UNIT 6 Flashcards
(23 cards)
Rapport meaning
Relationship that involves mutual trust and understandings for parties and have each other best interest
Rapport building
Process of creating rapport and building a trusting relationship between customers and sales professionals
Sales retention
Activities and action taken by company to continually ensure their customers are satisfied with their products or services
What does sales retention aim to reduce
Aims to reduce possibilities of customers turning and defecting to other competitors
How many times it costs for company to retain customers than find a new one
5-25
Relationship building
Measures to nurture an existing relationship to maximise their lifetime value,
In business is to continuously meet customers expectations , needs and wants to increase loyalty
Customer retention
Refers to a brand’s ability to gain repeat business from a customer.
They are retained because havent buy from competitors
Customer loyalty
When the customer buys from your brand again and again and encourages others to do so. They will continuously willingly engage in your products and services
Customer loyalty has two things
Customer attitude
Customer behaviour
Attituduinal
Like the brand
Behavioural
Good quality and convenient
Brand advocate
Engages with the company and have interest the products and services well,
SPREADS positive word of mouth , quality reviews
Define a loyal customer
Earn their business and will subsequently purchase the products and services based ona ongoing basis
Company lose to their competitors in terms of
Products, services, marketing mixes
MARKETING MIX
Why is it important to have customer’s loyalty
Keep cost down
- Is cheaper to keep them happy den find new one
Increase revenue and profits
-5% of best customers results in increased revenue of 25% - 55%
Thus showing loyalty customers buys more than average
Minimise the risk of decreasing market share
- lauwei said about the banner market share but this is the customers defecting to competitors
Defecting meaning
Turning into… competitors market mixes ,products and services
What can your business gain if have customers loyalty, the benefits
B business expansion
A Advocator
G Good resource of customer feedback
L Loyal customers are more forgiving and less volatile
Identify loyal customer
As can ask them test product thus implement their ideas and it further strengthens the relationship, reflecting that that you are a business that genuinely cares for them.
For example, Chope has a group of loyal customers, who loves the brand and are honest and constructive in their feedback. Chope will choose to conduct a trial test of their latest product offering with them first and thereafter improve the weaknesses based on their feedback before launching the product to the market.
Loyal customers are more forgiving and less volatile.
Loyal customers will explore your brand, be more engaged, and wish to stay with the brand for long. Therefore, loyal customers will provide suggestions for improvements instead of switching to another competitive brands.
For example, Noel really loves eating at Long John Silvers a lot. Noel had one bad experience at Long John Silvers Lot One, but that does not stop him from going because he loves the brand and had many good experiences p
Perception of value
Customer- (perception of value) under strategies for customer rentention
Interpersonal skill
S
C
R
Strategies for customer retention and loyalty
