TAILIEUCHUNG - Wiley Marketing Concepts Every Manager Needs to Know_5

Tham khảo tài liệu 'wiley marketing concepts every manager needs to know_5', kinh doanh - tiếp thị, quản trị kinh doanh phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | oyalty Loyalty is an old-fashioned word describing being deeply committed to one s country family or friends. It came into marketing with the term brand loyalty. But can people be loyal to a brand Tony O Reilly former CEO of H. J. Heinz proposed this test of brand loyalty My acid test . is whether a housewife intending to buy Heinz tomato ketchup in a store finding it to be out of stock will walk out of the store to buy it elsewhere. That some people will be exceptionally loyal to some brands is incontrovertible. The Harley Davidson motorcycle owner won t switch even if convinced that another brand performs better. Apple Macintosh users won t switch to Microsoft even if they could gain some advantages. BMW fans won t switch to Mercedes. We say that a company enjoys high brand loyalty when a sizable number of its customers won t switch. Brand loyalty is roughly indicated by the company s customer retention rate. The average firm loses half its customers in less than five years. Firms with high brand loyalty may lose not more than 20 percent of their customers in five years. But a high retention rate may indicate other things than loyalty. Some customers stay on because of inertia or indifference or being held hostage to long-term contracts. 97 98 Marketing Insights from A to Z Building loyal customers requires a company to discriminate. We are not talking about racial religious or gender discrimination. We are talking about discriminating between profitable and unprofitable customers. No company can be expected to pay the same attention to an unprofitable customer as to a profitable customer. Smart companies define the types of customers they are seeking who would most benefit from the firm s offerings these customers are the most likely to stay loyal. And loyal customers pay back the company in long-term cash flows and in generating a stream of referrals. Some companies believe that they win customer loyalty by offering a loyalty award program. A loyalty program .

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