which you would use in an audit of a company's customer loyalty program: What virtues of your business have the largest impact on your customers' satisfaction? How do you divide and define your customer segments? Whose responsibility is customer service? What is your retention rate and what is the trend? What is the lifetime value of a typical customer? What percentage of new customers comes from recommendations and how has this changed over time? (more…)
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Ideas for stimulating your customers to recommend your service

customer acquisitions, customer retention, loyalty, marketing, word of mouth
Let’s be serious. Nobody wakes up and decides to tell all their friends and family what a great place TOP’s Restaurant is! Marketers who want to take advantage of word-of-mouth communications need to take a more subtle approach. We take customers that arrive on personal recommendation but do little to cheer them to carry on the tradition of spreading the word. I have outlined few ideas you could use for stimulating your customers to recommend your service: Catchphrase - You can’t go wrong in asking customers who express satisfaction to tell their friends. They might be more inclined to do so if you ask them and it will surely do no harm. (more…)
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10 Simple Tips for Avoiding Marketing Mistakes in the Future

Articles, customer acquisitions, marketing, strategy, word of mouth
In early 2010 Patrick (of course I have changed his name) a friend who manages few companies was frustrated with some of the marketing outcomes. I promised to help Patrick clear his frustration but only if he poured me a nice glass of red. We discussed as how time and again novice marketers, even marketing veterans, make costly mistakes that result in poor performance of their marketing campaign. You don’t need me to tell you this, but common marketing mistakes can be avoided with adequate planning, attention to detail, and ongoing measurement and evaluation. Personally I feel that marketing is critical to the success of every business. Unfortunately, many businesses discount the effect it can have, and they forego their marketing efforts for other activities. Or they make one or…
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Impulse buying – Boosting your bottom-line

Articles, marketing, strategy, word of mouth
Impulse buying has fascinated me for quite some time now. It is quite peculiar that most of the website and research around this topic highlights the negative impacts on consumers and none or very few people highlight how the impulse buying strategy actually can be exploited by businesses boosting their bottom-line. Promoting impulse buying behaviour The business implications are fairly obvious. If businesses wish to promote impulse buying, they should create an environment where consumers can be relieved of their negative perceptions of impulse. Businesses should stress the relative rationality of impulse buying in their advertising efforts. Similarly, they should stress the non-economic rewards of impulse buying. Additionally, businesses can make the environment more complex, further straining consumers' abilities to process information accurately. Such techniques as stocking more merchandise, creating stimulating atmospherics, and increasing…
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Marketing Trends for 2010

Articles, customer acquisitions, customer retention, marketing, strategy, word of mouth
Accommodating these trends will require a paradigm change on the parts of some companies. But whether a brand does something about it or not, the future is where it’s going to spend the rest of its life. How long that life is up to the brand, determined by how it responds to today’s reality. This year is poised to be an exciting year for marketers; trends that have been taking shape over the course of the past decade are creating new opportunities for business owners. Marketing Trends for 2010: (more…)
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Generation Y – Exploring marketing opportunities

Articles, loyalty, strategy, word of mouth
It takes more than selective targeting to market effectively to Generation Y. Members of Generation Y seeks products that create an ambiance and community experience, rather than just provide a function. They like brands to express a reality in which they are involved, interconnected, and interactive. To be successful, build a brand with them, not for them. Computers have made knowledge cool through a fusion of fun and learning. Merchandise concepts that make exploring the unknown fun, bring information to life, or challenge consumers to design their own products will be a sure-fire hit. Also, look for cause-related tie-ins, lifestyle sponsorships, interactive promotions, etc. to become more means by which brands can provide memorable experiences and build community. Some very large brands are struggling to learn these lessons. Therefore, they…
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10 Tips for building customer loyalty

Articles, customer retention, loyalty, marketing, strategy, word of mouth
I propose these tried-and-true tactics with interpersonal strategies that can deepen relationships with customers, establish greater levels of trust and build stronger customer loyalty. Here are 10 tips for you to consider if you are sincerely interested in having a business that is notable for customer loyalty and referrals. 1. Understand the true purpose of marketing. Effective marketing is largely about building trust and developing relationships. The purpose of marketing is to "create and maintain a strong feeling with customers so they are mentally predisposed to continually choose and recommend you." Successful marketing also requires being relevant and unique. This brings us to tip #2. (more…)
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Viral Marketing… to do or not to do

Articles, customer acquisitions, loyalty, marketing, viral, word of mouth
What is viral marketing? The intended result of viral marketing is word-of-mouth marketing, which is when people tell other people about the great new video on YouTube, or application on Facebook. Viral marketing is something that has been created by the company themselves to promote their products, in the hope that people who see the campaign will be so impressed that they will pass on the message to their friends and family. Hundreds of companies, large and small, are coming up with ingenious ways to promote themselves, by posting videos on YouTube, inventing adver-games, and even employing “connector agents” who spread the buzz about a new product or sale through their own social networks. Inc. Magazine recently reported that 82 percent of the fastest-growing private companies are using these kinds…
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