15 Smart ways to retain your customers

Articles
Whether you are a start-up or an established business, you certainly have customers who pay you. However, how to retain customers is a worry for everyone. Competition is huge and if you are unable to retain customers, your bottom line will be affected. Customer retention should be an enduring practice and mostly this becomes the key to long-term success of your business. Believe me, you are not the only one offering whatever you have to offer to your customers. For this reason I have outlined 15 ways that might help you retain your customers. Hope you find them useful. (more…)
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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…)
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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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Moneymaking Customer Segmentation Tips

Articles, segmentation, strategy
Moneymaking customer segmentation requires treating different segments differently. If different segments are treated the same, what is the point of having different segment Knowing why and how to treat each customer segment requires understanding of the potential in marketing data. The most precious data for marketers is hidden in their own databases. The dilemma is that marketers may not know how to look at their own data to release the potential that will help them communicate more effectively with their customers and prospects. Finding the right segmentation is half the challenge. The other half is knowing how to use them to improve profitability. Here are 11 of the most valuable tips to improve customer segmentation to increase profitability. All of them won't apply to any one company; but some of them…
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6 tips you need to know before choosing a marketing consultant

Articles, marketing, niche, strategy
Before turning your hard-earned business/brand over to a marketing consultant, you’ll need to schedule a sit-down and inquire some questions—from fundamental to painstaking. It probably goes without saying, but a face-to-face meeting which has a prospective consultant, advisor or marketing manager is a must. Relying only on recommendations from your most trusted friends and family members won’t suffice; it is ultimately up to you to make certain your business/brand are safe and being put to perform to fulfil your specific goals. So what do you need to know? Here’s a list of questions to allow you to prepare for the initial meeting: (more…)
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Six steps to improve customer retention

Articles
Customer retention is ultimately driven by value. Even the best segmentation, targeting, positioning, creative messaging or promotion with flawless execution will fall flat in the absence of value. In developing a plan to maintain and upgrade a customer base it is necessary then to build on solid foundation. Then, and only then will the steps unlock the door to greater customer retention and overall organizational success. To succeed, customer retention must be a top-down, company-wide initiative. Truly committing to customer retention is hard work, because it affects virtually every aspect of your organization. But the ultimate payback in sustainable growth and profitability makes the effort worthwhile. The path to customer retention involves six key steps. (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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Stimulate Loyalty – Power of networks, data and convergence

Articles, customer acquisitions, customer retention, loyalty, marketing, strategy
Loyalty schemes are an established feature of the retail and services landscape. They have become widespread and arguably ubiquitous. There are a number of major groups of loyalty schemes, including: retailer loyalty schemes, financial service loyalty schemes, online reward schemes, frequent flyer and other travel reward programmes, geographically based loyalty schemes, and coalition loyalty schemes. Businesses have been keen to enhance customer retention, to find approaches to increasing customer spend and encourage customers to act as advocates. When the first loyalty programs hit the market uptake was huge and rewards for marketers were high. Some years on, however, the market is overrun with these schemes, each with little point of difference from the next. As a result, consumers are evermore difficult to please, and uptake on offers is reducing. One…
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Marketing to women – Are you ready!!

Articles, marketing, segmentation, women
Marketing to women will deliver more profits to your bottom line than putting the same budget against an all-male target. Marketers must understand that women are elusive. Today’s woman is modern and confident, yet still holds onto some of the traditions of the past. So while they don’t want to be associated with the nuclear family of the ‘50s, they also don’t want marketers to assume they are so modern that they don’t value traditional family roles. Marketers must move away from the status quo and towards a fresh approach that mirrors the attitudes and thinking of the current female segment. While women continue to hold a stronger position in the corporate world and choose to be single, they still hold onto some of the traditional roles and responsibilities of…
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