Question

- Research strategies on gaining customer loyalty and make recommendations on how to implement these methods.

- Determine important strategic benefits of brand loyalty that seem most appropriate to your small firm. (phone company)

- Determine the key factors that influence customer loyalty after their initial purchase

- Explore the meaning(1) and business implications(2) of effective marketing strategy & customer loyalty programs towards profitability.

Answer 1

ANS 1. RESEARCH STRATEGIES ON GAINING CUSTOMER LOYALTY WITH THEIR IMPLEMENTATION:

• A VALUE PROPOSITION SHOULD BE CRAFTED IN DETAIL EXPLAINING WHO YOU ARE AND YOUR MISSION AND VISION TARGETING YOUR AUDIENCE.
• TELL YOUR STORY BY BUILDING COMMUNITIES ON SOCIAL CHANNELS TO ENGAGE AND RETAIN CUSTOMERS.
• TO SATISFY CUSTOMERS, PROVIDE GOOD CUSTOMER SERVICES BEFORE AND AFTER PURCHASES.
• USER EXPERIENCE SHOULD BE FOSTERED BY BUILDING A GOOD WEBSITE AND MOBILE UX.
• COMMUNICATION SHOULD BE ESTABLISHED WITH CUSTOMERS THROUGH VARIOUS MEDIUMS TO TAKE THEIR FEEDBACKS THROUGH MAILS OR SOCIAL MEDIA CHANNELS.
• SOCIAL RESPONSIBILITY AND TRANSPARENCY SHOULD BE EMBRACED TO TUNE IN MORE CUSTOMERS BY MAKING FINANCIAL STATEMENTS MORE TRANSPARENT ETC.

ANS 2. STRATEGIC BENEFITS OF BRAND LOYALTY:

• BRANDING OF SMALL FIRM WILL HELP THE FIRM TO STAND OUT FROM THE MARKET.
• BY BRANDING, YOUR FIRM WILL BECOME AN EXPERT IN THE EYES OF CUSTOMERS.
• YOU CAN CHARGE FROM CUSTOMERS AS PER YOUR WORTH WHEN YOU HAVE YOUR OWN BRAND.
• CUSTOMERS BECOME MORE LOYAL TOWARDS THE FIRM BY RECOGNISING BRAND NAME.
• NEW CUSTOMERS ARE EASILY ATTRACTED AND REFERRED BY OLD ONES.
• BRANDING IS ECONOMICAL BECAUSE IT SAVES MONEY AND TIME IN LONG RUN FUNCTIONING OF BUSINESS.
• IT PROVIDES PATHS TO MOVE FORWARD BY INTRODUCING MORE PRODUCTS AND SERVICES.

ANS 3. FACTORS AFFECTING CUSTOMER LOYALTY :

• EXPECTATIONS FROM THE PRODUCT: IF SATISFIED AS EXPECTED, THEN BECOME LOYAL.
• CUSTOMER SERVICES: GOOD CUSTOMER SERVICES HELP TO RETAIN CUSTOMERS.
• ENGAGEMENT WITH THE CUSTOMERS BY ESTABLISHING REGULAR COMMUNICATIONS AND TAKING FEEDBACKS AFTER THE PURCHASE.
• PROVIDING THEM FREE REWARDS AFTER PURCHASE.
• REACHING OUT TO COMMUNITY AND KEEP THEM ENGAGED HELPS IN BUILDING RELATIONSHIPS.
• FULFILLING SOCIAL RESPONSIBILITIES ALSO ATTRACT CUSTOMERS ATTENTION.

ANS 4. MEANING OF EFFECTIVE MARKETING STRATEGIES AND CUSTOMER LOYALTY PROGRAMS:

EFFECTIVE MARKETING STRATEGY IS A LONG TERM PLAN WITH THE MAIN GOAL OF GAINING COMPETITIVE ADVANTAGE BY SATISFYING HUMAN NEEDS AND WANTS. CUSTOMER LOYALTY PROGRAMS ARE THE PROGRAMS THAT ENABLE THE CUSTOMERS TO DO REPEAT BUYING FROM YOUR BUSINESS AGAIN AND AGAIN BY BUILDING UP CUSTOMER LOYALTY.

BUSINESS IMPLICATIONS OF EFFECTIVE MARKET STRATEGIES AND CUSTOMER LOYALTY PROGRAMS: IT INCREASES THE REVENUE BY INCREASING THE SALES. IT ALSO INCREASES CUSTOMERS BY REACHING OUT TO THEM AND MAKE PREVIOUS CUSTOMERS LOYAL TOWARDS THE FIRM. ALSO, IT HLEPS THE BUSINESS TO ESTABLISH ITS OWN IDENTITY.