Customer Retention at Brand and Retail Customer retention begins - - PDF document
2/10/2015 Customer Retention at Brand and Retail Customer retention begins during acquisition, their perception of product value and the uniqueness of the brand. Retention can be increased by working together through: Education Brand
Customer retention begins during acquisition, their perception of product value and the uniqueness of the brand. Retention can be increased by working together through:
Who is your Target? Customer Profile‐
Brand Promise Differentiation‐ how do you stand
Type of Customer‐ English, Western, Etc Social Media‐ Instagram, Facebook, Twitter
If you are not clear, how can the customer understand you?
How do you connect with the customer in unique ways to create a positive, memorable experience?
customer experiences
Repeat purchase
retention‐ customer often shares
– Store Holiday Party – Brand interacting at an off site location‐ horse show, clinic, etc – Interacting with a unique display – Educational Experience
Customers evaluate products/experiences relative to their expectations. The brand must produce a superior product while the retailer must provide excellent service while both focusing on the customer
Value to the Customer
good deal for the brand they are purchasing
competition on price or by offering the same quality at a lower price.
– Coca Cola vs Pepsi vs Generic Cola
– Brand: Offers product that is unique and innovative – Retail: Specific store is known for carrying young rider clothing and accessories‐ a child’s mother will look there first
– Brand: Kathryn Lily‐signature tent at horse shows – Retail: Store offers a measurement station‐ thus providing a service others do not
– Be on top of trends – Ask the customer what they want
can trade up to as they proceed through their life cycles.
your customer whether it is online or in store.
fashion
customers navigate through the store and answer questions Customers today can be overwhelmed with choices and information‐ it is our role as brand and retailer to help them navigate through the clutter
regarding the brand
store while representing the brand
to ask‐ Does the retention equity created exceed the service cost?
Loyalty Mechanisms:
every 10th purchase receives a free gift or discount
Loyalty mechanisms can generate high retention rates even when competing products or services are almost identical. These mechanisms can become very powerful generators of customer retention.