Customer Satisfaction & Loyalty
This course covers concepts such as customer satisfaction and loyalty, customer segmentation, profitability, customer satisfaction surveys, the customer value proposition and loyalty schemes to help you create a roadmap that will take your organization to new heights. In addition to the presentation by the consultant followed by written or oral questions the course relies on case studies and analysis of real industry examples, application exercises to practice the concepts acquired and the development by participants of survey questionnaires as well as other group presentations and exercises.
· Explain customer satisfaction, retention and loyalty and measure them in a meaningful and systematic way
· Defend the use of a profitability dimension to any customer loyalty strategy
· Arrange, plan and manage impactful customer satisfaction surveys
· Define customer segments, profiles and models for maximum strategic as well as tactical impact
· Create ‘customer value propositions’ that work
· Develop effective loyalty schemes: know what to avoid and how to improve them
Key definitions
· Customer satisfaction, retention, loyalty and delight
· Levels of loyalty
· Customer satisfaction and loyalty
· Customer delight
Key loyalty measurements
· Customer Satisfaction Index and Customer Retention Rate
· Profit impact of CRR
· Customer life expectancy
· Customer loyalty index
Loyalty and profits
· The cost of loyalty
· Generally Accepted Accounting Principles (GAAP) shortfall
· Activity Based Costing (ABC)
· Customer profitability and the whale curve
· Customer profitability at best practice companies
· The strategy quadrant
Customer satisfaction surveys
· Surveys and questionnaires
> Objective of the survey
> Writing the questions
> Sampling methods
> Administration and analysis
· Customer surveys guidelines
· Different survey metrics
· Types of satisfaction surveys: transactional vs image-based
· Who and what to measure
· How to ask
· Loyalty components
· The importance of demographics
Segmenting your customers
· Attitudinal and behavioral dimensions
· Demographic variables, consumer and business
· Customer profiling
· Customer modeling
· Types of business customers (B2B)
Key to loyalty: A ‘customer value proposition’ that works
· The value proposition: definitions
· Why a value proposition
· Building the value proposition
· Articulating the value proposition
· The strong value proposition: conclusion
Customer loyalty and loyalty schemes
· How to foster loyalty
· The 6 Ps of customer loyalty
· The two tier approach
· The laws of customer loyalty
· Loyalty schemes: background and justification
· Loyalty schemes: what to avoid
· Types of loyalty programs
· Reasons to join
· Different loyalty schemes
· Rewards and perceived value
· Maximizing the results
All marketing and Sales staff at any level in the organization, Customer Relationship Management departments, market research, loyalty scheme managers and supervisors, product managers, business unit managers, sales managers and supervisors, customer care managers and supervisors, analysts and any interested decision maker, department head or supervisor.