MKT 723 Chapter Notes - Chapter 12: Data Integration, Information Management, Starbucks
14 Mar 2017
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Strategies for developing loyalty bonds with customers: firms can do more to bond more closely with their customers such as: Deepen the relationship: can do so through bundling and/or cross-selling services, this makes switching more difficult and often increase convenience through one-stop shopping, for example, banks like to sell you as many products as possible. The more products you have, the more of a hassle it is to transfer those products over to a different bank. Encourage loyalty through financial and non-financial rewards: in most cases, customers are loyal to several brands (sometimes described as. Strategies for reducing customer defections: the final step in the wheel of loyalty is to understand what causes customers to leave, and then systematically reduce these churn drivers. Address key churn drivers: figure out what"s going on, many firms also use reactive measures such as save teams who deal with customers who intent on cancelling their accounts.
