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What is Mystery Shopping? – A Tool For Retail Optimization
Mystery Shopping is a fascinating method of gauging customer experience where individuals are recruited to portray actual customers that shop at a store. Feedback is then taken through these ‘mystery shoppers’ and the company uses it to evaluate how close is the actual experience of the customers to the desired one. It prompts the company […]
Understanding Human Behavior Helps Build Ideal Brand
Human behavior is very complex and varied. As many as there are people, there are differences in their thinking patterns. Therefore, as far as the brand management goes, it is not only important to gather data and analyze the buying pattern, but understand how the customers go about making their buying decisions. Decision making with […]
Relationship Marketing Background and Theory
Introduction The world of business has altered a great deal in the last few decades or so, globalization and information technology has produced a young breed of well-informed customers. And so the marketing theory has also undergone changes. Service based industry is now at the forefront in the economic evolution. Therefore, to sustain a loyal […]
Knowledge and Competence based Strategy
Competence based Strategy The core competence approach of strategy views the business in a particular way. For this approach business are open systems intermingling with their environments to obtain resources and deliver outputs. As per this approach of strategy, the capacity of the business to build up core competences that are not acquired by its […]
Customers play the most significant part in business. In fact the customer is the actual boss in a deal and is responsible for the actually profit for the organization.
Customer is the one who uses the products and services and judges the quality of those products and services. Hence it’s important for an organization to retain customers or make new customers and flourish business.
To manage customers, organizations should follow some sort of approaches like segmentation or division of customers into groups because each customer has to be considered valuable and profitable.
Customers can be of following types:
These customers revisit the organization over times hence it is crucial to interact and keep in touch with them on a regular basis and invest much time and effort with them. Loyal customers want individual attention and that demands polite and respectful responses from supplier.
Loyal customers are the ones who will act as advocate for your organization.
More is the discount the more they tend towards buying. These customers are mostly related to small industries or the industries that focus on low or marginal investments on products.
Focus on these types of customers is also important as they also promote distinguished part of profit into business.
Handling these customers is a challenge as they are not particularly looking for a product and want the supplier to display all the useful products they have in their tally in front of them so that they can buy what they like from that display.
If impulsive customers are treated accordingly then there is high probability that these customers could be a responsible for high percentage of selling.
These are frequent customers but do not become a part of buying most of the times so it is difficult to satisfy them.
These customers should be handled positively by showing them ways and reasons to switch to other similar products and brands and initiating them to buy these.
These customers could possibly be lost if not tackled efficiently with positive interaction.
These customers are normally new in industry and most of the times visit suppliers only for confirming their needs on products.
They investigate features of most prominent products in the market but do not buy any of those or show least interest in buying.
To grab such customers they should be properly informed about the various positive features of the products so that they develop a sense of interest.
An organization should always focus on loyal customers and should expand or multiply the product range to leverage impulsive customers.
For other types of customers strategies should be renovated and enhanced for turning out these customers to satisfy their needs and modify these types of customers to let them fall under loyal and impulsive category.
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