L2; Fundamental Principle of Marketing Strategy and the Value of Customer Service and Customer Relationship Flashcards
THE 4 FUNDAMENT AL PRINCIPLES OF MARKETING STRATEGY
(enumerate)
1.Specialization
2.Differentiation
3.Segmentation
4.Concentration
The first thing to determine is where you are going to ____________.
specialize
What is your domain, product, service, customer, market where you want to focus?
Specialization
Let me clarify that with an example of Subway. A subway customer is someone who wants to eat quickly and healthy at the same time. He wants cleanliness, efficiency, and value. So subway constantly looks for products that appeal to these customers and continue to offer them. They would never do something that does not go with their specialization.
Specialization
Specialization answers the question/s?
What is your domain, product, service, customer, market where you want to focus?
What is your competitive advantage? How is it that you are different and better than the competition?
Differentiation
Customers want a reason to buy from you and not the competition.
Differentiation
Customers always want to get the best deal, there is nothing personal here. They just want the highest quality at the best price.
Differentiation
If you ask businesses what is their USP (UNIQUE SELLING PROPOSITION)? 9 out of 10 times you will hear “Quality Service, Quality Service, and Quality Service!” What people don’t understand is that this is an answer only if your competitor offers Zero quality or Zero service. Anyone who says “Quality Service” actually has no idea about why someone should buy from him and probably is a danger to your company if he is an employee.
Differentiation
Differentiation answers the question/s?
What is your competitive advantage? How is it that you are different and better than the competition? What is your unique selling proposition (UPS)?
Differentiation
(enumerate)
- Your competitive advantage
- Your area of excellence, superiority
- Your “Unique Selling Proposition” Where are you or could you be “the best?”
All marketing today is ________________.
Segmentation
means looking at who are those specific customers in the market who value my differentiation and will pay more for your area of specialization.
Segmentation
We need to segment and identify those customers who are most likely to buy from you and the fastest.
Segmentation
Few questions to ponder here — who are the customers who most appreciate your area of superiority? What are their demographics? Their Psychographics? How would you describe your perfect customer?
Segmentation
Segmentation answers the question/s?
Who are the customers who most appreciate your area of superiority? What are their demographics? Their Psychographics? How would you describe your perfect customer?
Segmentation
(enumerate the questions it answers)
‘Who are those customers who most appreciate your area of superiority?
1. What are their demographics?
2. What are their psychographics?
3. How would you describe your “perfect customer?”
Demographics
(enumerate)
- Age?
- Gender?
- Income?
- Education?
- Occupation?
Psychographics
(enumerate)
- Goals, ambitions?
- Wants, needs, motivations?
- Hopes, dreams, aspirations?
- Fears, doubts, worries?
- Problems to be solved?
Once you have determined your very best market segments for what you do really well, you focus all your energies, resources, budgets, and time on acquiring customers from these markets and retaining them.
Concentration
Concentration
(enumerate the questions it answers)
Where you focus your time, money and resources.
1.What are the best possible ways to contact your ideal customers?
2.What are the best possible media?
3.What are the most powerful appeals?
The higher the level of customer engagement with your company and product, the higher the value your customer receives — and the better the relationship. When you expand the domain of your customer support superstars, you give them the leeway to strengthen the customer experience in creative, unexpected ways.
The value of Customer Service and Customer Relationship
the assistance and advice provided by a company to those people who buy or use its products or services.
Customer Service
Oxford Dictionary
service is the support you offer your customers — both before and after they buy and use your products or services — that helps them have an easy and enjoyable experience with you.
Customer Service
Offering amazing ________________________ is important if you want to retain customers and grow your business.
customer service
Today’s customer service goes far beyond the traditional telephone support agent. It’s available via?
email, web, text message, and social media.
Many companies also provide____________________, so customers can find their own answers at any time day or night.
self-service support
Customer support is more than just providing answers; it’s an important part of the?
promise your brand makes to its customers.
Developing an amazing product is one of the hardest challenges that a company can overcome — but it’s not the only factor that will determine the success of a business. Today’s consumers have more industry influence than they’ve ever had in the past, allowing them to focus on more than just the product that you’re selling them.
Customer Relations
Now, consumers are interested in what you’re selling them, how you’re selling it, and what happens after you’ve sold it to them.
Customer Relations
The shift has placed pressure on companies to invest in their customer service teams and meet rising customer demands. In fact, a ________ study showed that ____% of consumers have ____________________ for customer service than they did in ________. Businesses are now facing the challenge of creating an excellent customer experience that’s consistent across every interaction.
The shift has placed pressure on companies to invest in their customer service teams and meet rising customer demands. In fact, a 2018study showed that 59%of consumers have higher expectations for customer service than they did in 2017. Businesses are now facing the challenge of creating an excellent customer experience that’s consistent across every interaction.
To achieve this, many companies are now focusing on how they manage their customer relationships. Building strong ________________________ is a great way to develop ________________________________________________________________. If you’re looking to improve customer relationships at your company, it helps to understand what successful customer relations look like and how you can create them with your clientele.
To achieve this, many companies are now focusing on how they manage their customer relationships. Building strong customer relations is a great way to develop customer loyalty and retain valuable, long-term customers. If you’re looking to improve customer relationships at your company, it helps to understand what successful customer relations look like and how you can create them with your clientele.
describes the ways that a company will engage with its customers to improve the customer experience. This includes providing answers to short-term roadblocks as well as proactively creating long-term solutions that are geared towards customer success.
Customer Relations
Customer relations aims to?
create a mutually beneficial relationship with the customer that extends beyond the initial purchase.
Customer relations is present in all aspects of a business, but it’s most prevalent in the ____________________ department.
customer service
Customer service teams, customer support, customer success, and product development all play important roles in building a ____________________________________. Customer relations also extend to marketing and sales teams as well since these departments have a significant influence over the company’s interactions with the customer.
healthy customer relationship
What functions does customer relations include?
(enumerate)
- Reactive functions
- Proactive functions
are the efforts made by your team to solve issues that are reported by customers. This includes tasks like responding to customer complaints and solving problems with the support team. Being able to solve unexpected customer roadblocks is essential for brands that are looking to build strong customer relationships.
Reactive functions
are the measures taken to ensure a long-term relationship with customers. These efforts are aimed towards fostering customer success by consistently satisfying evolving customer needs.
Proactive functions
Customer success teams do this by providing information about products and updates as well as by promoting discounts and exclusive offers.
Proactive functions
This type of long-term customer relationship management helps companies create lasting impressions on customers who eventually become loyal to the brand.
Proactive functions
is what your company provides to ensure customer success.
Customer service
It is an inbound function that’s now expected by customers at the first point of interaction with your business.
Customer service
Companies can provide proactive customer service features, but most customer service functions are?
delivered in response to customer action.
differs because it consists of both the inbound and outbound measures taken by your company.
Customer relations
It considers your organization’s ability to react to present issues as well as your approach to bettering future experiences.
Customer relations
focuses on the proactive steps you’re taking to engage customers and improve the customer experience.
Customer relations
encompasses all of the important functions that customer service performs, but also includes the efforts made before and after customer interactions. While responding to immediate customer needs is a great way to provide excellent customer service, searching for solutions to future roadblocks is how your company can build positive customer relations.
Customer relations
are long-term, mutually beneficial relationships between a customer and a company.
Positive customer relations
These relationships are built by creating a stable environment of trust that results in the continued growth of both the customer and the organization.
Positive customer relations
include consistent quality of what the business is offering as well as how they are offering it the customer.
Positive customer relations
Benefits of Positive Customer Relations
(enumerate)
- Customer Retention
- Customer Loyalty
- Customer Satisfaction
Customers know when your company is being genuine and are willing to overlook your mistakes so long as you demonstrate a dedication to their success.
Customer Retention
When you have a good history with your customers, it makes it more difficult for your competitors to lure people away from your brand.
Customer Loyalty
Customer Satisfaction
is highly valuable for businesses as repeat customers are more likely to buy from you than leads that have not yet converted. .
Customer Loyalty
Often times it can be hard to tell whether your customers are truly happy with your business or not. In fact,____%of unhappy customers who don’t complain simply don’t return to a company for another purchase.
91%
Customer Satisfaction
Having strong customer relations can act as your insurance policy for
Customer Satisfaction
Building Positive Customer Relationships
(enumerate)
- Invest in employee training.
- Create a fulfilling workplace for your customer service reps.
- Improve first call resolution rate.
- Leverage software to increase efficiency
- Create opportunities for self-service.
- Be accessible.
- Show appreciation.
- Measure and improve customer satisfaction.
- Create a customer-first culture.
____% of customers say customer service is important in their choice of loyalty to a brand
96%
Customer-centric companies are ____% more profitable than companies that don’t focus on customers.
60%
Customers switching companies due to poor service costs U.S. companies a total of $____________.
$1.6 trillion
Loyal customers are ________________ more likely to purchase again and ________________ more likely to refer a friend to the company.
Loyal customers are five times more likely to purchase again and four times more likely to refer a friend to the company.
The top reason customers switch brands is because?
they feel unappreciated.
____% of consumers view brands more favorably if they seek out and apply customer feedback.
77%
Customers tell an average of ________ people about a positive experience with a brand, but they tell ____ people about a negative experience.
Customers tell an average of nine people about a positive experience with a brand, but they tell 16 people about a negative experience.
A ____% increase in customer retention is the same to profits as cutting costs by ____%.
A 2% increase in customer retention is the same to profits as cutting costs by 10%.
____% of customers say they are more likely to do business with a company if it offers personalized experiences.
80%
Relationship marketing by?
Laura Aberle, TechTarge
is a facet of customer relationship management (CRM) that focuses on customer loyalty and long-term customer engagement rather than shorter-term goals like customer acquisition and individual sales.
Relationship marketing
its goal is to create strong, even emotional, customer connections to a brand that can lead to ongoing business, free word-of-mouth promotion and information from customers that can generate leads.
Relationship marketing
what is the goal of Relationship marketing
create strong, even emotional, customer connections to a brand that can lead to:
- ongoing business,
- free word-of-mouth promotion and
- information from customers that can generate leads.
relationship marketing or?
customer relationship marketing
Acquiring new customers can be challenging and costly. Relationship marketing helps retain customers over the long term, which results in customer loyalty rather than customers purchase once or infrequently.
Importance of relationship marketing
Relationship marketing is important for its ability to?
stay in close contact with customers.
By understanding how customers use a brand’s products and services and observing additional unmet needs, brands can create new features and offerings to meet those needs, further strengthening the relationship.
Importance of relationship marketing
Benefits of relationship marketing/consumer relations(?) include:
- Higher customer lifetime value (CLV). Relationship marketing creates loyal customers, which leads to repeat purchases and a higher CLV. In addition, loyal customers are likely to become brand advocates or ambassadors, recommending products and services to friends, family and business associates.
- Reduction in marketing and advertising spend. Spending on marketing and advertising to acquire new customers can be expensive. Relationship marketing causes customers to do the marketing for a brand, in what’s called buzz marketing. Customers tell others about a brand’s products and services, which can drive sales. Brands with exceptional relationship marketing programs spend little to no money on marketing or advertising.
- Stronger organizational alignment around the customer. Organizations that emphasize relationship marketing have a stronger organizational alignment around an exceptional customer experience. The teams work together to create satisfied and happy customers over the long term.
give at least 1 example of relationship marketing
- Provide exceptional customer service, as customers who are consistently impressed by a brand’s customer service are more likely to remain loyal to the brand.
- Thank customers through a social media post or with a surprise gift card.
- Solicit customer feedback through surveys, polls and phone calls, which can create a positive impression that customer opinions are valued and help to create better products and services.
- Launch a loyalty program that rewards customers for their continued patronage.
- Hold customer events to connect with customers and build a community.
- Create customer advocacy or brand advocacy programs to reward customers who provide word-of-mouth advertising on a brand’s behalf.
- Offer discounts or bonuses to long-time or repeat customers.
4 types(?) of Needs
(enumerate)
- Physiological Needs
- Safety Needs
- Social Needs
- Esteem Needs
Maslow’s Hierarchy of Needs
(enumerate)
- Physiological
- Safety
- Love/Belonging
- Esteem
- Self-Actualization
Types of Consumer Products
(enumerate)
- Convenience
- Shopping
- Specialty
- Unsought products
5 qualities that make a good product “Great”
(enumerate)
- Exceptional value
- Exceptional value proposition
- Superior customer service
- Intuitive and user-friendly
- Continually evolving
SWOT ANALYSIS stands for?
- Strengths
- Weakness
- Opportunities
- Threats
What is a Brand?
(enumerate)
- An Identifier
- A Promise
- An Asset
- A set of Perceptions
- A “mind share”
Two Elements of Brand
(enumerate)
- Tangible Elements
- Intangible Elements
Functions of BRAND
(enumerate)
1.Brands Convey Meaning
- Attributes
- Benefits
- Values
- Culture
- Personality
- User
2.Brands create value for consumers
- Brands help simplify consumer choices
- Brands help create trust, so that a person knows what to expect from a branded company, product, or service
- This builds customer loyalty, which is valuable to businesses.
Types of Brands
(enumerate)
- Individual products
- Services
- Organizations
- Individual
- Persons
- Groups
- Events
- Geographic Places
- Private label brands
- Media
- E-brands
How to Measure Brand Equity
(enumerate)
- Price premium
- Customer satisfaction
- Perceived quality
- Leadership/popularity
- Value
- Brand personality
- Organizational associations
- Brand awareness
- Market share
- Market price and distribution coverage
Types of Customers
(enumerate)
- Hard-core Loyal
- Split Loyal
- Shifting Loyal
- Switchers
Brand Platform
(enumerate)
- Mission statement
- Value proposition
- Brand promise: the singular experience your brand promises to provide to your customers
- Core values: guiding principles for how an organization does business
- Brand voice or personality
- Brand-positioning statement
3 Processes in Building a Brand
(enumerate)
- Selecting a Brand Name
- Packaging
- Brand LOGO
Steps of naming a brand
(enumerate)
- Define what you’re naming
- Check the landscape
- Brainstorm ideas
- Screen and knock out problematic names
- Perceptual screening
- Legal screening
- Linguistic screening - Check domain name and social media availability.
- Customer-test your final short-listed names
- Make your final selection
- Take steps to get trademark protection for your new brand
Packaging
(enumerate)
- Quality
- Safety
- Instruction
- Legal compliance
- Distinction
- Affordability
- Convenience
- Aesthetic beauty
- Sustainability
Tips For Effective Logo Design
(enumerate)
- Know the brand
- Reflects Nature Of Your Business
- Impression Is Crucial
- Use Colors In A Planned Way
- Pick Fonts Carefully
- Keep It Simple
- Make It Scalable
- It Should Be Impressive In Colorless Version
5 TIPS FOR CRAFTING A SUCCESSFUL TAGLINE
(enumerate)
- Keep it simple.
- Give it meaning.
- Clarity is key.
- Focus on the benefit.
- Tell a story.
3 Key Components of a Good Logo Design
(enumerate)
- Simple Logo
- Appropriate Logo
- Memorable Logo
products can be an?
(enumerate)
- an idea
- a physical good
- a service
- any combination of the three
Brand Asset Valuator
- Differentiation:
- Relevance:
- Esteem:
- Knowledge:
Exceptional value
What to do:
(enumerate)
- Understand your user needs thoroughly.
- Engage with your target audience, conduct surveys, and listen to their problems.
- Design your product in a way that not only solves their problem but also does it in a unique and better way than the competition.
Exceptional value proposition
What to do:
(enumerate)
- Clearly articulate your product’s unique selling points in your product messaging.
- Highlight the benefits and how it can enrich the daily lives of your customers.
- Make sure your marketing plan consistently communicates this value proposition to your specific audience.
Superior customer service
What to do:
(enumerate)
- Invest in a dedicated customer service team.
- Implement customer feedback systems.
- Regularly review and update your service protocol to meet evolving customer needs.
Intuitive and user-friendly
What to do:
(enumerate)
- Design your product with user requirements in mind.
- Conduct usability tests and continuously iterate based on feedback.
- Remember, a great product manages to be both powerful and easy to use.
Continually evolving
What to do:
(enumerate)
- Always keep an eye on market trends and feedback.
- Regularly update your product to keep it relevant and valuable.
- Encourage a culture of innovation and improvement in your team.
