Analysis of Amazon’s Corporate Strategy
Introduction Amazon is the world’s largest online retailer and is indeed a pioneer in the online retailing space. Though it started as an online bookstore, its success in its venture spurred it to diversify into selling anything that can be sold online. Further, Amazon has also expanded globally and now operates around the world through […]
What is Brand Personality ?
Brand personality is the way a brand speaks and behaves. It means assigning human personality traits/characteristics to a brand so as to achieve differentiation. These characteristics signify brand behaviour through both individuals representing the brand (i.e. it’s employees) as well as through advertising, packaging, etc. When brand image or brand identity is expressed in terms […]
Advertising Campaigns – Meaning and its Process
Advertising campaigns are the groups of advertising messages which are similar in nature. They share same messages and themes placed in different types of medias at some fixed times. The time frames of advertising campaigns are fixed and specifically defined. The very prime thing before making an ad campaign is to know- Why you are […]
Setting the Product and Branding Strategy
Marketing strategy of a company revolves around 4Ps – Product, Price, Place and Promotion. Companies devise a strategy by mixing the four. The most important among is the product. All the marketing push and promotion will go waste if the product is not able to deliver. To come out with winner product, companies have to […]
Concept Testing
Concept testing is the process of testing new or hypothetical products or services before they are launched. The testing is intended to screen a number of concepts to identify the strongest ones for progression, to improve/refine the base product or service proposition, and/or to forecast their likely success. Purpose of the study Concept testing is […]
For maintaining customers’ loyalty it is very important by organizations to track their loyalty. Following are the two methods of tracking customer loyalty:
The graph is normally created when the supplier evaluates that customer is showing less interest in buying and the time gap between each buy is gradually increasing. When the graph goes from secured to lost stage, it is important for the organization to identify corrective measures to retain the customer back to track.
When the corrective measure works efficiently the graph again moves towards secured level in the coming future which indicates that the supplier is gaining customer loyalty again and there are fewer chances for the customer to divert to other options.
This is a simple but powerful technique to track customer loyalty in-house without employing external resources. However this is not an accurate method to track customer loyalty but it shows the trend if the correctives measure taken to retain customer is working efficiently or not.
Changes in the loyalty is normally seen after tracking loyalty on time scale but the details are not exactly focused and does not accurately provide the actually loyalty variation of the customer to supplier. This process is normally implemented in the initial stages after the supplier identifies that there are chances that customer can divert. If corrective measures are not taken at this stage then it becomes difficult for the supplier to retain the customer.
The quadrant variable could be associated with values like ‘premium’, ‘neglected’, ‘patrons’ and ‘pitfall’. If the customer value remains the same but the customer loyalty travels from neglected to premium quadrant then the customer loyalty is moving in the positive direction and there are chances that it may cause to increase customer value as well.
If the customer value increases but the customer loyalty travels from premium to patron’s level then it shows that the loyalty is declining and needs attention and corrective actions should be taken to improve customer loyalty.
If the customer value increases rapidly but customer loyalty travels from premium to pitfall level then it indicates that the loyalty is declining rapidly and serious attention should be taken. Under this condition the loyalty bond gets weakened and customer can divert at any time.
This is purposeful and powerful tracking method to track loyalty because end-results are focused and the seriousness of whole scenario is clearly visible. This helps the supplier to make strong and focused strategic plans to reclaim customer loyalty.
Normally this tracking process is implemented under adverse conditions to get satisfactory results. When the tracking on time scale graph does not work efficiently supplier implements volume-loyalty matrix to enhance customer loyalty in an efficient and efficacious manner.
Tracking customer loyalty is very important process that all the organization should implement continuously to track customer buying trend and force them be loyal to them and increase business values and profits.
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