Customer loyalty presentaion

Information about Customer loyalty presentaion

Published on March 15, 2008

Author: Simeone

Source: authorstream.com

Content

Welcome to the Future:  Welcome to the Future Today’s Customer:  Today’s Customer Today’s customers are nothing like those of years ago They have far more access and an amazing amount of options available to them. From double clicks to instant messaging to podcasts, consumers are the ones writing tomorrows headlines and rewriting your business processes. This reality makes for very interesting times as companies battle to keep pace with the changing needs of their consumers in an effort to remain competitive. The question is are we really going after customer loyalty or are we still occupied with creating customer satisfaction? :  The question is are we really going after customer loyalty or are we still occupied with creating customer satisfaction? Welcome to our Vision::  Welcome to our Vision: About Ethnic Vision:  About Ethnic Vision Started in 2001 Our Philosophy Products offer variety. Culture creates influence. It’s GREAT IDEAS that win minds and not just good ads. Our Goal To focus on developing great ideas best suited for the Caribbean and its culturally diverse markets. Our Services:  Our Services Some of our services - Marketing campaign & Brand development - Market analysis - Strategic Communications - Developing communications architectures - Plan integration and execution - Advertising promotion and campaign development Customer Relationships:  Customer Relationships Today’s customer relationships are becoming virtual Savvy technology is often the first line of contact for first time customers Customers are able to be profiled through their activities online The outcome: The next time that customer interacts with the company A feeling of “They understand my needs” is able to be created in their mind helping to build loyalty. A business can effectively create an ambassador out of a prospect in a much shorter period than the traditional engagement cycle. Satisfaction vs Loyalty:  Satisfaction vs Loyalty Let’s ask these questions: What really is customer satisfaction? Who is a satisfied customer? Satisfaction is the point at which the basic needs or expectations of a customer are fulfilled. Do satisfied customers demonstrate the desired behaviour? Do they recommend your product or service? Will they resist competing offers? Are they increasing usage of the product or service? Results of Satisfaction:  Results of Satisfaction Satisfaction Research A leading communications company found via satisfaction research that those customers proclaiming to be "extremely or very satisfied" were their least profitable customers in terms of revenue and product usage indicators. The difference As organizations we have learnt how to deliver satisfaction but still continue to grapple with the issue of loyalty—That point at which we are able to get into the hearts and minds of our customers and establish lasting and profitable relationships. Moving beyond Satisfaction:  Moving beyond Satisfaction Building the customer experience through feedback and measuring customer opinions is essential and will not only lead to satisfied customers but move the company towards developing a better understanding of their customers’ needs and desires. Why Loyalty:  Why Loyalty A Study conducted in March of 2005 by Accenture (A loyalty specialist) reveals a dramatic difference in the performance of companies who have been able to master the enhancement of customer loyalty when compared to their lower performing counterparts. The study showed: 38% difference in profit margins 40% difference in revenue growth and 38% difference in shareholder value between high and low-performing companies. All directly linked to the ability to successfully cultivate customer loyalty. The numbers on Loyalty:  The numbers on Loyalty It cost far less to retain existing customers than to go after new prospects. Well designed loyalty programmes help businesses to identify the more profitable customers and the profit drainers. Research has clearly shown that the top 20% of a business’ customers accounts for 80% of the profits while the bottom 30% eats up 50% of the profits that others produce. It is important to identify who is which so you can concentrate your marketing spend appropriately. Understanding Loyalty:  Understanding Loyalty Factors towards loyalty cultivation varies from person to person. And it is for that reason that: INFORMATION IS KING! Information then leads to personalization Which then leads to recognition Recognize a customer and he or she will feel valued The result is an enhancement of the customer experience Factors contributing to Loyalty:  Factors contributing to Loyalty Main factors to consider: The Customer interaction Develop your brand experience and deliver it every time The Promise A clear definition of the brand’s “promise” Segment! segment! segment! For real value. Demand Create and shape the demand for your brand Constantly innovate and develop offerings which are relevant to more customers HARNESS THE ABILITY OF YOUR TALENT AND THE POWER OF TECHNOLOGY The Role of Advertising and Loyalty:  The Role of Advertising and Loyalty Traditional advertising approaches simply aren’t working! Broad-based propositions that try to appeal to all customer segments fall way short of achieving its objective. Companies still continue to use the linear approach to marketing and advertising. We continue to develop messages and send them out to customers and prospects and they are suppose to consume it! The messages are controlled by us. It is all managed by us. We are in control. So marketers talk and customers are suppose to listen The Evolution of the Digital Experience:  The Evolution of the Digital Experience Loyalty cultivation has always been about communicating with audiences of one. The digital evolution is providing businesses with facilities to again reach consumers on an individual level and provide offers that are far more personalized and relevant. This reality has created far more demanding customers. Much more aware customers. The Ability to Connect:  The Ability to Connect The ease at which customers can connect now means that a bad experience is no longer an individual experience but potentially an experience shared by thousands. The Effects of New Technologies and their impact on Consumers:  The Effects of New Technologies and their impact on Consumers The advancements in technology have created customers who are demanding a greater degree of personalized service than ever before. They are actively using the web to seek out those opportunities for improved service. And one format, which has given rise to their desires is: The Blog (Weblog) The persuasiveness of the Blog:  The persuasiveness of the Blog Many hospitality marketers differ on the subject of blogs and their effectiveness as a marketing tool for direct tourism providers. Blogs though provide one of the most authentic source of customer feedback for future customers to base their purchase decisions on. It is consumer generated and not business created The facts on Blogs:  The facts on Blogs According to industry monitors, there are a total of 35 million blogs with the rate of 70,000 newcomers every hour. Blog postings exceed 695,000 every 24 hours. The Japanese government estimates 3.35 million blogs in Japan. Nearly 7,000 blogs originate from New York City alone. Blogs cover practically every topic including travel. TripAdvisor.com alone has more than 4 million unbiased reviews and opinions covering over 200,000 hotels and attractions with nearly 20 million unique visitors a month. The change Blogs are creating:  The change Blogs are creating Today’s blogging culture has given rise to many trends and the travel and tourism industry has not been left out C2C (Customer-to-Customer holiday planning) C2C: The New trend:  C2C: The New trend Driven by blogs and creeping up in popular holiday booking forums It's the newest slant in personalized, tailor-made, holiday planning Consumers using the web as a medium post their weird or wonderful dream vacations on a blog and if a fellow blogger comes up with a solution or itinerary to satisfy their wish list then a 'fixing' fee changes hands. The trend towards customization:  The trend towards customization Caribbean Tourism providers must consider: For instance: Are you able to offer dynamic packaging? Can an online shopper to your hotel’s website buy room nights, book a tour, make a reservation at a restaurant and rent a car on your website? It is estimated by Euromoniter International that dynamic packaging will be worth globally US$19 billion by year-end. Embracing customization:  Embracing customization Businesses are already making adjustments to meet the changing on-line purchasing scene. Offering dynamic pricing and packaging Harnessing the power of social networks online Starwood Hotels & Resorts Worldwide, Inc. and its Starwood Preferred Guest program introduced an online blog-- TheLobby.com Robin Korman, Vice President of loyalty marketing for Starwood says, “By creating an experience outside of the corporate box, we believe TheLobby.com will establish more personal relationships with members in a new and non-traditional way." Technology Trends Cont.:  Technology Trends Cont. RSS (Really Simple Syndication) Businesses are using RSS technology to build a following of clientele and stay connected with existing customers. As a consumer, an RSS feed delivers right to your desktop exactly the information that you have anonymously "subscribed" to Preserving your privacy (no need for email addresses) Eliminating the need to go out and check multiple websites for new information RSS has been adopted by online travel agencies, airlines, even hotels, have launched RSS feeds in the past year, primarily focused on travel deals and advertised specials. Podcasting:  Podcasting What is it anyway? When Apple launched the video iPod in November, 2005, one million video clips were downloaded in the first twenty days. This medium would be a natural for the travel industry. The podcast audience is expected to reach critical mass in 2010 with 62.8 million users and could be as many as 75 million. The Mobile Craze:  The Mobile Craze The mobile phone is the most personal piece of technology a consumer owns It provides businesses with amazing capabilities for fostering loyalty through personalization In its first 90 days on the market, Apple sold 1.4 million iPhones, or about 15,000 per day. Choosing the right tools:  Choosing the right tools Today Improved technologies enable businesses to equip front line employees with real-time, actionable information that is: Empowering frontline staff and Creating “wow” customer experiences. Case Study: Continental Airlines:  Case Study: Continental Airlines By consolidating all its online and offline customer databases the airline is able to provide nearly every employee with access to particular customer information which would most help a specific front line staffer achieve the "you know me" outcome for a customer. The Continental President's Club manager can now be notified when a high value customer who has experienced a lapse in Continental service (major flight delay, etc.) in the last 30 days has swiped into his Club. This allows the club manager to personally approach the customer and offer a face-to-face apology.
  Incentive Marketing: The Loyalty Programme:  Incentive Marketing: The Loyalty Programme More than a freebie A well designed Loyalty programme focuses on the collection of information to do two things: Create more RELEVANT rewards for customers Build interactive relationships with consumers. Relationships that demonstrate an understanding and care for the person visiting and doing business with your company The power of the Incentive:  The power of the Incentive Recent research has shown that supplier direct sites out perform Online travel agencies and intermediaries through the offer of one major element… Incentives…the ability to earn rewards Sites who offered rewards and had as part of their operation a loyalty programme out performed OTAs by 55%-22% Source (E-VOC Insights & Relevant View) The Pricing Game:  The Pricing Game Focusing on price along has its drawbacks A 2005 report from Research and Marketers indicate, “If driven by price alone, customer loyalty programmes often attract customers who are loyal as long as the price is the lowest. You have got to be able to offer benefits which embrace the emotional connection between your customer and your company Make it relevant! NOT SATISFACTORY! Remember:  Remember Successful loyalty cultivation is about communicating with: Audiences of ONE not 100! Presented by: Selwyn Cambridge Managing Director: Ethnic Vision Email: [email protected] Tel: (246) 228-8878 Mobile: (246) 233-6082

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