MINDMAP - L05 -L07 by NUR SHAMIRA BINTE ISMAIL https://padlet.com/190314881/4d2woo9scemrshq9 en-us 2020-06-09 09:47:21 UTC 2024-07-16 05:55:47 UTC hello@padlet.com 2nd Pillar 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618575200 Acquisition and retention of customers ]]> 2020-06-09 10:42:00 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618575200 Customer Development Strategies 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618586987 Lesson 07]]> 2020-06-09 10:52:10 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618586987 Loyal Customer 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618594472 Increase Spend ]]> 2020-06-09 10:58:14 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618594472 Advocate 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618595646 Increase referrals ]]> 2020-06-09 10:59:15 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618595646 Customer Development Plan 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618599472 2020-06-09 11:02:24 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618599472 Identification of Customers 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618600185
  • Doesn’t mean they give you high value they going to consistently give you high value, its not guaranteed 
  • If increasing value is no longer possible, companies may
    need to end their relationship with unprofitable customers


    • ]]>     2020-06-09 11:02:59 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618600185     Customer Development Strategy 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618603244 2020-06-09 11:05:29 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618603244 Unbundling 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618604705
  • Unbundle the value proposition and reprice it to the customers
  • Customer may end up paying more 
    • ]]>     2020-06-09 11:06:43 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618604705     Upselling 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618606481
  • Company make u spend more 
  • Visualise the value
    that customers will get by choosing the higher priced option
    • ]]>     2020-06-09 11:08:11 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618606481     Cross-selling 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618608116 Inform the customers about the products and services that they don’t need, recommend other products than the one they already purchasing (complement products and services) ]]> 2020-06-09 11:09:31 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618608116 Referrals 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618610953
  • Instead of leaving it to the customers, the company may want to do something to make them do the referrals 
  • More valuable to the company 
    • ]]>     2020-06-09 11:11:54 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618610953     Appropriate Reward 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618616576 Something value for customer and useful ]]> 2020-06-09 11:17:15 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618616576 Double The Reward 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618617391 Reward both to reduce psychological impact – not taking advantage of their friends to take up the service. ]]> 2020-06-09 11:17:59 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618617391 Keep It Simple 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618618864 Easy to understand and sign up process is simple

    ]]>     2020-06-09 11:19:19 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618618864     Customer Experience 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618619557
  • Provide good customer experience 
  • The company must join in the process 
  • Example:  
    create and send personalize invite 

    • ]]>     2020-06-09 11:19:57 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618619557     Customer Divestment Strategy 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618628150
  • Also known as ‘de-marketing’ or ‘sacking’
  • An option of last resort

    • ]]>     2020-06-09 11:26:35 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618628150     Reasons 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618630538 Profitability 
    • Common reason ending the r/s with customers 
    • Customers purchasing pattern change and
      no longer provide sufficient returns on investment
    •  Even if it is a very valuable customer. 

    Customers’ behaviour 
    • customer behavior is unacceptable for example, rude, obnoxious customers - affecting the employees
    • Unreasonable customers who like to complain give the staff a hard time 

    Company's capacity 
    •  Underestimate the customers' demand 
    • Lack the necessary expertise, physical or
      financial capacity to continue providing the service
    • Change in governmental regulations
      or external environment beyond companies’ control

    Business strategy  
    • Change their existing cooperate strategy 

    ]]>     2020-06-09 11:28:33 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618630538     Customer Divestment Framework 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618644366
  • Must go through proper step 
  • Help to identify which customers 
  • Can stop at step 2 if u think educating is the best one 
  • Only proceeds to next step when u think its not enough 
    • ]]>     2020-06-09 11:39:38 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618644366     Step 1: Reassess Relationship 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618647358
  •  Should not only look at the financial matrix 
  •  Have a broader view of the context 
  •  Should not assume the problem only lies in customer 
  •  Could be the company fault 
    • ]]>     2020-06-09 11:42:08 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618647358     Example 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618650923
  • Company should ask themselves – for example have they misunderstood or serve them wrongly 
  • Lacking in engagement w customers , neglect them, not generating their products/service awareness 

    • ]]>     2020-06-09 11:44:49 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618650923     Step 2: Educate Customers 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618655563 Usually use media to educate customers, use advertisement, use employees to increase customer’s knowledge ]]> 2020-06-09 11:48:12 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618655563 Step 3: Renegotiate Value Proposition 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618656962
  • Use when step 2 is not working.
  • This step is what else can we do. 
  • Can the company and customer get the same value from each other
  • Attractive when company can offer different pricing and strategies for customers 
    • ]]>     2020-06-09 11:49:14 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618656962     Example 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618659114 For example, if I have a lower tier I can move my customer to the higher tier to reduce cost for the lower value customer (move them up) or bring them to a lower tier ]]> 2020-06-09 11:50:55 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618659114 Step 4: Migrate Customers 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618663901
  • Company can decide to move their customers to other channels. 
  • Work w external parties 
  •  Possible to refer to competitors that has a lower cost structure 
    • ]]>     2020-06-09 11:54:32 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618663901     Step 5: Terminate Relationship 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618665836
  • how can they get the customers to end the r/s – must be mutual 
  • Ending the r/s must be done with sensitive manner if not there will be negative word of mouth 

    • ]]>     2020-06-09 11:56:01 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618665836     190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618671313 Operational CRM - marketing automation

    Analytical CRM – analysig all the data – group of customers that u can consider to divest cause no longer profitable 

    ]]>     2020-06-09 12:00:09 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618671313     Lesson 1 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618674952 Operational & Analytical CRM under Perspectives ]]> 2020-06-09 12:02:54 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618674952 Lesson 5 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618679197
  • Customer Loyalty Ladder 
  • 2nd highest 
    • ]]>     2020-06-09 12:05:55 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618679197     Lesson 5 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618680828
  • Customer Loyalty Ladder 
  • The highest 

    • ]]>     2020-06-09 12:07:07 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618680828     Customer Acquisition Strategies 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618694610 Lesson 05 ]]> 2020-06-09 12:16:01 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618694610 Customer Loyalty Ladder 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618697644
  • Progression of the customers tag with the company 
  •  Convert potential customers to
    advocates and enjoy the maximum lifetime value
    • ]]>     2020-06-09 12:17:53 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618697644     2. Suspect 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618701682
  • Based on the criteria set by the company in order for the company to classify them as a suspect. 
  • Have limited information and may not even aware of the company/ products/services 
    • ]]>     2020-06-09 12:20:20 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618701682     1. Prospect 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618704161 The moment the suspect expressed explicit interest we can consider them a prospect

    ]]>     2020-06-09 12:21:51 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618704161     6. Loyal Customer 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618705285
  • Customer choose company as a preferred choice  Strong positive attitude and buy a lot from the company 
    • ]]>     2020-06-09 12:22:25 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618705285     7. Advocate 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618713392 Likely to promote the company actively ]]> 2020-06-09 12:27:16 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618713392 3. First Time Customer 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618714188 Purchased the first product/service ]]> 2020-06-09 12:27:49 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618714188 4. Repeat Customers 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618715244 Purchase more products/services ]]> 2020-06-09 12:28:33 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618715244 5. Majority Customer 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618716262 Purchase a range of products/services]]> 2020-06-09 12:29:14 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618716262 Customer Acquisition Plan 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618739762 2020-06-09 12:44:38 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618739762 Identify Potential Prospects 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618744096 Commitment Level
    • Enable companies to identify and target the appropriate customer groups to acquire 

    ]]>     2020-06-09 12:47:05 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618744096     Conversion Model 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618749703 2020-06-09 12:50:07 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618749703 Existing Customers 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618752626 Lesson 06 ]]> 2020-06-09 12:51:46 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618752626 Non Customers 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618753087 Open 
    • The easiest group to target  and acquire
    • Offer worthy incentives (e.g. lower price, attractive offers) to entice them to switch
    Unavailable 
    • Advertising has minimal effect on the unavailable non customers segment. The major means of persuading this segment is through free trials
    ]]>     2020-06-09 12:52:03 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618753087     Open Non Customers 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618765022 Uncommitted customers of
    competitors brands who are willing to explore alternatives]]>     2020-06-09 12:59:12 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618765022     Available 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618767937 Prefer an alternative to their
    current ones and are psychologically ready to switch]]>     2020-06-09 13:01:02 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618767937     Ambivalent 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618769613 Perceive the alternative and
    their current brands as equally attractive]]>     2020-06-09 13:01:55 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618769613     Unavailable 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618772269 Customers of the
    competitors’ brands who prefer their current brands]]>     2020-06-09 13:03:22 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618772269     Weakly 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618774472 First choice lies with
    their currently brands, though not firmly]]>     2020-06-09 13:04:38 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618774472     Strongly 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618777028 Strongly prefer their
    current brands and will adhere to that in the short term]]>     2020-06-09 13:06:04 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618777028     Customer Acquisition Cost 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618781682
  • The cost of convincing potential customer to buy a product or service.
  • The ideal customer lifetime value to customer acquisition cost ratio is 3:1
    • ]]>     2020-06-09 13:08:35 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618781682     190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618788898 2020-06-09 13:12:29 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618788898 Customer Acquisition Strategy 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618796790 2020-06-09 13:16:36 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618796790 Advertising 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618798405 To generate awareness ]]> 2020-06-09 13:17:24 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618798405 Advertising Communication Objective 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618802493 Cognitive Outcome 
    • A lot of factual information being shared to create and educate
    Affective Outcome 
    • Emotion based 
    ]]>     2020-06-09 13:19:36 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618802493     Media 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618812242 Reach 
    • Number of targeted audience exposed to the advertisement
    Frequency 
    • How many times it is exposed to the customers 
    Cost
    • Determined by the ownership of the communication channel.  
    ]]>     2020-06-09 13:24:25 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618812242     Company should not select advertising with lowest cost 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618822478
  • Lowest cost doesn’t mean can reach out to the target market
  • Must consider the frequency too  

    • ]]>     2020-06-09 13:29:29 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618822478     Sales Promotion 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618828686
  • Influence prospect at the consideration stage so that they have a reason of going ahead 
  • Examples include sampling, free trials, discounts, rebates,
    free gifts, etc.

    • ]]>     2020-06-09 13:32:35 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618828686     Word Of Mouth 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618841808 Involves someone whom customers assume
    to be independent of commercial influence]]>     2020-06-09 13:38:51 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618841808     Others 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618847469 Merchandising, direct marketing,
    exhibitions, online sources, etc.]]>     2020-06-09 13:41:29 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618847469     Operational CRM 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618851024
  • Ensure the right offer is made to the right prospect via the right channel at the right time

    • ]]>     2020-06-09 13:43:10 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618851024     Lesson 1 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618855765
  • Sales Force Automation (SFA) helps to reduce the customer acquisition cost by streamlining the selling process
  • Service Automation (SA)
    reduces the time and cost required
    to serve the customers
  • Marketing Automation (MA)
    enables companies to enhance
    the efficiency & effectiveness of their marketing campaigns
    • ]]>     2020-06-09 13:45:25 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618855765     Lesson 07 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618864847 Customers' referrals ]]> 2020-06-09 13:49:52 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618864847 Customer Retention Strategies 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618869187   Lesson 06 ]]> 2020-06-09 13:52:13 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618869187 Customer Retention 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618873953
  • Nurture r/s w value creating customer, offer personalisation, 
  • We have to be smart who we keep, we have to keep the valuable ones
  • Little value - loss of time, manpower and financial resources of the company 

    • ]]>     2020-06-09 13:54:45 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618873953     Lesson 2 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618878672 Transactional marketing is more costly cause u focus on acquisition 
    Relationship marketing focus on acquire and retaining 
    ]]>     2020-06-09 13:57:04 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618878672     Benefits 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618883448
  • The longer the customer stay w u – help to strengthen the r/ds , help improve the trust and commitment 
  • Build loyalty - with stronger r/s , company can gain a meaningful insight and able to satisfy their need more meaningful 
  • Increase revenue - higher customer loyalty and satisfaction – company now have a chance to do cross-selling or upselling to increase the customer wallet share, through referrals from the customers they can gain revenue from other people 
  • Loyal customer are more less price sensitive hence they will pay and also they are not easily to entice to other competitors if they give them discounts 
  • Keeping customer is less complicated and much easier than acquiring new ones 
  • Why is it sell to your customer is easier – r/s is there trust is there hence more willing to buy from u and your products cater to their needs 
  • Why they can save the 2% - save some of the acquisition cost, reduce operational cost, resources and efforts

    • ]]>     2020-06-09 13:59:28 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618883448     Customer Retention Plan 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618899153 2020-06-09 14:07:15 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618899153 Identification of customers 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618906875 2020-06-09 14:11:07 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618906875 Commitment level 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618909205
  • Satisfaction with existing brand
  • Perception of alternative brands
  • Importance of brand to customers
  • Customers’ degree of ambivalence
    • ]]>     2020-06-09 14:12:08 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618909205     Conversion Model 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618920192 2020-06-09 14:17:22 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618920192 Non Customers 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618921833 Lesson 05 ]]> 2020-06-09 14:18:13 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618921833 Existing Customers 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618922710 2020-06-09 14:18:43 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618922710 Committed 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618923949 Entrenched 
    • Perceive the brand as significantly better than the other brands in the market. They are advocates of the brand 
    Average  
    • Will not switch now but later might 

    ]]>     2020-06-09 14:19:20 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618923949     Uncommitted 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618927938 Shallow
    • Actively seeking for alternatives
    Convertible
    •  Ready to convert to other brands
    ]]>     2020-06-09 14:21:21 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618927938     190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618934184
  • Choose because convenient or price is good, whatever is easy for them 
  • Company need to know and tackle first why they unhappy and make more efforts 

    • ]]>     2020-06-09 14:24:24 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618934184     190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618940162
  • Committed customers need to be continuously reassured about the choice that they have made. 
  • Frequent advertising for maintenance of brand is imperative
    • ]]>     2020-06-09 14:27:13 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618940162     Potential Value 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618947171 Most growable, super growth and low maintenance – worth retaining 

    ]]>     2020-06-09 14:30:40 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618947171     Lesson 3 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618951215 Value of the market segments ]]> 2020-06-09 14:32:35 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618951215 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618954239 Rank 1 – super growth 
    Rank 2 – Most valuable 
    Rank 3 – Most growable 
    Rank 4 – Low maintenance 

    ]]>     2020-06-09 14:33:57 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618954239     Strategically Significant Customers 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618961621 High future LVC 
    • Similar to MVC (Lesson 03) 
    • Highest value for the company 
    High volume customers 
    • Referring to large number of customers. 
    • May not be generating so much profits but help to absorb high volume of fix cost hence manage to maintain the overall cost low 
    • For example airline – economic class (the number of ppl buying it on a regular basis hence maintain the fix cost), – telco (prepaid user) 
    Benchmark customers
    • Influencers, blogger (follow their recommendations) 
    Inspirational customers
    • Post a lot of feedback on social media, always write to company, they bring value to customers as they give new ideas and recommendations for company to do well 
    Door Opener customers
    • Allow the supplier to gain access to a new market
    ]]>     2020-06-09 14:37:30 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618961621     Customer Retention Strategy 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618985016 2020-06-09 14:49:00 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618985016 Positive Strategy 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618988170 2020-06-09 14:50:39 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618988170 Customer Loyalty Program 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/618999607
  • To motivate customers to return often, make frequent purchases and shun competitors
  • Benefits and value both company and customer 
    • ]]>     2020-06-09 14:56:30 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/618999607     Factors affecting attractiveness of loyalty programmes 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/619014241 Value 
    • Attractive and worth the amount 
    Convenience
    • Claiming the rewards should be simple and not complicated 
    Achievable
    • Reasonable and attainable 
    ]]>     2020-06-09 15:04:11 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/619014241     Creating Value for companies 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/619021326
  • Rewards should be given in exchange for information about customers that can be used to deepen the relationship or customise the products/services 
  • Have different tiers - encourage customers to remain with company
    • ]]>     2020-06-09 15:07:49 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/619021326     Negative Strategy 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/619034808 2020-06-09 15:14:26 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/619034808 Should customer loyalty programme be free 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/619037715
  • NO 
  • Depends on the company 
  • Paid loyalty program can be attractive and effective too 
    • ]]>     2020-06-09 15:15:52 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/619037715     Lesson 2 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/619045259 Helps to improve attitudinal loyalty ]]> 2020-06-09 15:19:30 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/619045259 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/619047754
  • Only for short term 
  • Reduce customer loyalty 
  • decrease long lasting r/s between customer and company 
  • Customer will feel reluctant staying 
    • ]]>     2020-06-09 15:20:46 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/619047754     Lesson 1 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/619061082 Operational CRM
    • Marketing Automation (MA)
    • allows companies to develop and operate loyalty management programmes
    Analytical CRM
    • Provides essential insights into customers’
    • behaviour that are useful when developing retention plan
    ]]>     2020-06-09 15:27:32 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/619061082     Lesson 4 190314881 https://padlet.com/190314881/4d2woo9scemrshq9/wish/619072699
  • Advertising under Customer Acquisition Strategy
  • To increase customer's knowledge - cognitive outcome  
    • ]]>     2020-06-09 15:33:41 UTC https://padlet.com/190314881/4d2woo9scemrshq9/wish/619072699