MANAGING in the

NEW WORLD

Marketing

Some of the most successful companies in the services sector such as Amazon, Facebook, Apple, Google, Alibaba and Netflix have mastered the art of what is known as Customer Lifetime Value (CLV). This is a detailed study on the overall value that customers individually generate over the course of their respective lifetime. This business intelligence emerges after extensive quantitative analysis as well as the presence of a long term corporate strategy aimed at acquiring and building relations with customers. A particular study was conducted which detailed that beyond just meeting customers’ needs and delighting them, companies must proactively engage in developing the human capital of customers. A business can consider itself having the grip of customers when they can continue to benefit from industry innovations. Specific sessions must be held within company confines top discuss an investment innovative approach towards customers. Ultimately customers become more valuable to firms when they provide insightful ideas, promote the brand on social media, enable in cost reduction and try new products. They must also be ready to share their data with the firm and engage in collaboration.

Source:https://hbr.org/2017/04/what-most-companies-miss-about-customer-lifetime-value?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+harvardbusiness+%28HBR.org%29

Uploaded Date:10 July 2017

The recent United Airlines fiasco clearly demonstrated how service companies can suffer immensely if they lose customer trust. Customer trust on any brand may get eroded due to three main conditions identified. First is if any particular incident is particularly appalling to create shock. This is particularly dangerous in today’s world where social media can instantly transmit negative feedback within moments. The second condition is when any incident fits a pattern of poor customer service provided over a period of time. The third is when the apology intended to recover from the shock is even worse. In order to gain back the trust, a few methods have been known to work well. As far as possible, service problems must be dealt with before they even reach the customers. A lot of companies feel obliged to follow the contract towards the customer to the letter of the law. Instead of this the firm must try to solve the perceived contract as customers often judge the service provider from a different lens. For mistakes committed, the company must be honest enough to admit to take corrective action. There will be occasions when the company will not be able to provide the ideal service, at such times, one must trying to make up by providing generous service in something else. For recovery communications, along with an apology, an explanation must be submitted. For conventional as well as digital marketing, realistic slogans must be applied, so that even at times of imminent failure, the ripple off effect may get minimized.

Source:https://hbr.org/2017/04/how-service-companies-can-earn-customer-trust-and-keep-it?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+harvardbusiness+%28HBR.org%29

Uploaded Date:07/07/2017

 

A study was recently concluded by Medalia Institute based in Palo Alto in California along with the Stanford Graduate School of Business. The aim was to study the effectivity of customer referral methods. Participants in the study were divided into three groups. In the first, students were asked to simply refer three friends’ names and contact details. In the next, they were provided with a limited period offer with passes for three guests. In the last approach, a personalized approach was initiated where the passes would be offered as a reward for visits. The final approach worked best because studies have confirmed that ones acquired through such referral are eighteen percent more loyal on average. Another business research done by Medalia confirms that a whopping 85% of youngsters engage in doing product or service reviews online. This is particularly crucial for brands to tweak their marketing strategies accordingly.

Source:https://www.gsb.stanford.edu/insights/personal-touch-quantified?utm_source=TWITTER&utm_medium=Social&utm_campaign=Insights&Date=20170627&linkId=39037313

Uploaded Date:05/07/2017

Winning or losing a sale means a lot to sales people. However, the result is rarely random, as clear reasons exist for the same. Six major reasons exist for the final result. One is that there are some customers who prefer to be challenges by the sales persons. This figure corresponds to roughly a third of those surveyed. Another point is that the buying decision is the most undemocratic and arbitrary as it is taken by a single person. Generally speaking, there isn’t a lot that salespeople can control. The brand here matters as market leaders will always overpower the other irrespective of sales quality. A tool commonly deployed by sales people to convert leads is pricing which keeps altering with cycles. Incidentally, for several buyers, price does not play a major role in their decision making. For most sales people, the biggest challenge is not competitors but customers for whom the buying decision is competing against several other unrelated factors. The appropriate talent recruitment of sales people is particularly crucial as in several industries charisma truly matters. This is especially true about media and fashion industries.

Source:https://hbr.org/2017/06/6-reasons-salespeople-win-or-lose-a-sale?referral=00563&cm_mmc=email-_-newsletter-_-daily_alert-_-alert_date&utm_source=newsletter_daily_alert&utm_medium=email&utm_campaign=alert_date&spMailingID=17519731&spUserID=OTY0OTMwNTk5NwS2&spJobID=1041797631&spReportId=MTA0MTc5NzYzMQS2

Uploaded Date:01/07/2017

SKYLINE Knowledge Centre

Phone: 9971700059,9810877385
E-mail: info@skylinecollege.com
© 2017 SKYLINE. All right Reserved.