Is any occasion on which a customer encounters the brand and product from actual experience to personal or mass communications to casual observation?

12 important questions on Creating long-term loyalty relationships - Cultivating customer relationships

What is customer relationship management (CRM)?

• Customer relationship management is the process of carefully managing detailed information about individual customers and all customer "touch points" to maximize loyalty.
  
• CRM enables companies to provide excellent real-time customer service through the effective use of individual account information.

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What is a customer touch point?

A customer touch point is any occasion on which a customer encounters the brand and product. From actual experience to personal or mass communications to casual observation.

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What is the difference between customers and clients?

• Customers may be nameless, clients cannot be nameless.
• Customers are served as part of the mass, clients are served on individual basis.
• Customers are served by anyone who happens to be available, clients are served by the professional assigned to them.

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The 5 different CRM strategies

1. Reduce the rate of defection
2. Increase longevity
3. Enhance growth potential (up and cross-selling)
4. Terminate low-profile customers (or make more profitable)
5. Focus more on high-profit customers

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What is permission marketing?

Permission marketing is marketing to consumers only after gaining their expressed permission.

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Explain the 4 steps of one-to-one marketing.

1. Identify your prospects and customers.
2. Differentiate customers in terms of their (1) needs and (2) value to your company.
3. Interact with individual customers to improve your knowledge about their individual needs and to build stronger relationships.
4. Customize products, services, and messages to each customer.

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Forming strong customer bonds:

• Create superior products, services and experiences for the target market
• Get cross-departmental participation in planning and managing the customer satisfaction and retention process
• Integrate the "voice of the customer" to capture their stated and unstated needs or requirements in all business decisions
• Organize and make accessible a database of information on individual customer needs, preferences, contacts, purchase frequency and satisfaction
• Make it easy for customers to reach appropriate company staff and express their needs, perceptions and complaints.
• Assess the potential of frequency programs and club marketing programs
• Run award programs recognizing outstanding employees

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When does one-to-one marketing work for a company?

One-to-one marketing works for companies that normally collect a great deal of individual customer information and carry a lot of products that can be cross-sold, need periodic replacement or upgrading and offer high value.

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What can be done to reduce defection rate?

To reduce defection rate a company must:

1. Define and measure its retention rate.
   
2. Distinguish the causes and identify those that can be managed better.
3. Compare the customer's lifetime value to the costs of the products reducing the defection rate.

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Explain conversion rates, customer relationship capital and customer base.

• Conversion rates: the percentage at one stage of the funnel that move on to the next.
  
• Customer relationship capital: satisfied customers.
  
• Customer base: the number and value of customers who will do business with the new firm if the old firm were sold.
  

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How can you improve the value of the customer base?

• Reducing the rate of customer defection.
• Increasing the longevity of the customer relationship.
• Enhancing the growth potential of each customer through "share of wallet", cross-selling and up-selling.
• Making low-profit customers more profitable or terminating them.
• Focusing disproportionate effort on high-profit customers.

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Explain frequency programs (FP) and club membership programs.

• Frequency programs reward customers who buy frequently and in substantial amounts.
• Club membership programs can be open to anyone who purchases a product or service, or limited to an affinity group or those willing to pay a small fee.

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Summaries related to The Scope of Marketing

Is any occasion a customer encounters the brand & product in actual experience personal mass communication or casual observation?

Is any occasion on which the service is used by end customer?

Which of the following is the first step in customer value analysis?

Is the practice of sending messages only when consumers express a willingness to become more involved with the brand?