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Fostering Loyal Customer Relationships

Duarte B. Morais, Ph.D.


Assistant Prof. of Recreation, Park and Tourism Mgt.
dmorais@psu.edu

Presentation Outline
1.
2. 3. 4.

Introductions Why talk about loyalty What is a loyal customer

How to foster loyal relationships

1.

Introductions

www.quintadamata.net

2.

Why talk about Loyalty


Mature Industry
increasing competition

Focus on getting more customers


Market share Vs. share of customer

Competitive advantage
Price Service quality Loyal relationships

2.

The bottom line


Reduction of 5% of defective customers may result in 80% increase in profitability (Reichheld & Sasser, 1990)
60% to 80% of lost customers were satisfied (King, 1996) 90% of customers who love a company will repeat but only 30% of customers who like the company will repeat (Opinion Research Corp.) 20-40% of your customers bring 80% of your profits

What to expect from loyal customers


Behaviors:
Come back frequently Buy most expensive products Recommend provider to friends Give important suggestions

2.

Emotions:
Are attached to the provider/staff Trust the provider Resist changing despite competitors persuasion Willing to forgive mistakes

3.

What is a Loyal Customer


Definition: customers with a long record of purchases from a preferred provider caused by their psychological and emotional bond with that provider Are there various types of loyalty?

Types of Loyal Customers


+ +
High loyals
Attachment Frequency of Purchases

3.

Latent loyals

Spurious loyals

Low loyals

Differentiated Strategy to Loyalty Segments


Not all customers were created equal
High loyals most profitable, make them feel like family (20% of your customers)

3.

Latent loyals find out why they cant come more often, find other ways they can help, dont discount Spurious loyals come but dont care, make them connect with you, make them wish for special treatment Low loyals dont get distracted with them, but make sure they are satisfied (approx. 40-60% of your customers)

4.

How to foster loyal relationships


Current loyalty programs
Ineffective in creating a bond Most are simply frequency programs Make people shop around and look for deals Make customers price sensitive Erode profits We can identify loyal customers but we dont know how to generate customer loyalty

The Love Triangle


Social Network

4.

R.I.M.
Provider Customer

R.I.M.
Resource Investment Model
Retribution to the provider Providers investment of special resources Customers investment of special resources Protect customers equity

4. RIM

Customers loyalty to provider

Loyal relationships facilitate special treatment

Morais, Dorsch, & Backman (2004)

4. RIM

Love Status Services

Types of Resources

Information Money

Goods

Types of Investments
Give to your valuable customers
1. 2. 3.

4. RIM

Make sure that your special customers receive special treatment Send cards for birthdays rather than just for the holidays Make them feel unique (use name, compliment them for helping)

4.

Educate them about front and back stage

Receive from customers


1. 2. 3. 4. Give them opportunities to get to know you (your staff) Help them become advocates of your company (merchandize, web) Seek their opinion Allow them to commit to you with a long term program

B.C. Brand Communities

4. BC

Definition: group of individuals united through the consumption of your products


Harley-Davidsons HOGs Club Meds Gracious Members

Characteristics
Communality help and expect help from others Brandfests are used to share history Keep consuming to stay connected

4. BC

Building a Community
Community
1. 2. 3. 4. 5. 6. 7. Use a newsletter to share news about customers Develop an online forum for customers to stay in touch Organize annual events by invitation for VIP customers Facilitate picture / story sharing Help customers help each other Give a name to the community

Action Outline
1. Select your market segment
Identify most valuable customers (what criteria?) Identify customers who might become valuable

4.

2. Design a relationship-building service culture


Identify what type of treatment promotes customer loyalty Identify what loyal customers want to give to you

Identify potential for the development of a brand community

3. Implement a loyalty treatment


Design specific communication strategy and message Train staff to understand the importance and the process Create opportunities to invest and receive investments Generate a sense of community among your customers

4.

Measure effects of program and redesign


Maintain constant communication with your loyal customers Monitor costs and results of your program

The Love Triangle


Social Network

Provider

Customer

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