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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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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Marketing to Senior Citizens

In comparison to younger people, people in the mature market do this: save/invest more; spend more on luxury products and services; shop during morning hours; prefer “one-stop” shopping; consider shopping to be a social event; are very convenience-oriented; patronize reputable/traditional outlets; seek personal attention and special services such as valet parking and gift wrapping; choose products based on quality and brand name; are less price conscious and deal prone; use credit as often; are as likely to show non-significant responses to sweepstakes and telemarketing; and complain less when they are not satisfied with something they have bought. So how do we convert these into profits? Read on to see the typical 4 Ps of marketing for the seniors market. (more…)
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