Marketing + Customer Retention05.03.14 Week 7

NOTE:To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image.Homework Check4 Ps of MarketingProductEvery product has a life cycle

Features of ProductQualityDesignFeaturesPackagingCustomer ServicePrice

Starbucks?

Apple versus PC

PromotionCommunicating relevant product informationAdvertising, public relations, social media marketing, and etc. (Customer Acquisition)Ensure brand is communicated effectively on each platform.BUDweiserForce-WagonKIA HamstersPlacePlace is the same as channelsBranding TipsLogosSlogansMascotsIntegrate brand into ALL aspects of business (ie. Greetings, Starbucks cup sizes)Create a unique voice for the companyBe consistentDeliver value propositionTry to make an emotional connection with customersCustomer RetentionKeeping current customersGeneral Customer RetnetionCLEAR communication, no scamsSell the way the customers wantUse words that customers are attracted toMake the transaction process simpleUse bundle packages, reassuring words (ie. A small $5 fee)ReciprocityGetting your customers to keep coming backGive back to your customers (doesnt cost that much in the long-run)Research shows an investment of 10 cents can create reciprocityHave surprises, creates a greater effectPersonalizeHuman nature to feel obligated to return favors, even if they are unasked for

Reciprocity example

Customer Support/ServiceQuality over speedDont rush or ignore customersPick channel that customers prefer the mostZappos does it againZappos sent flowers to a woman who ordered 6 different pairs of shoes because her feet were damagedCustomer service rep went to a rival shoe store to get a specific pair of shoes for a woman when Zappos ran out of stockNo scripts to readNo questions asked returnsEncourages people to order multiple sizesNo outsourced communicationLoyalty programsIf you start people with a loyalty card, they are twice as likely to finish itCreate a VIP className your categories positivelyUse a points system (simplicity is key!)Partner with other companiesMake it fun! (Rrrrrrroll up the Rim!)Homework: Keep adding to the document that you have.Customer Retention Strategy (2 different plans you will use)Identify your price vs. differentiation Brainstorm a commercial idea (promotion)