Download or read book Brand Loyalty and Customer Retention Strategy written by Nazimudeen Saleem and published by . This book was released on 2019-08 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the key objectives of any branding strategy is to attract and retain customers by building customer loyalty. Increasingly though firms employ loyalty card programs to retain the customer although genuine brand loyalty of a customer cannot be expected to be built through such strategies. In this book, Saleem takes a different view about customer loyalty altogether and considers it as a 'product' for exchange. He attempts to commoditize the concept of brand loyalty to sell it to customers. In this regard, it requires the firm to offer something extraordinary in exchange for their long-term relationship. Such offerings are considered different to the traditional exchanges of goods and services for money. The title of the book therefore reflects the deep meaning of the concept of brand loyalty.As a product for exchange, Saleem sees customer brand loyalty as something of an affinity and bonding that comes from the bottom of the heart of customers. Brand loyalty does not pop up suddenly but may takes years to build it up through meaningful relationships. Also, the author believes that brand loyalty as a product has a life-cycle with stages of growth, maturity and decline. Having defined and described brand loyalty in depth, Saleem goes to examine the issues of managing loyalty in order to recruit and retain customers. It requires the firms to build and manage customer brand loyalty by identifying and offering loyalty attributes, he argues. In this regard, study of loyalty management may seem like an investigation into the understanding the concept of marketing orientation and customer relationship. Providing a new market segmentation model based on the attributes of the traditional marketing mix variables substantiates this argument. Moreover, this also helps to measure brand loyalty based on the attributes of customer loyalty and to construct the brand loyalty life-cycle. In a nutshell, this book is about brand loyalty management and, therefore, it is obviously about strategic customer orientation. Although the book takes the reader deeper into measuring the intensity of loyalty and examining the analytical tools, the focus is on developing a customer brand loyalty management strategy. Author believes this will remain an essential book for all marketing professionals. Brand managers, in particular, would find it very useful when it comes to formulating a strategy for brand loyalty management, Saleem believes.
Download or read book Customer Retention in the Automotive Industry written by Michael D. Johnson and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: Anhand zahlreicher Fallbeispiele analysieren renommierte Experten aus Wissenschaft und Praxis den Zusammenhang zwischen Produktqualität, Kundenzufriedenheit und Unternehmenserfolg und geben praxisorientierte Tips zur Verbesserung.
Download or read book Customer Loyalty and Brand Management written by María Jesús Yagüe Guillén and published by MDPI. This book was released on 2019-09-23 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: Loyalty is one of the main assets of a brand. In today’s markets, achieving and maintaining loyal customers has become an increasingly complex challenge for brands due to the widespread acceptance and adoption of diverse technologies by which customers communicate with brands. Customers use different channels (physical, web, apps, social media) to seek information about a brand, communicate with it, chat about the brand and purchase its products. Firms are thus continuously changing and adapting their processes to provide customers with agile communication channels and coherent, integrated brand experiences through the different channels in which customers are present. In this context, understanding how brand management can improve value co-creation and multichannel experience—among other issues—and contribute to improving a brand’s portfolio of loyal customers constitutes an area of special interest for academics and marketing professionals. This Special Issue explores new areas of customer loyalty and brand management, providing new insights into the field. Both concepts have evolved over the last decade to encompass such concepts and practices as brand image, experiences, multichannel context, multimedia platforms and value co-creation, as well as relational variables such as trust, engagement and identification (among others).
Download or read book Brand Intimacy written by Mario Natarelli and published by Hatherleigh Press. This book was released on 2017-10-23 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: From Patagonia to Apple, Whole Foods to New Balance, we love our favorite products--and, by extension, the companies that provide them. The emotional connections we form with our beloved brands and services are important relationships--relationships that are potentially worth billions. In the fast-paced, constantly-changing world of the modern marketplace, brands must adapt or perish—strategies, methods, and techniques must evolve to remain effective and relevant. Are you using yesterday’s thinking for tomorrow’s challenges? Brand Intimacy details ways to build better marketing through the cultivation of emotional connections between brand and consumer. The book provides lessons for marketers and business leaders alike who are seeking to understand these ultimate brand relationships and the opportunities they represent. Divided into three sections, Brand Intimacy starts with Context and Understanding. This explains today’s marketing landscape, the effects of technology, consumer behaviors and the advancements around decision making. Through research we discovered that people form relationships with brands the same way they develop relationships with other people. This section provides guidance on how to think about complimentary concepts such as loyalty, satisfaction and brand value. We then explore and compare established approaches and methodologies and showcase why intimacy is a compelling new and enhanced opportunity to build your brand or market your business. The second section, Theory and Model reveals and dimensions the brand intimacy model and dissects it into steps to help you better factor it into your marketing approaches or frameworks. Here you will learn the core concepts and components that are essential to build bonds and the role emotion can play to help you achieve greater customer engagement. You can also review the rankings of the best brands in terms of Brand Intimacy. A summary of our annual research reveals the characteristics of best performers, the most intimate industries, and differences based on geography, age, gender and income. By examining the top intimate brands, we reveal and decode the secrets of the bonds they form with their customers. The third section is Methods & Practice, this details the economic benefits and advantages of a strategy that factors Brand Intimacy. Intimate brands are proven to outperform the Fortune 500 and Standards and Poors’ index of brands. Intimate brands create more revenue and profit and last longer. Consumers are also willing to pay more for a brand they are more intimate with. Conversely, we also explore a series of brand failures and lessons learned to help you avoid common pitfalls in brand management. We articulate the steps to build a more intimate brand as well as share a glimpse on the future where software will play a more important role in brand building. The book outlines a proprietary digital platform that we use to help manage and enable intimacy through collaboration, simulators and real-time tracking of emotions. Business and marketing owners face an increasing difficult task to build brands that rise above the clutter, engage more and grow. Brand Intimacy explains how to better measure, build and manage enduring brands. Brands that are built to inspire as well as profit. Written by experienced marketers and backed by extensive research, Brand Intimacy rewrites the rulebook on how to establish and expand your marketing. The book is equal parts theory, research and practice, the result of 7 year journey and a new marketing paradigm for the modern marketer.
Download or read book Advertising and Branding Concepts Methodologies Tools and Applications written by Management Association, Information Resources and published by IGI Global. This book was released on 2017-01-06 with total page 1838 pages. Available in PDF, EPUB and Kindle. Book excerpt: Effective marketing techniques are a driving force behind the success or failure of a particular product or service. When utilized correctly, such methods increase competitive advantage and customer engagement. Advertising and Branding: Concepts, Methodologies, Tools, and Applications is a comprehensive reference source for the latest scholarly material on emerging technologies, techniques, strategies, and theories for the development of advertising and branding campaigns in the modern marketplace. Featuring extensive coverage across a range of topics, such as customer retention, brand identity, and global advertising, this innovative publication is ideally designed for professionals, researchers, academics, students, managers, and practitioners actively involved in the marketing industry.
Download or read book Relationship Marketing written by Thorsten Hennig-Thurau and published by Springer Science & Business Media. This book was released on 2013-06-29 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt: Relationship Marketing provides a comprehensive overview of the fundamentals and important recent developments in this fast-growing field. "This book makes a landmark contribution in assembling some of the best contemporary thinking about relationship marketing illustrated with concrete descriptions of companies in the automobile industry, consumer electronics, public utilities and so on, which are implementing relationship marketing. I highly recommend this to all companies who want to see what their future success will require." PROF. PHILIP KOTLER, NORTHWESTERN UNIVERSITY, ILLINOIS
Download or read book The Importance Of Loyalty Programs The Benefits Of Brands Offering Loyalty Programs And Why Loyalty Programs Should Be Enhanced As A Customer Retention Strategy written by Dr Harrison Sachs and published by . This book was released on 2020-02-13 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This essay sheds light on the importance of loyalty programs and elucidates the benefits of brands offering loyalty programs. Moreover, this essay delineate why loyalty programs should be eminently enhanced as an efficacious customer retention strategy. A new development related to relationship marketing that is likely to emerge as companies strive to be the premium solutions providers is the enhancement of loyalty programs. Today, loyalty programs are leveraged by a copious amount of companies to strengthen the customer's brand loyalty and to also retain customers as repeat buyers. The importance of loyalty programs goes beyond brands being able to earn more revenue and increase their sales volume. Loyalty programs also allow brands to foster more brand advocates, track customer analytics, make personalized product recommendations to customer based on their purchase history, attract new customers, and directly reach out to customers more frequently via email to market the latest promotions. The benefits of loyalty programs are multitudinous and should not be overlooked for companies adamant about maximizing their long term profitability. The usage of a loyalty program leads to increased revenue since increased customer retention rates culminates in boosting profitability. Additionally, implementing a loyalty program as a customer retention strategy is typically substantially less expensive than spending marketing dollars to attract new customers (Miller, n.d.). "Acquiring new customers can be 25% more expensive than focusing on retaining current customers" (Miller, n.d.). Companies can also utilize the purchasing history of loyalty program enrollees to have their product recommendation alogirisms recommend products they may be interest in purchasing in the future. Emails of product recommendations can be sent directly to the customer's email address. Brands can also leverage their "loyalty program to promote sales, special events, and showcase new products" (Miller, n.d.) via email. Loyalty programs also allow brands to have access to valuable customer data. Loyalty programs can allow companies to "track analytics and view reports, measuring the efficacy of customer loyalty on their sales. They can also measure important retention metrics like program engagement, repeat customer rate, and purchase frequency" (Miller, n.d.). Brands can utilize loyalty programs as a means to further understand the buying behaviors of their target market. A stellar loyalty program can attract more customers to shop at your retail stores (Miller, n.d.) and sway them to procure homogeneous products from your store over a competitor's store, especially when your brand offers more enticing loyalty program perks. Repeat customers that feel that the loyalty program has significant merit will be more inclined to become your company's brand advocates. "By creating a comprehensive loyalty program that allows for modern marketing techniques, you can turn your customers into advocates for your brand. Since modern consumers trust peers over advertising, fostering loyal customers who will then speak out on your brand's behalf is simply a smart business move" (Miller, n.d.). The crux of the issue with a preponderance of existing loyalty programs it that they typically offer minimal value to customers. Companies should not prioritize short term profitability over long term profitability. An enticing loyalty program can help companies secure the lifetime values of customers. The lifetime values customers is imperative for companies to secure if they want to become extremely profitable in the long haul. The successful implementation of a robust loyalty program or enhancement of a loyalty program would immensely augment the customer's shopping experience and would allow the company to foster far more brand advocates that advertently spread positive word of mouth in person and on social media platforms about the brand
Download or read book Customer Loyalty and Success written by J. Lynch and published by Springer. This book was released on 1995-06-19 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new book focusses upon customer care in relation to Human Resource Management issues and strategic planning. It addresses the objective of customer loyalty and retention in relation to business success and shows how this can integrate a company's strategy with regard to Marketing, Human Resource Management, Quality and Management of Change. This is an innovative book in a topical area that draws upon case study material.
Download or read book Loyalty Myths written by Timothy L. Keiningham and published by John Wiley & Sons. This book was released on 2005-10-10 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Loyalty Myths, the authors have assembled53 of the most common beliefs about customer loyalty – all ofthem wrong or misconceived! Each of the beliefs in this book isdebunked with real-world examples. While other books speak inplatitudes; this book is the only one to validate each propositionwith real data. Granted unprecedented access to customer records from a varietyof multi-national corporations. Through these records, IpsosLoyalty was able to precisely track the impact of thiscustomer-centric construct on actual purchasing behavior. Theauthors’ findings and conclusions will stun business leadersaround the world. The lessons learned from these provide a trueguide for the proper use of customer loyalty.
Download or read book The Effectiveness of Brand Loyalty as a Customer Retention Strategy by East African Breweries Limited EABL MBA Thesis Accompanied by a CD ROM written by and published by . This book was released on 2015 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: The general objective of this study was to establish whether customer's brand loyalty can be adopted as a customer retention strategy by East African Breweries Limited (EABL). The study was driven to determine the impact of brand loyalty reward schemes on customer retention at EABL; to identify what strategies EABL is using to attract and retain customers; and to assess the extent of brand loyalty that EABL customers have on their brands in Kenya. The study adopted a descriptive research design. The study targeted customers of EABL in Nairobi County. Using stratified sampling technique, a sample size of 100 customers was selected. Questionnaires were used as instrument of data collection. Descriptive statistics was adopted in data analysis using means, standard deviation, frequency and percentages. Multiple regression analysis was used to determine the significance of the relationship. The analysis was presented in tables, graphs and explanations given in prose. The study findings revealed that EABL customers are loyal to the Company?s products. This has helped in customer retention as the customers consume EABL?s products frequently and regularly especially male consumers, those employed and who are in their 30s and above. EABLs has come up with a number of reward and loyalty programs that drives-up consumption of their products through branding by focusing on value propositions inherent in their products. Examples include selling their brand as a Kenyan product instilling the feeling of patriotism and positioning their products in the market as prestigious and of class. This has helped forestall brand switching. The study also showed that EABL takes its products through marketing mix whereby it focuses on the product, price, place, promotion, people, package and processes. The company has, to a large extent, sold its products using social interaction cycle like promotional games. Consumers, thus, get information about EABL brands from peers and friends. This has been helpful as consumers usually drink as a social function whereby they socialize and create both business and social network. Additionally, EABL advertises its products through TV, billboards and other print media. Materials and flyers are also utilized at points-of-sale. Owing to brand loyalty, consumption of beer products is price insensitive; EABL can increase its brand prices without a consequent effect on consumption and sales. The study showed that owing to brand loyalty and the satisfaction the consumers get in taking their favorite brands, EABL customers purchase more of their favorite brand, minimize and eliminate the consumption of competing brands, and spread the word or market their favorite brands to other consumers. EABL consumers have difficulties switching to other brands when they do not find their favorite brands. The study recommended that the organization needs to develop a well-designed loyalty programme and run it to improve a company?s performance, boost its revenue and customer retention rate. EABL must ?know its customers?, and only reward them for behaving in a way that exhibits loyalty. Building relationships is crucially important but not always as straightforward as it might seem. The organization needs to ensure that the brand-customer relationship is based on positive feelings such as friendship, amusing, admiration or being part of the same community, and these cannot be conceptualized in terms of value propositions. The organization needs to increase market share as well as growth rate and profitability is through continuous innovations. The organization can also use market research techniques to continuously determine the levels of loyalty towards their brands and investigate which factors influence those loyalty levels. The information obtained from the market research could be used to determine the effectiveness of the existing marketing and brand loyalty strategies of each brand. The organization can also proactively develop and implement brand loyalty strategies to gain a competitive advantage.
Download or read book The Loyalty Effect written by Frederick F. Reichheld and published by Harvard Business Review Press. This book was released on 1996 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: U.S. corporations now lose half their customers in five years, half their employees in four, and half their investors in less than one. The Loyalty Effect reveals the secrets of successful companies which base their business strategies on loyal relationships. Reichheld lays out the principles that connect value creation, loyalty, growth, and profits, and shows how great companies have used these principles to build loyal customers, loyal employees, and loyal owners.
Download or read book Customer Experience 3 0 written by John A. Goodman and published by HarperChristian + ORM. This book was released on 2014-08-12 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: Customer Experience 3.0 provides firsthand guidance on what works, what doesn't--and the revenue and word-of-mouth payoff of getting it right. Between smartphones, social media, mobile connectivity, and a plethora of other technological innovations changing the way we do almost everything these days, your customers are expecting you to be taking advantage of it all to enhance their customer service experience far beyond the meeting-the-minimum experiences of days past. Unfortunately, many companies are failing to take advantage of and properly manage these service-enhancing tools that now exist, and in return they deliver a series of frustrating, disjointed transactions that end up driving people away and into the pockets of businesses getting it right. Having managed more than 1,000 separate customer service studies, author John A. Goodman has created an innovative customer-experience framework and step-by-step roadmap that shows you how to: Design and deliver flawless services and products while setting honest customer expectations Create and implement an effective customer access strategy Capture and leverage the voice of the customer to set priorities and improve products, services and marketing Use CRM systems, cutting-edge metrics, and other tools to deliver customer satisfaction Companies who get customer service right can regularly provide seamless experiences, seeming to know what customers want even before they know it themselves…while others end up staying generic, take stabs in the dark to try and fix the problem, and end up dropping the ball. Customer Experience 3.0 reveals how to delight customers using all the technological tools at their disposal.
Download or read book Customer Retention written by Michael W. Lowenstein and published by . This book was released on 1995 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: What are you doing to build customer retention for your company? Customers have specific needs and priorities. While satisfaction provides an initial focus for companies pursuing a quality initiative, customer retention represents a dramatically more cost-effective, profitable, and quality-centered set of activities. This book helps you learn 'why, ' and more importantly, 'how' to keep customers within your business. "Customer Retention" introduces you to the results that can be attained by creating aggressive and on-going customer retention practices. This results-focused book is packed with material that will tell you ways to create a customer loyalty and partnership mindset that yields a stronger, more pliant culture, higher levels of quality, and an attractive bottom line for your company. Company retention isn't a new paradigm, just a better one. -- From publisher's description.
Download or read book Customer Loyalty and Supply Chain Management written by Ivan Russo and published by Routledge. This book was released on 2017-08-03 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many business-to-business (B2B) managers think that customers act rationally and base decisions mostly on price, customer loyalty isn’t considered. Companies outsource various activities, which enable them to improve efficiency, reduce costs, focus more on core competencies and improve their innovation capabilities. Supply Chain Management synchronizes the efforts of all parties—particularly suppliers, manufacturers, retailers, dealers, customers—involved in achieving customer’s needs. Despite much research, the relationship between customer loyalty and the supply chain strategy remains insufficiently explored and understood by practitioners and academics, while the theme has been extensively developed within marketing literature. Customer Loyalty and Supply Chain Management is the result of years of work by the authors on different projects concerning the overlapping areas of supply chains, logistics and marketing, drawing a connection between the literature to provide a holistic picture of the customer loyalty framework. Emphasis is given to the B2B context, where recent research has provided some clues to support the fact that investment in operations, new technologies and organizational strategy have had a significant role in understanding B2B loyalty, particularly in the context of global supply chains. Moreover, the book provides a modernized and predictive model of B2B loyalty, showing a different methodological approach that aims at capturing the complexity of the phenomenon. This book will be a useful resource for professionals and scholars from across the supply chain who are interested in exploring the dimension of customer loyalty in the challenging supplier and customer context.
Download or read book The Wallet Allocation Rule written by Timothy L. Keiningham and published by John Wiley & Sons. This book was released on 2015-02-02 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Customer Loyalty Isn't Enough—Grow Your Share of Wallet The Wallet Allocation Rule is a revolutionary, definitive guide for winning the battle for share of customers' hearts, minds, and wallets. Backed by rock-solid science published in the Harvard Business Review and MIT Sloan Management Review, this landmark book introduces a new and rigorously tested approach—the Wallet Allocation Rule—that is proven to link to the most important measure of customer loyalty: share of wallet. Companies currently spend billions of dollars each year measuring and managing metrics like customer satisfaction and Net Promoter Score (NPS) to improve customer loyalty. These metrics, however, have almost no correlation to share of wallet. As a result, the returns on investments designed to improve the customer experience are frequently near zero, even negative. With The Wallet Allocation Rule, managers finally have the missing link to business growth within their grasp—the ability to link their existing metrics to the share of spending that customers allocate to their brands. Learn why improving satisfaction (or NPS) does not improve share. Apply the Wallet Allocation Rule to discover what really drives customer spending. Uncover new metrics that really matter to achieve growth. By applying the Wallet Allocation Rule, managers get real insight into the money they currently get from their customers, the money available to be earned by them, and what it takes to get it. The Wallet Allocation Rule provides managers with a blueprint for sustainable long-term growth.
Download or read book Driving Brand Loyalty in Food and Drinks written by Ron Bartlett and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The recession has driven a substantial change in consumer behavior and attitudes. This has driven the widespread debate about the extent to which consumers will return to their pre-recession shopping and spending behavior.
Download or read book Managing Customers for Profit written by V. Kumar and published by Prentice Hall Professional. This book was released on 2008-01-10 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: “This is a milestone book in marketing. Most companies claim they are focused on customers, but even those who are, probably do not take a scientific approach to customer management. Professor V. Kumar is the acknowledged expert on the science of customer management. This important book raises all the key questions in managing customers, provides the analytical tools for optimization, and illustrates these tools with a number of company examples.” —Philip Kotler, S. C. Johnson Distinguished Professor of International Marketing, Kellogg School of Management, Northwestern University “Delivering lasting client value is at the heart of profitable businesses today. Managing Customers for Profit provides a compelling, empirically-tested approach to significantly enhance traditional customer relationship management initiatives. I highly recommend this book to all those interested in cultivating lasting profitable growth relationships with current and future clients.” —Tim Bohling, Vice President, Market Intelligence, IBM Americas “Executives are too often guided by backward-looking, short-term metrics. This book shows how a focus on Customer Lifetime Value (CLV) can change management toward long-term results by providing a fresh perspective on customer targeting, retention, and loyalty. Highly recommended—it shows you the way toward strategic customer thinking.” —Dave Aaker, Vice-Chairman, Prophet, Author of Brand Portfolio Strategy This book shows you how. Leading marketing expert V. Kumar shows how to use Customer Lifetime Value (CLV) to target customers with higher profit potential…manage and reward existing customers based on their profitability…and invest in high-profit customers to prevent attrition and ensure future profitability. Kumar introduces customer-centric approaches to allocating marketing resources for maximum effectiveness…pitching the right products to the right customers at the right time…determining when a customer is likely to leave, and whether to intervene…managing multichannel shopping… even calculating a customer’s referral value. Drawing on his extensive experience consulting with world-class marketing organizations, Kumar illuminates the challenges of transitioning from a product-centric to a customer-centric approach and presents proven solutions. Simply put, this book’s techniques offer marketing executives a complete framework for linking their investments to business value—and maximizing the lifetime value of every single customer. Foreword xiii Preface xv Acknowledgments xviii About the Author xix Chapter 1: Introduction 1 Chapter 2: Maximizing Profitability 11 Chapter 3: Customer Selection Metrics 29 Chapter 4: Managing Customer Profitability 59 Chapter 5: Maximizing Customer Profitability 75 Chapter 6: Managing Loyalty and Profitability Simultaneously 93 Chapter 7: Optimal Allocation of Resources across Marketing and Communication Strategies 113 Chapter 8: Pitching the Right Product to the Right Customer at the Right Time 127 Chapter 9: Preventing Attrition of Customers 143 Chapter 10: Managing Multichannel Shoppers 163 Chapter 11: Linking Investments in Branding to Customer Profitability 187 Chapter 12: Acquiring Profitable Customers 205 Chapter 13: Managing Customer Referral Behavior 223 Chapter 14: Organizational and Implementation Challenges 249 Chapter 15: The Future of Customer Management 267 Index 283
