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See all Premium member Presentation Transcript Slide 1: Presented by :-SISIRA & JOY (group 10) ITM BSCHOOL CHENNAI “HOW TO HAVE LONG CUSTOMER LOYALTY” : “HOW TO HAVE LONG CUSTOMER LOYALTY” What is a Loyal Customer : What is a Loyal Customer Customers with a long record of purchases from a preferred provider caused by their psychological and emotional bond with that provider. Types of Loyal Customers : Types of Loyal Customers P Attachment High loyals Latent loyals Spurious loyals Low loyals - - + + Differentiated Strategy to Loyalty Segments : Differentiated Strategy to Loyalty Segments “Not all customers were created equal” High loyals – most profitable, make them feel like family (20% of your customers) Latent loyals – find out why they can’t come more often, find other ways they can help, don’t discount Spurious loyals – come but don’t care, make them connect with you, make them wish for special treatment Low loyals – don’t get distracted with them, but make sure they are satisfied (approx. 40-60% of your customers) Why talk about Loyalty : Why talk about Loyalty Mature Industry increasing competition Focus on getting more customers Market share Vs. share of customer Competitive advantage Price Service quality Loyal relationships The bottom line : The bottom line Reduction of 5% of defective customers may result in 80% increase in profitability 90% of customers who love a company will repeat but only 30% of customers who like the company will repeat 20-40% of your customers bring 80% of your profits What to expect from loyal customers : What to expect from loyal customers Behaviors: Come back frequently Buy most expensive products Recommend provider to friends Give important suggestions Emotions: Are attached to the provider/staff Trust the provider Resist changing despite competitors’ persuasion Willing to forgive mistakes Types of Investments : Types of Investments Give – to your valuable customers Make sure that your special customers receive special treatment Send cards for birthdays rather than just for the holidays Make them feel unique (use name, compliment them for helping) Educate them about front and back stage Receive – from customers Give them opportunities to get to know you (your staff) Help them become advocates of your company (merchandize, web) Seek their opinion Allow them to commit to you with a long term program 10 Tips to build customer loyalty : 10 Tips to build customer loyalty Communicate Customer Service Employee Loyalty Employee Training Customer Incentives Product Awareness Reliability Flexible People over Technology Know Their Names Action Outline : Action Outline 1. Select your market segment Identify most valuable customers (what criteria?) Identify customers who might become valuable 2. Design a relationship-building service culture Identify what type of treatment promotes customer loyalty Identify what loyal customers want to give to you Identify potential for the development of a brand community 3. Implement a loyalty treatment Design specific communication strategy and message Train staff to understand the importance and the process Create opportunities to invest and receive investments Generate a sense of community among your customers 4. Measure effects of program and redesign Maintain constant communication with your loyal customers Monitor costs and results of your program Slide 12: “LOYALTY PROGRAMES FOLLOWED BY DIFFERENT INDUSTRIES” Loyalty in Airlines industries : Loyalty in Airlines industries Slide 14: Kingfisher Airlines ……….The king of good times Kingfisher airlines : Loyalty in airlines industry Frequent flyer program ( business class / economy class) Special rates and discounts AIR PASS Tie-ups with hotels Special gift cards Free up gradation Kingfisher airlines Loyalty in retail industry(future group) : Loyalty in retail industry(future group) Loyalty in retail industry(future group) : Loyalty in retail industry(future group) Loyalty card membership Special discounts Electronic management(email’s, sms, etc..) Sell on credit Easy finance facility Ex- life style(inner circle) , pantaloons(green card) , west side(club west),shopper’s stop(first citizen). Loyalty in hotel industry : Loyalty in hotel industry Free up gradation Food packages Free pick up’s and drop Special event management Customized service Tie up with tour operators Loyalty in telecom industry : Loyalty in telecom industry Tata indicom- SMART PCO loyalty programme Prizes like maruti 800, bikes, home theatres, gold coins, world cup cricket tickets etc…. These prizes were been given by sneha in Chennai region. Were given to the pco operator when they were able to achieve the target given to them. Airtel and vodafone ( customized services ) Slide 23: Airtel and vodafone ( customized services ) Gifts vouchers Discount purchase coupons ( dominos, cafe coffee day , pizza hut, pantaloons, kfc, etc..) Free call mins Payment period extension LOYALTY IN INDIAN RAILWAY“SHUBYATRA” : LOYALTY IN INDIAN RAILWAY“SHUBYATRA” Traveller reward point system loyalty programes for FIRST CLASS AND AC TIER2 FREE UPGRADATION DELIVERY TICKETS AT DOORSTEP FREE FAMILY PACKAGE (for the customer having more points ) PAYMENT CAN BE DONE BY SIXTEEN BANKS CONCLUSION : CONCLUSION AS SUCH THERE IS LARGE COMPETITION , CUSTOMERS ARE GETTING DISLOYAL MORE AND MORE SO COMPANIES HAVE TO COME OUT WITH UNIQUE PRODUCTS AND SERVICES IN ORDER TO RETAIN THEIR CUSTOMERS AND ALSO TO GAIN NEW ONES. You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.