5 Creating Long-Term Loyalty Relationships

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1 5 Creating Long-Term Loyalty Relationships
1 5 Creating Long-Term Loyalty Relationships

2 Chapter Questions What are customer value, satisfaction, and loyalty, and how can companies deliver them? What is the lifetime value of customers and how can marketers maximize it? How can companies attract and retain customers and cultivate strong customer relationships? What are the pros and cons of database marketing? Today, companies face their toughest competition ever. Moving from a product-and-sales philosophy to a holistic marketing philosophy, however, gives them a better chance of outperforming the competition. The cornerstone of a well conceived holistic marketing orientation is strong customer relationships. Marketers must connect with customers—informing, engaging, and maybe even energizing them in the process. Customer centered companies are adept at building customer relationships, not just products; they are skilled in market engineering, not just product engineering. A pioneer in customer relationship management techniques is Harrah’s Entertainment. Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall

3 Figure 5.1 Customer-Orientations
Managers who believe the customer is the company’s only true “profit center” consider the traditional organization chart in Figure 5.1 (a)—a pyramid with the president at the top, management in the middle, and frontline people and customers at the bottom—obsolete. Successful marketing companies invert the chart as in Figure 5.1 (b). At the top are customers; next in importance are frontline people who meet, serve, and satisfy customers; under them are the middle managers, whose job is to support the frontline people so they can serve customers well; and at the base is top management, whose job is to hire and support good middle managers. We have added customers along the sides of Figure 5.1 (b) to indicate that managers at every level must be personally involved in knowing, meeting, and serving customers. Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall

4 What is Customer Perceived Value?
Customer perceived value is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives. Customer-perceived value (CPV) is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives. Total customer benefit is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering because of the product, service, people, and image. Total customer cost is the perceived bundle of costs customers expect to incur in evaluating, obtaining, using, and disposing of the given market offering, including monetary, time, energy, and psychological costs. Customer-perceived value is thus based on the difference between benefits the customer gets and costs he or she assumes for different choices. The marketer can increase the value of the customer offering by raising economic, functional, or emotional benefits and/or reducing one or more costs. Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall

5 Figure 5.2 Determinants of Customer Perceived Value
Total customer benefit Total customer cost Product benefit Monetary cost Services benefit Time cost Figure 5.2 illustrates the relationships between and components of total customer benefit and total customer cost. Personal benefit Energy cost Image benefit Psychological cost Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall

6 Steps in a Customer Value Analysis
Identify major attributes and benefits that customers value Assess the qualitative importance of different attributes and benefits Assess the company’s and competitor’s performances on the different customer values against rated importance Examine ratings of specific segments Monitor customer values over time Very often, managers conduct a customer value analysis to reveal the company’s strengths and weaknesses relative to those of various competitors. The steps in this analysis are: Identify the major attributes and benefits customers value. Assess the quantitative importance of the different attributes and benefits. Assess the company’s and competitors’ performances on the different customer values against their rated importance. Customers describe where they see the company’s and competitors’ performances on each attribute and benefit. Examine how customers in a specific segment rate the company’s performance against a specific major competitor on an individual attribute or benefit basis. Monitor customer values over time. The company must periodically redo its studies of customer values and competitors’ standings as the economy, technology, and features change. Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall

7 What is Loyalty? Loyalty is a deeply held commitment to re-buy or re-patronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior. Consumers have varying degrees of loyalty to specific brands, stores, and companies. Oliver defines loyalty as “a deeply held commitment to rebuy or repatronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior. Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall

8 Top Brands in Customer Loyalty
Apple iPhone Clairol Samsung Mary Kay Grey Goose Clinique Avis Wal-Mart Google Amazon Bing J.Crew AT&T Wireless Discover Card Verizon Wireless Cheerios Table 5.1 lists several brands known for developing high levels of customer loyalty. Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall

9 Establishing Value The value proposition consists of the whole cluster of benefits the company promises to deliver; it is more than the core positioning of the offering. For example, Volvo’s core positioning has been “safety,” but the buyer is promised more than just a safe car; other benefits include good performance, design, and safety for the environment. The value proposition is thus a promise about the experience customers can expect from the company’s market offering and their relationship with the supplier. Whether the promise is kept depends on the company’s ability to manage its value delivery system. The value delivery system includes all the experiences the customer will have on the way to obtaining and using the offering. At the heart of a good value delivery system is a set of core business processes that help deliver distinctive consumer value. Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall

10 Measuring Satisfaction
Periodic surveys Customer loss rate Mystery shoppers Monitor competitive performance Many companies are systematically measuring how well they treat customers, identifying the factors shaping satisfaction, and changing operations and marketing as a result. Wise firms measure customer satisfaction regularly, because it is one key to customer retention. A highly satisfied customer generally stays loyal longer, buys more as the company introduces new and upgraded products, talks favorably to others about the company and its products, pays less attention to competing brands and is less sensitive to price, offers product or service ideas to the company, and costs less to serve than new customers because transactions can become routine. Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall

11 Managing Customers Given the potential downside of having an unhappy customer, it’s critical that marketers deal with negative experiences properly. Beyond that, the following procedures can help to recover customer goodwill: 1. Set up a 7-day, 24-hour toll-free hotline (by phone, fax, or ) to receive and act on customer complaints. 2. Contact the complaining customer as quickly as possible. The slower the company is to respond, the more dissatisfaction may grow and lead to negative word of mouth. 3. Accept responsibility for the customer’s disappointment; don’t blame the customer. 4. Use customer service people who are empathic. 5. Resolve the complaint swiftly and to the customer’s satisfaction. Some complaining customers are not looking for compensation so much as a sign that the company cares. Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall

12 What is Quality? Quality is the totality of features and
characteristics of a product or service that bear on its ability to satisfy stated or implied needs. Satisfaction will also depend on product and service quality. What exactly is quality? Various experts have defined it as “fitness for use,” “conformance to requirements,” and “freedom from variation.” We will use the American Society for Quality’s definition: Quality is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs. This is clearly a customer-centered definition. We can say the seller has delivered quality whenever its product or service meets or exceeds the customers’ expectations. A company that satisfies most of its customers’ needs most of the time is called a quality company, but we need to distinguish between conformance quality and performance quality (or grade). Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall

13 Maximizing Customer Lifetime Value
Customer Profitability Customer Equity Lifetime Value In the next few slides we’ll discuss these three key aspects of customer lifetime value. Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall

14 Estimating Lifetime Value
Annual customer revenue: $500 Average number of loyal years: 20 Company profit margin: 10 Customer lifetime value: $1000 The case for maximizing long-term customer profitability is captured in the concept of customer lifetime value. Customer lifetime value (CLV) describes the net present value of the stream of future profits expected over the customer’s lifetime purchases. The company must subtract from its expected revenues the expected costs of attracting, selling, and servicing the account of that customer, applying the appropriate discount rate (say, between 10 percent and 20 percent, depending on cost of capital and risk attitudes). Lifetime value calculations for a product or service can add up to tens of thousands of dollars or even into six figures. Many methods exist to measure CLV. Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall

15 What is Customer Relationship Management?
CRM is the process of carefully managing detailed information about individual customers and all customer touch points to maximize customer loyalty. Customer relationship management (CRM) is the process of carefully managing detailed information about individual customers and all customer “touch points” to maximize loyalty. A customer touch point is any occasion on which a customer encounters the brand and product— from actual experience to personal or mass communications to casual observation. Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall

16 Framework for CRM Identify prospects and customers
Differentiate customers by needs and value to company Interact to improve knowledge Customize for each customer Don Peppers and Martha Rogers outline a four-step framework for one-to-one marketing that can be adapted to CRM marketing as follows: 1. Identify your prospects and customers. Don’t go after everyone. Build, maintain, and mine a rich customer database with information from all the channels and customer touch points. 2. Differentiate customers in terms of (1) their needs and (2) their value to your company. Spend proportionately more effort on the most valuable customers (MVCs). Apply activity-based costing and calculate customer lifetime value. Estimate net present value of all future profits from purchases, margin levels, and referrals, less customer-specific servicing costs. 3. Interact with individual customers to improve your knowledge about their individual needs and to build stronger relationships. Formulate customized offerings you can communicate in a personalized way. 4. Customize products, services, and messages to each customer. Facilitate customer interaction through the company contact center and Web site. Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall

17 Attracting and Retaining Customers
Reduce the rate of defection Increase longevity Enhance share of wallet Terminate low-profit customers Focus more effort on high-profit customers Retaining customers is critical. Consider these facts: Acquisition of customers can cost 5 times more than retaining current customers. The average customer loses 10% of its customers each year. A 5% reduction to the customer defection rate can increase profits by 25% to 85%. The customer profit rate increases over the life of a retained customer. Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall

18 Loyalty Programs Frequency programs (FPs) are designed to reward customers who buy frequently and in substantial amounts. They can help build long-term loyalty with high CLV customers, creating cross-selling opportunities in the process. Pioneered by the airlines, hotels, and credit card companies, FPs now exist in many other industries. Most supermarket chains offer price club cards that grant discounts on certain items. Club membership programs can be open to everyone who purchases a product or service, or limited to an affinity group or those willing to pay a small fee. Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall

19 Database Key Concepts Customer database Database marketing
Mailing list Business database Data warehouse Data mining Marketers must know their customers. And in order to know the customer, the company must collect information and store it in a database from which to conduct database marketing. A customer database is an organized collection of comprehensive information about individual customers or prospects that is current, accessible, and actionable for lead generation, lead qualification, sale of a product or service, or maintenance of customer relationships. Database marketing is the process of building, maintaining, and using customer databases and other databases (products, suppliers, resellers) to contact, transact, and build customer relationships. A customer mailing list is simply a set of names, addresses, and telephone numbers. a business database contains business customers’ past purchases; past volumes, prices, and profits; buyer team member names (and ages, birthdays, hobbies, and favorite foods); status of current contracts; an estimate of the supplier’s share of the customer’s business; competitive suppliers; assessment of competitive strengths and weaknesses in selling and servicing the account; and relevant customer buying practices, patterns, and policies. These data are collected by the company’s contact center and organized into a data warehouse where marketers can capture, query, and analyze them to draw inferences about an individual customer’s needs and responses. Through data mining, marketing statisticians can extract from the mass of data useful information about individuals, trends, and segments. Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall

20 Using the Database To identify prospects To target offers
To deepen loyalty To reactivate customers To avoid mistakes There are many reasons for firms to use databases. Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall

21 Don’t Build a Database When
The product is a once-in-a-lifetime purchase Customers do not show loyalty The unit sale is very small The cost of gathering information is too high Some situations like those named in the slide are cases for which companies would not benefit from building a database. Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall

22 For Review What are customer value, satisfaction, and loyalty, and how can companies deliver them? What is the lifetime value of customers and how can marketers maximize it? How can companies attract and retain customers and cultivate strong customer relationships? What are the pros and cons of database marketing? This chapter has provided answers to these key questions. Copyright © 2011 Pearson Education, Inc.  Publishing as Prentice Hall

23 คุณค่าของลูกค้าคืออะไร????
แนวคิดสมัยเก่า คุณค่า คือ หมายถึง ความแตกต่างระหว่างสิ่งที่ลูกค้าได้รับกับต้นทุนที่ต้องสูญเสียไป แนวคิดสมัยใหม่ คุณค่า คือ ผลประโยชน์ของลูกค้าที่มีความแตกต่างกันตามสถานการณ์ ช่วงเวลา บุคคล

24 สมการคุณค่าของลูกค้า
คุณค่าของลูกค้า = คุณค่าที่ลูกค้าได้รับ - ต้นทุนที่ต้องสูญเสีย เราสามารถเพิ่มคุณค่าของลูกค้าได้โดย เพิ่มคุณค่าที่ลูกค้าได้รับ ::> เพิ่มผลประโยชน์ที่ลูกค้าได้รับ ลดต้นทุนที่ต้องสูญเสีย ::> อำนวยความสะดวกลูกค้าในกระบวนการสร้างคุณค่า

25 ตัวอย่าง การสร้างคุณค่าให้กับลูกค้า
รูปที่ 13.2 โทรศัพท์มือถือ VERTU ที่มีราคาสูงมากเนื่องจากใช้วัสดุพิเศษในการผลิต นั่นคือ Liquidmetal ที่มีน้ำหนักเบาและทนทาน และมีเครื่องประดับ อาทิ คริสตัล เพชร หรือทับทิม ในโทรศัพท์แต่ละรุ่น โทรศัพท์มือถือ VERTU มีราคาตั้งแต่หลักแสนไปจนกระทั่ง หลักล้าน นอกจากคุณสมบัติความทนทานแล้ว การครอบครองโทรศัพท์รุ่นนี้ยังส่งผลถึงอัตลักษณ์การเป็นคนชั้นสูง มีฐานะอีกด้วย ที่มา:

26 ความพึงพอใจของพนักงาน

27 การทำกำไรด้วยคุณภาพ ความพึงพอใจและความจงรักภักดีในตราสินค้า

28 ต้นทุนการสูญเสียลูกค้า
ลูกค้า 70,000 คน สูญเสีย 3 % ต่อปี ปริมาณการซื้อต่อคนต่อปี คือ 15,000 บาท กำไรส่วนเกิน 15 %

29 ต้นทุนการสูญเสียลูกค้า
จำนวนลูกค้าที่เสียไป = * 0.03 = 2,100 คน รายได้ที่สูญเสีย= * 2100 = 31,500,000 บาท กำไรที่เสียไป = * 0.15 = 4,725,000 บาท ต้นทุนการสูญเสียลูกค้าในครั้งนี้คือ 4,725,000 บาท

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31 กำไรของธุรกิจ กับการรักษาลูกค้าเดิม
ธุรกิจ มีลูกค้าทั้งหมด 10,000 คน สามารถรักษาไว้ได้ 75 % สูญเสียไป 25 % และลูกค้าใหม่จำนวน 25 % ลูกค้าที่ธุรกิจ สามารถรักษาไว้ได้มีปริมาณการซื้อสินค้าเท่ากับ 300 บาทต่อคน ลูกค้าที่สูญเสียไปมีปริมาณการซื้อสินค้าเท่ากับ 100 บาทต่อคน และลูกค้าใหม่คนละ 150 บาท ต้นทุนผันแปรของลูกค้าทั้งสามกลุ่มคือ 50 % ,75 % , 75 % ของปริมาณการซื้อสินค้าตามลำดับ ค่าใช้จ่ายทางการตลาดของแต่ละกลุ่มคือ 7.5 % , 50 % และ 75 % ของปริมาณการซื้อสินค้า ตามลำดับ ค่าใช้จ่ายในการดำเนินงานของธุรกิจ คือ 500,000 บาท

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33 เมื่ออัตราการรักษาลูกค้าเดิมเพิ่มขึ้น 5 %

34 ลำดับขั้นของลูกค้า ก่อนมาเป็นลูกค้าของธุรกิจ
ผู้ที่คาดว่าจะเป็นลูกค้าในอนาคต ลูกค้าผู้คาดหวัง ผู้ไม่ผ่านคุณสมบัติ

35 ลำดับขั้นของลูกค้า ลูกค้าของธุรกิจ ลูกค้าครั้งแรก ลูกค้าซ้ำ
ลูกค้าประจำ ผู้สนับสนุน สมาชิก หุ้นส่วน เจ้าของร่วมกัน

36 ลำดับขั้นของลูกค้า หลังจากการซื้อสินค้า ลูกค้าที่จงรักภักดี