It is both an attitudinal and behavioral experience with one brand that satisfies the customers’ needs and desires.Tags: Dissertation MarketingEssays And ReportsEssay No Man Is An IslandEssay On Curfew LawHoles Book Essay QuestionsGood Essay Cover PagesPlato And Education Essay
The concept of one-to-one marketing as a CRM approach was advanced by Don Peppers and Martha Rogers in their 1994 book, The One to One Future.
Only the term is new; the approach is almost as old as commerce itself.
In their book Return on Customer, they point out that customers have become the scarcest resource of all.
So it's crucial that businesses continually find and keep new customers and understand the ways customers interact with organizations.
Marketing analysts Jim Sterne and Matt Cutler have developed a matrix that breaks the customer life cycle into five distinct steps: reach, acquisition, conversion, retention, and loyalty.
Customer Loyalty Thesis
In layman's terms, this means getting a potential customer's attention, teaching them what you have to offer, turning them into a paying customer, and then keeping them as a loyal customer whose satisfaction with the product or service urges other customers to join the cycle.
Customers have so many choices these days, and it's the company with a careful mix of loyalty programs, dynamic employees and a sense of service that will succeed in creating rich, personalized customer experiences and luring customers away from competitors -- and keeping them year after year.
Table of contents: Understanding customer loyalty How to build customer loyalty Measuring customer loyalty Customer loyalty case studies and industry-specific strategies Customer retention: Long-term strategy More CRM and call center learning tools Customer loyalty and retention basics According to market analysts and consultants Don Peppers and Martha Rogers, business success is harder now than ever before because of oversupply in all markets.
Attaining customer loyalty is a puzzle that involves lots of pieces fitting together.
A company's marketing strategy, employee retention, customer service consistency, adequate analytics and CRM systems all play a role in retaining satisfied customers and creating a superior reputation.