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…)
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Keeping the pace with customer expectation

customer retention, loyalty, marketing, strategy
The significance of data is that you can see behaviour change daily. If a trend emerges from analysis of your data, it is appropriate to review marketing strategy and assess the success or relevance of the plan under way. The data and the insight they provide become an extremely precious indicator of customer satisfaction. Data linked to loyalty programs becomes a rich source of market research. It is not what people say they do but what they actually do. Naturally, market research still has a valuable role, it is still required to determine why customers have changed but its use has become even more focused. By analysing your loyalty program data, you can recognize which of your customers visit frequently (and spend a lot) which ones visit infrequently (but still…
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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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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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Sex Appeal as a Promotion Strategy

There is one element that arouses the immediate interest of both men and women. Sex, perhaps not surprisingly, has the greatest universal acceptance of all stratagems ever used in advertising. Probably even more important are the hidden, unconscious feelings that sex arouses in people. Sex can make the beholder feel young again. Sex may also reassure men of their masculinity and women of their femininity. This reassurance may be an important consideration in today's confused relationship between men and women. Additionally, sex is one of the most basic of all human emotions. Lastly, sex is a status symbol. One of the simplest ways for an advertiser to give his models an air of importance is to bestow then with sex appeal. (more…)
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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…)
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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…)
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Customer loyalty can be a long process. You can start by doing few simple things:

Articles, loyalty, niche, testimonials
Follow up with clients once per month Keeping an open dialog always helps. Make sure you talk general things than pure business.  Remember this will help you understand your client needs and better understanding will help service them better. Network with companies that compliment your niche Find out what complements your niche. Learn some of the business/marketing techniques they use to build their business. You will be surprised to know that some ideas as relatively easy to implement. This will make you more proactive. (more…)
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